The global steam trap market is projected to be valued at $4.11 Billion by 2022, at a CAGR of 4.2 percent between 2017 and 2022, according to a market research report published by MarketsandMarkets.
“Steam Trap Market by Product, Application, Body Material, End-user Industry, and Geography – Global Forecast to 2022” says that the growth can be attributed to the strict regulatory framework imposed by regulatory bodies to reduce the carbon footprint and end-user industries actively adopting steam traps to ramp up fuel savings and address growing sustainability concerns.
The market for mechanical steam traps is likely to lead the global market between 2017 and 2022. Mechanical steam traps are preferred for process applications due to their ability to discharge condensate at steam temperature, making them useful for applications such as heat exchangers and coils.
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