Growing Demand for Steam Trap Station Management Programs Predicted to Boost the Global Steam Traps Market Through 2020, Says Technavio
By Business Wire News
By Business Wire News
According to the latest research report released by Technavio, the global steam traps market is expected to grow steadily at a CAGR of around 5% until 2020.
This report titled ‘Global Steam Traps Market 2016-2020‘, provides an in-depth analysis of the market in terms of revenue and emerging trends. To arrive at the market size, Technavio researchers have considered the demand for steam traps from the end-user industries across the globe.
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“Poor steam trap station management results in ample losses in terms of high energy bills as well as increased emission levels. To check them, such a program is essential to identify faulty steam trap valves, strainer failures, and blowdown valve failures. The program helps in documenting each and every fault identification, which will finally assist in calculating the corresponding energy loss and impact of emission for each of the faulty steam trap valves within the station,” said Chandrakumar Badala Jaganathan, one of Technavio’s lead industry analysts for toolsandcomponents.
Some of the other driving forces behind the growth of the global steam traps market are as follows:
- Emerging geothermal technology for clean energy
- Mandatory steam trap tests enabling optimized performance
- Development of ultra-mega power projects in emerging economies
Emerging geothermal technology for clean energy
Globally, there has been an emphasis on more use of clean, renewable energy sources, especially in developed regions like the Americas and Europe. The driving force behind this is the significant environmental regulations imposed by various regulatory bodies such as the US EPA. These regulations have set targets for different countries to reduce their carbon footprint. As per the Commission for Climate Change, global carbon emission reductions should fall by almost 3% per year till 2050. If these targets are achieved, carbon emissions will come down to approximately 20-24 gigatons by 2050, which is almost a reduction of 50% from the present levels. Among these renewable resources, geothermal energy is rated as a highly reliable and clean source of power.
Mandatory steam trap tests enabling optimized performance
Since the start of the Industrial Revolution, steam has been a significant wellspring of energy. In opposition to what individuals believe, steam is still a standout amongst the most productive and helpful methods for giving high-quality heat energy; in any case, if the systems are not kept up legitimately they can become inefficient, wasteful, and perilous.
As steam goes through pipework and modern applications, it condenses while losing energy. This condensate must be expelled as fast as would be prudent without leakage of live steam to keep the system at optimum productivity. This is the fundamental objective of a steam trap.
Development of ultra-mega power projects in emerging economies
India’s journey to full energy security is set to enter a new phase. The Indian government has provided a fresh impetus to the development of ultra-mega power projects (UMPPs) in the country. Several mega power projects such as those located in Banka (Bihar), Cheyyur (Tamil Nadu), and Bedabahal (Odisha) are set to be auctioned. The commissioning and execution of these projects may be included in the evaluation of performance parameters or targets enshrined in the annual Memorandum of Understanding that private operators must ink with the Union Power Ministry. The projects planned to be set up in Bihar, Odisha, and Tamil Nadu will attract investments of over USD 11.86 billion.
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