Steam Trap Monitor Market Remains Afloat amid COVID-19 Pandemic, to Surge Positively, Projects FMI 2021 2030

The steam trap monitor market has gained momentum in the past few years, as leading market players introduced innovative features, such as minimal condensate backup and improve air venting ability, with advent of advanced technologies. The adoption of next-generation technological solution has increased, as steam trap monitor manufacturers are adopting strategies to meet the specific requirements of end users from various industries, especially the oil & gas industry. Increasing growth of the oil & gas industry is expected to have an impact on demand and sales of steam trap monitors in the upcoming years.

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Steam Trap Monitor Market – Notable Developments

Armstrong International Inc., Emerson Electric Co., GESTRA AG, Mosto Technologies, Inc., Forbes Marshall, Spirax-Sarco Engineering Plc., Flowserve Corporation, ThermaXX Jackets, LLC, and CIRCOR International, Inc., are among the prominent companies in the steam trap monitor market. Leading players as well as new entrants in the steam trap monitors landscape are focusing on adopting innovative technological solutions to enhance the accuracy and reliability of these solutions. Some of the prominent examples include:

• PsiKick – a venture-backed startup and manufacturer of Internet of Things (IoT) systems, which changed its name to Everactive in June 2019, announced that it has launched a new battery-less steam trap monitor integrated with IoT sensors, in September 2018. The company declared that its new product has been designed to offer cost-saving inputs for end users in various industrial practices such as heating, sterilization, power generation, and manufacturing, by continuously assessing steam traps with the help of IoT sensors.
• In December 2018, Armstrong International, Inc. – a thermal utility company – announced that it has launched a hand-held, wireless steam trap monitoring solution – SAGE UMT™. The company also stated that its new steam trap monitoring solution has been designed with radio-frequency identification (RFID) technology, in order to enable accurate monitoring of steam trap performance. SAGE UMT is also integrated with piezoelectric acoustic and non-contact infrared temperature sensors, which can accurately identify and locate steam traps in various environmental conditions.
• In May 2019, Thermaxx, LLC – a manufacturer of reusable insulation jackets – announced that it has partnered with PsiKick, Inc. to jointly deliver smart, IoT-based industrial steam trap monitors and offer energy efficiency solutions for various commercial and industrial insulation applications. Thermaxx announced that its Smart Jackets will be integrated with PsiKick’s batteryless steam trap monitors to offer an all-in-one and real-time solution for measurement and verification, insulation, and steam trap failure detection.

Steam Trap Monitor Market Dynamics

Periodic Maintenance Remains Inevitable; Adds to Operational Costs

With the rise of industrialization, the competition has intensified, and businesses are competing on the product quality and efficiency of manufacturing processes. As steam trap monitors are employed as the heart of the steam testing system of any manifesting plant, their periodic maintenance can help end users to optimize the steam testing system and eventually, boost the manufacturing efficiency and business productivity.

Steam trap monitors are implemented in applications across a wide range of industries; however, the inevitable need for maintenance of steam trap monitors for proper upkeep and improving longevity of the complete manufacturing plant can entail an added operational cost. Thereby, an added expenses for maintenance, replacement, and repair of steam trap monitors can have a significant impact on sales in the coming years.

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Convergence of the Industrial IoT (IIoT) Technology Underscores an Emerging Trend

As automation is becoming an indispensable part of any industrial operation, the integration of IoT to enhance the efficiency and accuracy of steam trap monitors is becoming a popular trend in the market. With advent of IIoT technology, leading manufacturers in the steam trap monitor market are focusing on reducing the drawbacks of steam trap systems, such as the possibility of leakages.

In addition, unmaintained steam trap monitors can give inaccurate results, resulting in high failure rates. Manufacturers are introducing IIoT-enabled wireless steam trap monitors, which are a wireless, handheld equipment with improved battery life and the predictive maintenance feature, to gain a competitive edge in the steam trap monitor market.

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain of the global steam trap monitor market. The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with steam trap monitor market attractiveness as per segments. The report also maps the qualitative impact of various factors on steam trap monitor market segments and geographies.