Global Float Traps Market: Introduction
Float traps, types of steam traps, are mechanical and thermostatic units that operate on both temperature and pressure principles. Steam used for secondary heating like heat exchangers, vessels, etc. generate a lot of condensate after heat transfer. This condensate can be handled by float traps. Importantly, this condensate can be treated with the help of float traps and generated pure water can be used as feed water for the boiler. Subsequently, saving the cost of treatment chemicals, heating, and water bill. The float traps continuously discharge condensate at steam temperature. This makes float traps the first choice for applications where the rate of heat transfer is high for the area of heating surface available. Furthermore, float traps are the best choice for draining plant with automatic temperature control. Improving the efficiency of steam systems is the main factor driving the global float traps market.
Subsequently, the aim of the study is to analyze the most recent trends, dynamics, and potential strategies in the global float traps market.
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Global Float Traps Market: Dynamics
Currently, steam systems are a part of every prominent industrial process. The ever-growing need for energy saving and cost-effectiveness has propelled the installations of float traps in various applications. Furthermore, with an increased number of pharmaceutical companies in the emerging countries will set to encourage the demand for float traps. Float trap manufacturers have expanded their value-added service offerings to meet customer demands for float traps audits and regular trap testing programs. Global energy demand rose significantly in recent years, boosted by strong global economic growth, with oil, gas and coal meeting most of the increase in demand for energy. Consequently, bolstering the strong outlook for steam plants and float traps. Increasing shares of renewables and natural gas for the production of energy are foreseen to inhibit the demand for float traps. Lastly, electric vehicles still only slow down the growth of oil demand, emulating the anticipation of growth impediments for float traps.
Global Float Traps Market: Segments
The global float traps market can be segmented on the basis of material type, product type, end-use, size, and region
On the basis of the material type, the global float traps market can be segmented as:
- Cast Iron
- Cast Steel
- Forged Cast Steel
On the basis of the product type, the global float traps market can be segmented as:
- Single Orifice Float Traps
- Two Orifice Float Traps
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On the basis of the size, the global float traps market can be segmented as:
- Up to 15 mm
- 15 mm – 30 mm
- More than 30 mm
On the basis of the end-use, the global float traps market can be segmented as:
- Oil & Gas
- Waste Water Management
- Auxiliary Process Industries
Global Float Traps Market: Regional Outlook
Prominent Latin American economies are poised to witness stronger GDP growth in the coming years, mirroring the foreseen high-level growth in oil & gas industry and process industries. Subsequently, Argentina, Brazil, and Chile are anticipated to observe substantial growth in the float traps market. Much of the increase in float traps demand is concentrated in Asia Pacific incl. India, China, and ASEAN, where rising prosperity and improving living standards support increasing energy consumption. Importantly, lower upstream spending is set to create a tighter market environment for float traps. Nevertheless, capital investment in oil & gas sector in the Middle East and Latin America are foreseen to skyrocket the demand for float traps in the foreseeable future.
Global Float Traps Market: Key Participants
List of some of the prominent market participants in the global float traps market discerned across the value chain include:
- Armstrong International Inc.
- Forbes Marshall
- Uni Klinger Limited
- Tunstall Corporation
- Spirax-Sarco Engineering plc
- TLV Corporation
- Beijing Yihuan Pump Valve Co., Ltd.
- MANKENBERG GmbH
- REX Steam Products Pvt. Ltd.
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