Growing Demand for Steam Trap Station Management Programs Predicted to Boost the Global Steam Traps Market Through 2020, Says Technavio
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.
Request sample report: http://bit.ly/296HWAm
“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 tools
and
components.
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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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
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