New York, US, April 05, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Pressure Vessel Market Information by Material, Product, and Application, and Region - Forecast till 2030", Over the anticipated period, which is 2022 to 2030, the pressure vessel market can touch USD 70,865.5 Million at a CAGR of around 6%.
Pressure Vessel Market Overview
In thermal power generating, refineries, petrochemical facilities, and other end-user industries, pressure vessels are containers made to carry gases or liquids at a pressure that is significantly higher than the ambient pressure.
Market Competitive Landscape:
The affluent companies in the pressure vessel industry 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)
- Among others.
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Most industry participants participate in R&D activities, which is probably going to help the sector generate larger profits. Cooperation between market players and significant market actors is likely. For market operation and growth until 2029, they have in-store qualities that are advantageous. Due to the huge increase in funding and investment in the market, the production and manufacturing facilities are better equipped to produce items in large quantities, which will support the industry's expansion and development on a global scale.
Pressure Vessel Market COVID 19 Analysis
During the course of the projection period, the unexpected development of the new coronavirus pandemic will influence the growth prospects of the market and the trends for pressure vessel market. The global market will likely experience a significant backlash in fundamental processes like marketing, production, functioning, and manufacturing during the forecast period, which will end in 2030. This is already causing serious issues and causing disruptions in the demand and supply chain mechanism. In the global market, there is a growing shortage of qualified personnel, raw materials, resources, and many other things, which might make it challenging for the sector to flourish.
Pressure Vessel Market Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: 70,865.5 Million |
| CAGR during 2022-2030 | 6% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Material, Product and Application |
| Key Market Opportunities | New product launches and R&D Amongst major key Players |
| Key Market Drivers | Growing need for energy around the world Growing attention towards the renewable energy sector Customizability of pressure vessels |
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Pressure Vessel Market USP Covered:
Market Drivers:
The robust expansion of the global economy and increased demand for cooling and heating equipment are the primary drivers of the energy sector's explosive growth. The boiler is predicted to become a common form of pressure vessel, employed in many different methods of energy generation. The demand for products in a variety of application industries is expected to increase due to the world's growing energy needs.
Several materials, including steel, steel alloys, nickel, nickel alloys, titanium, tantalum, aluminum, and zirconium are used to build pressure vessels. The availability of these resources is therefore crucial to the market. As these minerals are mined, any substantial changes in the mining sector are likely to have a direct effect on the pressure vessel market.
Opportunities for new entrants have arisen as a result of the increasing demand for bespoke vessels, particularly in developed nations. Also, in recent years, the demand for ASME (American Society of Mechanical Engineers)-certified items has increased due to agencies' growing knowledge of the regulatory standards.
Market Restraints:
Making pressure vessels requires a lot of metal since they must provide a thick barrier strong enough to hold even highly reactive and possibly destructive ingredients. So, it is anticipated that a drop in metal mining will limit the market value of pressure machines.
Pressure Vessel Market Segmentation
By Material
Steel Alloys, Other Alloys and Composites are the materials used for the development of pressure vessels.
By Product
Boilers, Nuclear Reactors, and Separators are some of the key products analyzed in the Pressure Vessel Market report.
In 2019, the boiler product sector held a 60.3% market share, thanks to the better performance of boilers in a variety of industrial processes. There are several different types of boilers, including industrial, utility, supercritical parameter, and superthermal power plant boilers with unit sizes up to 1,000 MW. More attention is paid to creating and offering application-specific solutions by boiler manufacturers.
The increased demand for energy is predicted to increase the number of nuclear power plants, which will increase nuclear reactor sales and drive the category throughout the projection period. A nuclear reactor is a piece of machinery used to start and regulate a self-sustaining nuclear chain reaction. They are largely employed in nuclear marine propulsion as well as the production of energy at nuclear power stations.
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By Application
Oil & Gas, Chemical, Power Generation and others are the top applications of pressure vessels.
With the biggest share, the market's end-use category for chemicals was the largest. The rising demand for chemicals and chemical products from numerous end-use applications is blamed for this dominance. One of the key elements influencing product demand is the growing number of chemical facilities in various economies throughout the world.
During the course of the projection period, the expansion of oil and gas projects in various economies is anticipated to benefit market expansion. The demand for the product is anticipated to increase due to rising shale gas exploration activities brought on by technology developments in exploration, such as horizontal and hydraulic drilling, and rising shale gas usage in the industrial and energy sectors.
Pressure Vessel Market Regional Insights
Due to the region's steadily rising energy demand, the Asia-Pacific region is probably both the fastest-growing and largest market for pressure vessels. The region's several governments and businesses are making large investments in the electricity and refining industries, which make use of numerous pressure vessels.
There are current and prospective initiatives in the pressure vessel-using industries in nations like China and India. The goal of these initiatives is to narrow the regional energy consumption and demand gap. A large number of power boats are needed for the production of electricity using therm The amount of electricity produced in the Asia-Pacific region using thermal energy in 2021 was 10299.6 terawatt-hours (TWh), an increase of 8% from the previous year and around 73.6% of the region's overall electricity production.
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According to an EPC (engineering, procurement, and construction) contract, Sumitomo Heavy Industries, Ltd. received an order from Tosoh Corporation in May 2022 for a 74 MW-class wood biomass and recycled fuel-fired boiler for a planned power plant at Nanyo Complex, Shunan City, Yamaguchi Prefecture. The boiler is a high-efficiency biomass-fired boiler that makes use of the reheating system and burns wood-based fuel as its main fuel source. al energy sources including coal, natural gas, oil, and nuclear power.
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