Pressure Vessels Market Set to Witness an Uptick during 2020 to 2027Posted by Mrudula Anil Karmarkar on June 1st, 2021 The global pressure vessels market size is expected to reach USD 250.6 billion by 2027 registering a CAGR of 5.2%, according to a new report by Grand View Research, Inc. The growing demand for pressure vessels in chemical & petrochemical and oil & gas industries is expected to drive market growth. Pressure vessels are containers used to hold high-pressure gases and liquids in various application industries including petrochemicals, chemicals, natural gas storage systems, nuclear reactor vessels, distillation towers, and hot water storage tanks. The ever increasing need for energy is anticipated to propel the product demand in various application industries. Increasing chemical demand from various end-use industries is encouraging new capital investment in chemical industry. The production capacity of chemicals is expected to increase on account of setting up of new chemical facilities. This is expected to augment the demand for various types of pressure vessels and storage tanks used in different chemical processes. The global market is fragmented with major companies striving for market leadership. Key players focus on forward integration to maximize their profits and expand their regional presence across the globe. In addition, manufacturers are expected to tie up with engineering solution providers to deliver high-quality product solutions at affordable prices. Pressure vessels offer characteristics, such as resistance from cross-contamination and corrosion. Thus, they are used in several chemical procedures. Thus, the rapid expansion of the chemical industry coupled with the benefits offered by the product is expected to act as a major factor for market growth. Pressure Vessels Market Report Highlights
The industrial sector in the U.S. is highly diversified due to technological innovations in the country. Increasing investments in exploration & production activities by the oil & gas companies in the U.S. are anticipated to boost the product demand, majorly for storage purposes in oil & gas industry. The rapid growth of the energy sector is driven by the robust development of the global economy and rising demand for cooling and heating equipment. The boiler is anticipated to be a dominant type of pressure vessel, widely used in various energy generation procedures. The ever increasing need for energy is anticipated to propel the product demand in various application industries. Pressure vessels are constructed using various materials, such as steel, steel alloys, nickel, nickel alloys, titanium, tantalum, aluminum, and zirconium. Thus, the market is highly dependent on the availability of these materials. These materials are obtained via mining and henceforth, any significant changes in mining industry are expected to directly impact the pressure vessels market. Rising demand for customized vessels has created opportunities for new entrants, especially in the developed economies. In addition, increasing awareness regarding the regulation standards by agencies has boosted the demand for ASME (American Society of Mechanical Engineers)-certified products in recent years. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/3058/ibb The global market is concentrated and highly competitive due to the presence of a large number of large- and small-scale manufacturers. Major companies focus on various marketing strategies, such as geographical expansion, in an attempt to augment their sales, thereby, capitalizing on new businesses and markets for new as well as existing products. Some prominent players in the pressure vessels market include:
Grand View Research has segmented the global pressure vessels market on the basis of material, product, end use: Pressure Vessels Material Outlook (Revenue, USD Million, 2016 - 2027)
Pressure Vessels Product Outlook (Revenue, USD Million, 2016 - 2027)
Pressure Vessels End-use Outlook (Revenue, USD Million, 2016 - 2027)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |