The global pressure vessel market value is expected to reach of around US$ 12,200 Mn by 2027 and anticipated to grow at a CAGR of around 6% in terms of revenue during the forecast period 2020 – 2027.
Pressure vessels are used to hold liquids and gasses under high pressure. The pressure vessels rely on domestic laws and regulations in their basic parameters, but the fundamental necessity is to be able to withstand high internal pressures. Over the past, pressure vessels has, by way of intensive R&D and stringent regulation, been much more likely to collide than modern vessels. The rising demand in the oil, gas and chemical industries is a major driver in the global vessel market.
Increasing demand for energy across the globe is the major factor driving the growth of global pressure vessel market. There are a number of energy-generating procedures, boilers, which are likely to dominant the pressure vesselthat are mostly used in the current global market, which will increases the demand during forecast period. The growing emphasis on green energies has also significantly stimulated the demand in pressure vessels market. Owing to the increasing lack of natural fuels which are a extensive resource, the global demand in pressure vessels has taken advantage of renewable energy sources, such as solar power. Chemical industry growing demand is a driving factor for the global pressure vessel market. Chemicals that may aggressively react with substances in the environment will be shipped and preserved in the pressure vessels. Therefore, the growing chemical sector is a core factor in the global pressure vessel industry. Another key factor for the global pressure vessel market is its customizability.
The market research study on “Pressure Vessel Market (By Product: Boilers, Nuclear Reactors, Separators, Other; By Material: Steel Alloys, Other Alloys, Composites; By Construction Type: CNG Type I, CNG Type II, CNG Type III, CNG Type IV; By Application: Oil & Gas, Chemical, Power Generation, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers detailed insights on the global pressure vessel market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global pressure vessel market are offering product, material, application, and major geographic regions. The pressure vessel market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
Asia Pacific accounts to held major market share of global pressure vessel market and is likely to continue its growth during forecast period due to rapidly expanding of power sector in this region. The installation of nuclear power stations and the growing oil and gas and chemical industries, along with the emergence of a new economy in the Asia Pacific region, are opening up opportunities for expansion. Major players in the pressure vessel market in North America and Europe focus on developing pressure vessel capacity. Investments in new power projects in the Middle East & Africa are significant, and existing infrastructures for oil and gas have also driven regional demand. The growth of Latin America urban and industrial infrastructure is also expected to contribute to pressure vessels in the region.
Major players included in this report Mitsubishi Heavy Industries, Ltd., General Electric Company, Doosan Heavy Industries & Construction Co., Ltd., Babcock and Wilcox Enterprises, Inc., Larsen & Toubro Limited, Bharat Heavy Electricals Limited, Dongfang Electric Machinery Co., Ltd., Samuel Pressure Vessel Group, IHI Corporation, Westinghouse Electric Company LLC, and others. Mitsubishi Heavy Industries, Ltd. (Japan), a leading high pressure vessel company, strives to boost its productivity by continuously and actively investing in R&D to expand its goods, as well as energy and other key sectors technologies. It also emphasizes strategic joint ventures and collaborations in order to develop the product line in technical terms.
The global pressure vessel market is segmented as below:
Pressure Vessel Market By Product
Pressure Vessel Market By Material
Pressure Vessel Market By Construction Type
Pressure Vessel Market By Application
Pressure Vessel Market By Geography
Middle East & Africa
Pressure vessels are used to hold liquids and gasses under high pressure. The pressure vessels rely on domestic laws and regulations in their basic parameters, but the fundamental necessity is to be able to withstand high internal pressures.
The market value of pressure vessel is anticipated to be around US$ 12,200 Mn in 2027.
The pressure vessel market is anticipated to grow around 6% CAGR amid the forecast period 2020-2027.
Asia Pacific held maximum share in 2019.
Asia Pacific is projected to grow at a fast pace during forecast period from 2020-2027.
Increasing requirement for energy across the globe is the major drivers for the growth of the pressure vessel market.
Decreasing mining activities which uses application of pressure vessels is a major factor expected to restraint the growth of the market.