A new market study, titled “Discover Global Bi-Metallic Steam Traps Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
Steam traps are used in industries for the discharge of non-condensable and condensates gases. It facilitates negligible loss of live steam. Bi-metallic steam traps are the most robust designs among all other steam traps available. It is widely used in end-user verticals and is likely to witness an upsurge in demand over the next couple of years. This report suggests that the global bi-metallic steam traps market is anticipated to register a moderate growth rate in the years to come. The revenues earned by the key players are likely to touch a decent valuation over the next couple of years. Improvisation in designs is poised to attract growth opportunities in the foreseeable future.
At present, there are more than 50 million bi-metallic steam traps in the end-user industries across the world. The rising use of these steam traps is poised to drive the growth of the bi-metallic steam traps market in the forthcoming years. The growth of the end-user industries is also anticipated to lead the growth pattern of the market. The oil & gas industry is one of the major users of the bi-metallic steam traps. The rising exploration activities in the industry are anticipated to drive proliferation of the bi-metallic steam traps market over the assessment period. Similarly, the rising expansion of the chemical industry is also likely to reflect on the growth curve of the bi-metallic steam traps market in the forthcoming years. Other major end-users of the bi-metallic steam traps are maritime industry, petrochemical industry, etc.
On the basis of type, the bi-metallic steam traps market has been segmented into with flanges, with socket weld ends, with screwed sockets, and with butt weld ends.
On the basis of application, the bi-metallic steam traps market has been segmented into petrochemical industry, oil & gas, power industry, chemical processing, and maritime industry.
The global bi-metallic steam traps market has been thoroughly studied on the basis of key regions, which are - North America, Europe, China, Japan, Southeast Asia, and India. Besides the country-level bi-metallic steam traps markets identified, the regions are then narrowed down on the basis of countries there. North America is likely to earn substantial revenues on account of shale gas exploration in the region. In addition, the growth of other end-users is also projected to lead the proliferation of the bi-metallic steam traps market in the upcoming years. Europe is also projected to benefit from the proliferation of industries such as chemical processing, maritime, etc. The bi-metallic steam traps market in the region is poised to earn considerable revenues in the nearby future.
In September 2019, Everactive, an industrial IoT solutions provider, has announced that it will be developing battery-less technology for IoT applications in industry such as monitoring steam traps.
In May 2019, PsiKick, Inc., a pioneer in wireless, battery-less Internet of Things (IoT) systems, has partnered with Thermaxx, LLC, for the development of the IoT-based industrial steam system monitoring solutions.
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