Pressure Vessel Market Is Expected to Grow At 6% CAGR by 2023 according to Global Pressure Vessel Market Analysis Report published by Market Research Future. Increasing Demand from Chemical Sector Makes APAC Lucrative Market for Pressure Vessel. Global Pressure Vessel Industry is segmented by Material (Steel Alloys, Other Alloys, Composites), Product (Boilers, Nuclear Reactors, Separators, Others), Application (Oil & Gas, Chemical, Power Generation & Others) and Region.
Global Pressure Vessel market is dominated by key players such as Babcock and Wilcox Enterprises, Inc. (U.S.A), Mitsubishi Heavy Industries Ltd. (Japan), Doosan Heavy Industries & Construction Co., Ltd. (South Korea), Bharat Heavy Electricals Limited. (India), Dongfang Electric Machinery Co., Ltd. (China), Larsen & Toubro Limited. (India), Halvorsen (Norway), General Electric Co (U.S.A), IHI Corporation (Japan), Samuel Pressure Vessel Group. (U.S.A), Westinghouse Electric Company LLC. (U.S.A), Pressure Vessel (India), and others.
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Global Market Overview
Pressure Vessel are built following the standard regulations and their applications. Pressure Vessel are largely used for preserving gases and liquids at high pressure. The increased internal pressure holding ability of the pressure vessel can be considered as the key attribute for driving the pressure vessel market. Highly reactive chemical compounds require a definite medium for carriage. The modern Pressure Vessel offer it, in the form of design parameters such as safe operating temperature, safe operating pressure, corrosion allowance, and safety factor. The prevailing manufacturing procedures under intensive research and development coupled with nondestructive testing according to the guidelines of government, have curtailed the rate of pressure vessel related accidents. Market Research Future has published in their report that the pressure vessel market is likely to expand at a CAGR of approximately 6% over the forecast period 2017 to 2023.
The key drivers of the global pressure vessel market are the increasing demand for energy throughout the world. Boilers are known as the largely used type of pressure vessel in present global market. They find wide applications in several energy generation techniques. The increasing usage of boilers is estimated to support the overall growth of global pressure vessel market in coming years. The surging attention towards the renewable energy sector has also accelerated the pressure vessel market significantly. Owing to the increasing scarcity of natural fuels, more focus is put to the renewable energy resources, which is fueling the growth of pressure vessel market globally. The customizability of Pressure Vessel acts as another critical factor for driving the growth of the pressure vessel market on a worldwide scale. On the other hand, the reduction in mining activities is anticipated to limit the Pressure Vessel market to a substantial level. Pressure Vessel require large usage of metal because they need to be protected with a barrier sufficiently thick to confine even the potentially destructive and highly reactive components. Consequently, the drop in the mining of metals is estimated to influence the Pressure Vessel market negatively.
Market Segmentation
According to the reports published by Market Research Future, the global Pressure Vessel market is segmented based on material, product, application, and region. Based on material, the global Pressure Vessel market is segmented into composites, other alloys, and steel alloys. Based on product, the global Pressure Vessel market is segmented into nuclear reactors, boilers, separators, and others. Based on application, the global Pressure Vessel market is segmented into oil & gas, chemicals, power generation, and others. Based on regions, the global Pressure Vessel market is based on North America, Europe, Asia Pacific, and rest of the world.
Regional Analysis
At present, the Asia-Pacific market is likely to develop at a rapid pace. The remarkable expansion of the power sector within the market, the surging operation of nuclear power, and the rising demand from the chemicals sector helps in propelling the demand for Pressure Vessel in the Asia-Pacific market. The anticipated growth of industrial and urban infrastructure in the market over the coming years is likely to fuel the demand for electricity. This trend will accelerate the demand for Pressure Vessel within the APAC market, as they are inevitable in most traditional power generation activities.
Table Of Contents
1 Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.1 Definition
2.1.2 Research Objective
2.1.3 Assumptions
2.1.4 Litations
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
4 Global Pressure Vessel Market, By Material
4.1 Introduction
4.2 Steel Alloys
4.3 Other Alloys
4.4 Composites
5 Global Pressure Vessel Market, By Product
5.1 Introduction
5.2 Boilers
5.3 Nuclear Reactors
5.4 Separators
5.5 Others
6 Global Pressure Vessel Market, By Application
6.1 Introduction
6.2. Oil & Gas
6.3. Chemical
6.4. Power Generation
6.5. Others
7 Regional Market Analysis
7.1 Introduction
7.2 North America
7.2.1 U.S.
7.2.2 Canada
7.3 Europe
7.3.1 U.K.
7.3.2 France
7.3.3 Germany
7.3.4 Rest Of Europe
7.4 Asia-Pacific
7.4.1 China
7.4.2 Japan
7.4.3 India
7.4.4 Rest Of Asia-Pacific
7.5 Rest Of The World
8 Competitive Analysis
8.1 Introduction
8.2 Competitive Scenario
8.2.1 Market Share Analysis
8.2.2 Market Development Analysis
8.2.3 Product/Service Benchmarking
8.3 Babcock And Wilcox Enterprises, Inc. (U.S.A)
8.3.1 Overview
8.3.2 Product/Service Offering
8.3.3 Strategy
8.4 Doosan Heavy Industries & Construction (South Korea)
8.4.1 Overview
8.4.2 Product/Service Offering
8.4.3 Strategy
8.5 Mitsubishi Heavy Industries Ltd. (Japan)
Continued…
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