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Global Pressure Vessel Market – Industry Challenges, Key Vendors, Drivers, Trend
Drivers for the Global Pressure Vessel Market are growing need for energy around the world. Boilers, the dominant type of pressure vessel in current global market are used in various energy generation procedures, which is expected to support their demand in coming years. The growing attention towards the renewable energy sector has also promoted the pressure vessel market immensely. Due to the growing scarcity of natural fuels, more there is more focus on the renewable energy resources, which is benefitting the growth of pressure vessel market. Chemicals that react violently with the atmospheric compounds need to be transported and stored in pressure vessel. The customizability of pressure vessels is another key driver for the global pressure vessel market. On the other hand, the drop in mining activities has restrained the pressure vessels market to a certain degree. Pressure vessels need large amounts of metals, since they need to safeguard with a barrier thick enough to contain even highly reactive and potentially destructive materials. Thus, the decrease in the mining of metals has restrained the pressure vessel market. Pressure Vessel market is expected to grow with the CAGR of approximately 6% from 2017 to 2023
The market has been analyzed based on material types, product, applications and regions. Among all the regions, the Asia-Pacific region is expected to grow rapidly. The rapid expansion of the power sector in the region, the growing operation of nuclear power, and the increasing demand from the chemicals industry drives the growth of the pressure vessels market in Asia-Pacific region. The expected expansion of urban and industrial infrastructure in the region in the coming years will ensure gradual demand for electricity. This will drive the demand for pressure vessels in the region, as they are essential in most conventional power generation procedures.
The key players of Global Pressure Vessel Market are
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Steel alloy pressure vessel accounts for the highest market share
Steel alloys are widely used as a material and is expected to continue accounting for maximum revenue share in the global industry, owing to its exceptional strength features that help in carrying high-pressure liquids and gasses. Also easy availability and less costing factors help steel alloys hold larger share in the pressure vessel market.
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