Precedence Research’s latest report on the global pressure vessels market provides an analysis for the period of 2016 to 2027, wherein, 2020 is the base year, 2016 and before is historical data, and 2020 to 2027 is the forecast period.
The global pressure vessels market size was valued at US$ 169.4 Billion in 2019 and is projected to reach US$ 252.19 Billion by 2027, rising at a market growth (CAGR) of 5.1% during the forecast period.
Precedence Research provides an in-depth analysis of market size, share analysis, Industry growth, market valuation, market dynamics which includes drivers, restraints, opportunities, trends, challenges, market segmentation, competitive landscape, regional and country breakdowns, and strategies for pressure vessels market. The study reviews the global industry by-products or services offered, downstream fields, end using customers, historic data figures regarding revenue and sales, market context, and more.
The report comprises a detailed value chain analysis, which provides a comprehensive view of this market. The Porter’s Five Forces model for the global market has also been included to help understand the competitive landscape. The study covers market attractiveness analysis, wherein resin types are benchmarked based on their market value, growth rate, and general attractiveness.
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Pressure vessels are mainly used to store gases and liquids at high pressure. The specific parameters of pressure vessels differ along with the regional regulations as well as the applications; however, the necessary requirement of pressure vessels is their ability to withstand high internal pressure. Previously, pressure vessels were much more prone to the accidents compared to the modern designs that are constructed after intensive research & development (R&D) along with the support of strict government norms.
Increasing need for energy across the world accounts for the prime reason that drives the overall market growth for pressure vessels. Exponential growth in the population and increasing adoption of new and advanced technologies supports the significant demand of energy. Boilers that are an important type of pressure vessel are commonly used in numerous energy generation procedures that expected to sustain their demand over the forthcoming years.
On the other hand, decline in the mining activities expected to restrict the growth of pressure vessels market over the forecast period. Pressure vessels require large amounts of metals, since they require to offers significantly thick barrier to contain the potentially destructive and highly reactive materials. Thus, reduction in the mining process that is essential for the extraction of metals prominently affects the growth of the pressure vessels industry.
- The Asia Pacific emerged as a global leader in the market and estimated to retain its dominant position throughout the projected period due to the rapid expansion of power sector in the region
- Europe captured the second-largest position in terms of value in 2019 because of extensive R&D and product innovation by the prime manufacturers
- Boiler product segment led the global market due to superior performance of boilers in different industrial processes
- Nuclear reactor anticipated to witness the fastest growth rate of around 7% over the analysis period due to increasing demand for energy
- By material, steel dominated the global market because of a preferred choice of material for the manufacturers on the basis of its attractive properties
- Nickel & nickel alloys registered robust growth rate over the upcoming period because of the benefits offered by the material over others such as heat resistance, reliability, and many others
- Chemical & petrochemical end-use segment headed the global pressure vessels market due to the increasing demand of chemicals and their products for various applications
- Pressure vessels are largely used in numerous power generation facilities that include hydro, nuclear, and thermal power plants this factor drives the segment at the fastest rate
The Asia Pacific encountered to be the leading market for pressure vessels across the globe owing to the increasing utilization of nuclear power, the rapid expansion of the power sector, and increasing demand from the region’s chemicals industry are the prime factors that drive the overall market growth. Rising demand for electricity in the region is mainly because of infrastructure expansion particularly in the urban and industrial sectors. The aforementioned factor expected to prosper the demand of pressure vessels over the coming years.
Significant growth of industries such as oil & gas, chemicals & petrochemicals, and power generation in the North America expected to drive the growth of the region. Further, increasing installation of nuclear power plants to cater the rising demand of electricity expected to boost the demand for nuclear reactors that likely to impact positively on the market over the analysis period.
Key Players & Strategies
Presence of large number of market players that include all sizes of players such as large, medium, and small in the pressure vessels market has turned the market into highly concentrated. Although, significant number of merger & acquisition, partnership, and geography expansion strategies adopted by the market players that possess intense competition rate among the leading industry participants. For instance, in October 2019, GE Hitachi Nuclear Energy (GEH), a partnership firm of General Electric&Hitachi, and Synthos SA, a chemical manufacturing company, entered into a collaboration agreement for investigating the potential required for constructing GEH’s BWRX-300 small modular reactor based in Poland. With the help of collaboration deal, the company aimed to invest in clean and green energy solutions.
Some of the key players operating in the market are Babcock & Wilcox Enterprises, Inc., IHI Corp., Mitsubishi Hitachi Power Systems, Ltd., Pressure Vessels (India), Alloy Products Corp., Samuel, Son & Co., Doosan Heavy Industries & Construction., Abbott & Co (Newark) Ltd., Larsen & Toubro Ltd., Bharat Heavy Electricals Ltd., Tinita Engineering Pvt. Ltd., Mersen, Xylem Inc., and WCR Inc. among others.
Segments Covered in the Report:
- Nuclear Reactor
- Duplex Steel
- Stainless Steel
- Super Duplex Steel
- Carbon Steel
- Nickel & Nickel Alloys
- Chemicals & Petrochemicals
- Power Generation
- Oil & Gas
- North America (United States, Canada)
- Europe (Germany, France, UK, Italy, Russia, and Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia, Korea, and Rest of Asia Pacific)
- Latin America (Brazil and the Rest of Latin America)
- The Middle East and Africa (GCC, North Africa, South Africa, and Rest of the Middle East & Africa)
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