Pressure Vessel Market: New Business Opportunities, Emerging Trends, Competitive Strategies and Forecasts 2023

Pressure Vessel Market is expected to grow over the CAGR of around 6% during the period 2017 to 2023
Global Pressure Vessel Market Information Report by Material (Steel Alloys, Other Alloys, Composites), by Product (Boilers, Nuclear Reactors, Separators, Others), by Application (Oil & Gas, Chemical, Power Generation & Others) and by Region – Global Forecast To 2023

Market Highlights

Pressure vessels are manufactured according to standard regulations and their applications. As pressure vessels are widely used for storing liquids and gases at high pressure, the high internal pressure bearing capacity of the pressure vessel is the main feature driving pressure vessel market. Highly reactive chemical compounds need a proper medium for transportation, which modern pressure vessels provide, as design parameters such as safe operating pressure & temperature, safety factor and corrosion allowance account for it. The current manufacturing technique done under intensive R&D, nondestructive testing under the guidelines of government, have reduced the pressure vessel related accidents.

The growth of the Pressure Vessel Market is majorly driven by the growing need for electricity around the world, customizability of pressure vessels and increasing usage in the power generation sector.  However, the growth of this market can be restrained by the decrease in the mining of metals.

 

Key Players:

The key players of Global Pressure Vessel Market are

  • Babcock and Wilcox Enterprises, Inc. (U.S.A),
  • Doosan Heavy Industries & Construction Co., Ltd. (South Korea),
  • Mitsubishi Heavy Industries Ltd. (Japan),
  • Bharat Heavy Electricals Limited. (India),
  • Larsen & Toubro Limited. (India),
  • Dongfang Electric Machinery Co., Ltd. (China),
  • General Electric Co (U.S.A),
  • Halvorsen (Norway),
  • IHI Corporation (Japan),
  • Pressure Vessels (India),
  • Samuel Pressure Vessel Group. (U.S.A),
  • Westinghouse Electric Company LLC. (U.S.A) 
  • others.

 

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Scope of the Report

This study provides an overview of the global pressure vessel market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global pressure vessel market by its material, product, application and regions.

By Material

  • Steel Alloys
  • Other Alloys
  • Composites

By Product

  • Boilers
  • Nuclear Reactors
  • Separators
  • Others

By Application

  • Oil & Gas
  • Chemical
  • Power Generation
  • Others

By Region

  • North America 
  • Asia Pacific 
  • Europe
  • Rest of the World  

 

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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.

 

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