Global pressure vessels market was valued at USD 166.7 billion in 2019. It is projected to grow at a compound annual rate (CAGR), of 5.2% between 2020 and 2027. This is due to significant growth in the chemical and petrochemical industries, as well as the growing adoption of supercritical energy generation technology.
Pressure vessels have characteristics such as resistance to corrosion and cross-contamination. They are therefore used in many chemical processes. Market growth will be driven by rapid expansion in the chemical industry and the many benefits provided by the product.
Technological innovations have made the U.S. industrial sector highly diversifiable. The U.S. oil & natural gas companies are expected to increase their investments in exploration and production activities. This will primarily boost product demand for storage purposes.
The strong development of the global economy, as well as the rising demand for heating and cooling equipment, has driven the rapid growth of energy. The boiler will be a predominant type of pressure vessel and is widely used in many energy generation processes. The product demand will rise in many industries due to the ever-increasing need for energy.
There are many materials that can be used to make pressure vessels. These include steel, steel alloys and nickel, as well as titanium, tantalum and aluminum. The availability of these materials is crucial to the market. These materials are extracted via mining, and any changes in the mining industry will have a direct impact on the market for pressure vessels.
New entrants have opened up opportunities, particularly in developed countries, due to rising demand for custom vessels. Additionally, the ASME (American Society of Mechanical Engineers), certification has been gaining popularity in recent years due to increased awareness about the regulations of agencies.
The market leader in steel was more than 30%. Steel remained the most popular choice due to its low price, high resistance against corrosion, great tensile strength and resistance towards vibrations & shocks. They also have easy recyclability and can withstand high temperatures and humid conditions.
There is a rising demand for pressure vessels. Titanium, nickel alloys, or tantalum are used to clad and line the vessels in both oil & gas and chemical and petrochemical industries. This is due to their properties such as high resistance against cracking, oxidation, and carburization.
Nickel and nickel alloys are expected to grow at a rapid pace over the forecast period. This is due to a variety of characteristics such as heat resistance (carburization & oxygen resistance), reliability, suitability for harsh environments, and suitability. There are four types of nickel alloys: hastelloy (incoloy), monel, and 60-carpenter alloy. For the manufacture of nuclear reactors, nickel and nickel alloys are used extensively.
Other materials can be used to make pressure vessels, including zirconium, copper alloys and carbon fiber, fluoropolymer as well as cast iron and reinforced concrete. Cast iron products are well-suited for the corrosive environment. They are used extensively in petrochemical, chemical, refineries and natural gas processing. Zirconium-based products, which are mainly used in acetic acid manufacturing, are also suitable for corrosive environments.
The largest market share, 60.3%, was held by the boiler product segment in 2019, owing to their superior performance in various industrial processes. There are many types of boilers available, including industrial, super-thermal power plant and supercritical parameter boilers with a 1,000 MW capacity. Manufacturers of boilers focus on providing applications-specific products and designing them.
The fastest CAGR for nuclear reactors is 6.6%, which is expected to be the case over the forecast period. The segment will be driven by the increasing energy demand. A nuclear reactor is equipment that can initiate and control a self-sustaining nuclear chain reaction. They are used mainly in nuclear power plants to generate electricity and nuclear marine propulsion.
Separators are a pressure vessel that is used to separate well fluids from the oil and gas wells into liquid or gaseous components. A separator for petroleum production is a large vessel that separates production fluids into their constituent parts, including water, oil, or gas. It is expected that the versatile product functionality and availability of different separators will increase product demand during the forecast period.
Boilers, reactors, separators and separators are the most common types of pressure vessels. However, there are many other types such as storage tanks, fractional distillation columns and heat exchangers. This segment is expected to grow due to increased industrial activity and application-specific product design.
The market's largest segment, chemical & petrochemical, accounted for 40.3% of the total in 2019. This is due to increased demand for chemicals and products from many end-use applications. Product demand is also driven by the increasing number of chemical plants in many countries around the world.
Market growth will be influenced by the increasing number of oil and gas projects in different economies. The market demand will rise due to technological advances in exploration such as horizontal drilling and hydraulic drilling.
Many power generation facilities use pressure vessels, including hydro- and nuclear power plants. The fastest expected CAGR for power generation is 6.3% during the forecast period. Other applications industries include mining and pulp & paper. Water treatment, HVAC, refrigerators, spaceship habitats, pharmaceuticals, and HVAC & Refrigerators are also included. The availability of product variations such as boilers, heat exchangers and boilers has led to increased product adoption in these industries.
Asia Pacific dominated the global pressure vessel market in 2019, with a 35.8% revenue share. It will continue to grow and maintain its leadership position through the forecast period. The rapid growth of the power sector in Asia Pacific is a major factor behind the region's increasing dominance. The region's market growth will be boosted by the rapid expansion of oil and gas sectors and nuclear powerhouses.
Due to the increasing use of nuclear reactors in power generation, chemical & petrol, oil &gas, and other industries, North American product demand is expected to rise. The market will see a positive effect from the increased use of nuclear reactors within nuclear power generation facilities over the forecast period.
In 2019, Europe was the second largest market share in terms of revenue. Product innovation and intensive R&D by key manufacturers are expected to increase product demand across a variety of industrial processes. The market in South America, Brazil, Argentina and Venezuela has tremendous potential due to its oil & gas resources.
Due to the large number of small- and large-scale manufacturers, the global market is highly concentrated and competitive. In order to increase sales and capitalize on new markets and businesses for existing and new products, major companies concentrate on marketing strategies such as geographic expansion. The following are some of the most prominent players in pressure vessel market:
IHI Corp.
Babcock & Wilcox Enterprises, Inc.
Pressure Vessels (India).
Mitsubishi Hitachi Power Systems, Ltd.
Samuel, Son & Co.
Alloy Products Corp.
Abbott & Co (Newark) Ltd.
Doosan Heavy Industries & Construction
Bharat Heavy Electrics Ltd.
Larsen & Toubro Ltd.
Mersen
Xylem Inc.
Tinita Engineering Pvt. Ltd.
WCR Inc.
Up Market Research published a new report titled “Pressure Vessels Market research report which is segmented by End Use (Power Generation, Chemicals & Petrochemicals), by Material (Hastelloy, Steel), by Product (Nuclear Reactor, Boiler), By Players/Companies Bharat Heavy Electricals Ltd, Doosan Heavy Industries & Construction, Larsen & Toubro Ltd, Xylem Inc, Samuel Son & Co, Mersen, Tinita Engineering Pvt Ltd, Alloy Products Corp, IHI Corp, Babcock & Wilcox Enterprises Inc, Abbott & Co (Newark) Ltd, WCR Inc, Pressure Vessels (India), Mitsubishi Hitachi Power Systems Ltd”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Pressure Vessels Market Research Report |
By End Use | Power Generation, Chemicals & Petrochemicals |
By Material | Hastelloy, Steel |
By Product | Nuclear Reactor, Boiler |
By Companies | Bharat Heavy Electricals Ltd, Doosan Heavy Industries & Construction, Larsen & Toubro Ltd, Xylem Inc, Samuel Son & Co, Mersen, Tinita Engineering Pvt Ltd, Alloy Products Corp, IHI Corp, Babcock & Wilcox Enterprises Inc, Abbott & Co (Newark) Ltd, WCR Inc, Pressure Vessels (India), Mitsubishi Hitachi Power Systems Ltd |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 209 |
Number of Tables & Figures | 147 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by End Use (Power Generation, Chemicals & Petrochemicals), by Material (Hastelloy, Steel), by Product (Nuclear Reactor, Boiler).
Pressure Vessels Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Pressure Vessels Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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