Global Steam Traps Market 2018-2022
About this market
The demand for power is increasing constantly across the world. The increasing population worldwide and growth in the global economy are expected to drive this demand. The demand for clean energy is attributable to the population expansion. the increase in energy demand. and stringent emission norms. Although renewable sources and nuclear power contribute to energy production. a significant proportion of global energy demand is met by fossil fuels. To sustain the growth of the global economy and meet environmental regulations. technology such as heat recovery steam generator is an absolute necessity. Heat recovery steam generators enable efficient power production by utilizing exhaust gases. increasing the overall electricity output of the plant without any extra costs. Technavio’s analysts have predicted that the steam traps market will register a CAGR of 4% by 2022.
Development of GTCC and IGCC technologies
GTCC and IGCC incorporate the use of HRSG technology, which helps in increasing the efficiency of the process with less water consumption. Hence, with the development and popularity of these technologies, Technavio expects that the market for steam traps will grow during the forecast period.
Growth of the renewable energy sector
The growth of the renewable energy sector, especially the solar energy and wind energy sectors, is a major challenge faced by the global steam traps market. There has been a rise in the demand for electricity generation over the last few years, due to the growth in population, urbanization, and industrialization.
For the detailed list of factors that will drive and challenge the growth of the steam traps market during the 2018-2022, view our report.
The steam traps market appears to be moderately fragmented and with the presence of several companies. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Steam Traps Market 2018-2022
Technavio recognizes the following companies as the key players in the global steam traps market: Armstrong International, CIRCOR International, Emerson Electric, Spirax-Sarco Engineering, Thermax Global, TLV.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the computerized steam trap station management program.”
According to the report, one of the major drivers for this market is the emerging heat recovery steam generator technology for power generation.
Further, the report states that one of the major factors hindering the growth of this market is the growth of the renewable energy sector, especially the solar energy and wind energy sectors, is a major challenge faced by the global steam traps market.
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