Pressure vessels are utilized to store gases and liquids at high pressure. There are different parameters for pressure vessels with regards to their application and regional regulations. However, the most significant requirement of pressure vessels is the ability to resist high internal pressure. In the past, pressure vessels were much more accident prone as compared to modern designs. The pressure vessels in the modern design are constructed after intensive research and development and under stringent government regulations. The rising demand from the chemical and oil and gas industries is a major factor fuelling the growth of global pressure vessels market.
Factors such as high electricity demand, industrialization in different regions, and investments for renewable power generation in the North American and Asia-Pacific countries have led to the growing demand for pressure vessels. The most dominant type of pressure vessel includes boilers that are used in different energy generation procedures. The governments in various countries are paying an increased attention towards renewable energy sector and it is benefitting the pressure vessels market. Owing to the rising scarcity of natural fuels, renewable sources of energy like solar power have come to the forefront in the global energy environment, thereby benefitting the global pressure vessels market.
The huge demand from chemicals industry is also driving the growth for global pressure vessels market. A number of chemicals tend to react with atmospheric compounds and hence, they need to be stored and transported in pressure vessels. The expansion of chemicals industry is thereby acting as a boost for the growth of pressure vessels market, globally. The customizability of pressure vessels is another significant driver for the global pressure vessel market. However, the down surge in mining activities has hampered the growth of the pressure vessels to an extent. As pressure vessels need to provide a thick barrier to contain highly reactive and destructive materials, they require large amounts of metals. However, reduction in extraction activity of metals has negatively impacted the pressure vessels industry. Also, a decrease in oil and gas projects due to falling crude oil prices has hindered the revenue growth in recent years.
The global pressure vessel market is segmented on the basis of geography into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa (MEA). The Asia-Pacific pressure vessel industry is expected to lead with over 35% of total revenue in 2015. In countries like India, South Korea and Australia, the developing renewable sector is expected to drive the regional market growth. Also, the rising number of government initiatives in order to expand the power generation capacities is expected to contribute significantly towards regional market growth.
Increasing investment activities for the development of nuclear power plants in addition to growing energy demand will drive the Asia-Pacific product volumes. The Middle East & Africa pressure vessel market is also expected to develop at a significant rate over the forecast period. The major players in the global pressure vessel market include Abbott, Larsen & Toubro, Bharat Heavy Electricals, Barton Firtop, Samuel Pressure Vessel, Pressure Vessel, Doosan, Babcock & Wilcox, and Mitsubishi. The other companies operating in the market include IHI Corporation, Dongfang Electric Machinery Co. Ltd, General Electric, Westinghouse Electric Company LLC, and Halvorsen. Numerous manufacturers have tied up with the engineering solution providers to deliver high-quality product solutions to their customers at price affordable to them. Previously, the companies suffered drop in revenues owing to drastic decrease in crude oil prices.
Market by End-user Vertical
· Oil and Gas
Market by Type
· Nuclear Reactors
Market by Geography
· North America
o Rest of Europe
o Rest of Asia-Pacific
· Latin America
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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