Global Pressure Vessel Market
Posted by Ganesh Mane on April 3rd, 2021
The Global Pressure Vessel Market was valued at US$ 120.02Bn in 2019 and is expected to reach US$ 200.50Bn by 2026, at a CAGR of 6.59% during a forecast period.
The report includes the analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region. To know about the Research Methodology :- Request Free Sample Report Pressure vessels are containers, which are designed to store high-pressure liquids and gasses. With the application and regional regulations' requirement, the properties of pressure vessels may vary. Rising demand from chemical and oil & gas industries is the major driving factor for the growth of the global pressure vessels market. An upsurge in energy consumption is also expected to raise the global market growth. Growing development in the chemical industries has released new growth opportunities for the pressure vessel market. A growing scarcity of natural fuels and inclination to the renewable energy resources is increased, which is benefitting the growth of the pressure vessel market.
The customizability of pressure vessels is the key driver for the global pressure vessel market. Increasing environmental awareness concerning mining activities is hampering the global pressure vessel market growth. The drop in mining activities is also expected to restrain the pressure vessels market to a certain degree. Pressure vessels need a large amount of metal, which they need to safeguard with a barrier thick adequate to contain even highly reactive and potentially caustic materials. The chemical industry needs pressure vessels to store industrial chemical liquids. They are also used to store the final chemical product until despatch. Additionally, the chemical industry exploits pressure vessels to convert raw materials by mixing, blending, and heating to produce the chemical product.
The chemical segment is projected to witness a high rate of CAGR in the pressure vessel market during the forecast period. This growth is accredited to enlarged annual production growth in the global chemical industry. Chemical manufacturing necessitates a complex series of processes from cooling, condensing, and heating for separation and evaporation for the production of a chemical. Boilers are used in power plants for generating high-pressure steam to produce electricity. It is used in the industries where steam and hot steam is needed. The increasing requirement of integrated equipment for power generation is also boosting the demand for boilers. Boilers are expected to dominate the global pressure vessel market during the forecast period, owing to the increasing demand for boilers in various application areas of industries such as cement production, agriculture, and soil steaming.
The report provides a detailed overview of the global pressure vessel market including regional analysis information. Geographically, Asia Pacific is expected to hold significant growth in the global pressure vessel market. The growth can be attributed to a rapid expansion of the power sector and increasing demand for electricity and power generation capacity additions in developing countries such as India and China. The installation of nuclear powerhouses and increasing oil and gas industries are opening up opportunities for the growth of the global market in this region. Increasing focus on renewable power generation and modernization of existing power infrastructure is expected to boost the demand for pressure vessels in the Asian region.
The Indian petrochemical and chemical industry have been growing enormously owing to the increased demand from process, manufacturing, and agricultural industry. The chemical industry exploits pressure vessels to convert raw materials by mixing, blending, and heating to produce the chemical product. Heat exchangers in these plants are required for transferring solutions from one process to another in the chemical industry. The key market players profiled and analyzed in the reports include in the Global Pressure Vessel Market such as Larsen & Toubro Ltd., Mitsubishi Heavy Industries, Ltd., Doosan Heavy Industries & Construction and Bharat Heavy Electricals Ltd,Babcock and Wilcox Enterprises, Inc., Dongfang Electric Machinery Co. Ltd. ,General Electric Company, IHI Corporation, and Westinghouse Electric Company LLC,Alfa Laval, Amec Foster Wheeler, Halliburton, Kelvion,CB&I ,IHI Corporation ,Kobelco ,KNM Group ,Samuel Pressure Vessel Group, Mersen, JSW, BELLELI ENERGY, NK, Springs Fabrication, Hanson, Suzhou THVOW Technology, Sun power Technology, CIMC Group, China First Heavy Industries and Beijing Tianhai Industry. The report gives a clear representation of the current market scenario of the Global Pressure Vessel Market, which includes projected market size in terms of value and volume, pestle analysis, porter’s analysis factors in the market.
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Global Pressure Vessel Market, By Product
• Boiler • Nuclear Reactor • Separator
Global Pressure Vessel Market, By Material
• Steel Alloy • Other Alloy • Composite
Global Pressure Vessel Market, By Application
• Oil & Gas • Chemical • Power Generation
Global Pressure Vessel Market, By Geography
• North America • Europe • Asia-Pacific • Middle East & Africa • South America
Key Players Operating in the Global Pressure Vessel Market
• Larsen & Toubro Ltd. • Shanghai Electric • Mitsubishi Heavy Industries, Ltd. • Doosan Heavy Industries & Construction • Bharat Heavy Electricals Ltd • Babcock and Wilcox Enterprises,Inc. • Dongfang Electric Machinery Co., Ltd. • General Electric Company • IHI Corporation • Samuel Pressure Vessel Group • Westinghouse Electric Company LLC. • CB&I • IHI Corporation • Kobelco • Springs Fabrication
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About the AuthorGanesh Mane
Joined: January 27th, 2021
Articles Posted: 125
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