Pressure Vessel Market Research Report- Global Forecast to 2027

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 2027

ID: MRFR/E&P/2352-HCR | February 2021 | Region: Global | 111 pages

Pressure Vessel Market Overview


Pressure Vessel market is expected to grow at the registered CAGR of around 6% during the forecasted period which is 2017 to 2023.

COVID 19 Analysis


As the current situation of the growing pandemic the pressure Vessel market growth is deteriorating. The reason for the downfall in the market size is because of the lockdown which doesn't allow people to go out and purchase things. Also, the pandemic has proved to be a loss to all the manufacturers and producers who themselves cannot enter the factory. The pressure Vessel industry themselves is at a loss of not manufacturing pressure vessels due to the limitation of movement outside from the house. It is expected that in the year 2022 things will get better and the normalized conditions will switch back.


Market Dynamics


Drivers


The market is growing day by day hence some factors drive the growth of the pressure vessel market revenue. These factors include the growing need for energy around the world. In addition to this boilers is the dominant type of pressure vessel in the current global market. Boilers are used in various energy generation procedures which are expected to support the demand of the upcoming years. Also, the growth of the market has increased due to the shift of attention towards the renewable energy sector. The shift towards renewable resources is because of the scarcity of natural fuels. This shift is directly influencing the growth of the market. The pressure vessel is customizable which is the key driver for the global market.


Restraints


As the pressure vessel market grows there are many differences in the path of growth. These hindrances and obstacles that restrain the growth of pressure vessel industry are mining activities to a certain degree. Pressure vessels need a large amount of metal to get manufactured and since they also need to safeguard a thick barrier which is enough to contain even the highly reactive and potentially destructive materials. Hence when the decrease in the mining of metals is done it is expected to restrain the pressure machine market value.


Competitive Landscape


The most prominent major key players in the pressure vessel market in the global market are as follows:



  • 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) and others.


These prominent key players of the market in the Global market caters to various strategies and techniques. The competitive development techniques that are used by the pressure vessel market at joint ventures, strategic alliances, mergers and acquisitions, new product development, and research and development. All the tracking and analysis are done properly.


Value Chain Analysis


Pressure vessel markets are of immense benefits, in many ways such as they are used for storing liquids and gases at high temperature and pressure. Pressure vessel markets also have a large capacity to bear high pressure. The pressure market is growing due to the major need for energy around the world.


Objectives Of Market


The various objectives of the global pressure vessel market are as follows-



  • It provides a thorough market analysis. Detailed structure is provided along with the forecast done for the next 5 years of the various segments and sub-segments of the global pressure vessel.

  • These objectives provide various insights into the factors and reasons why the market is being affected and its growth is declining. Reasons and factors of profit are also given.

  • Various tools are used such as supply chain analysis and porter's 5 forces analysis; these are based on various functions. The analysis is done based on the global market.

  • Historical and forecast revenues of the market segment and then the subsegments are provided. Concerning regions and their respective key countries, these historical revenues are studied.

  • The country-level analysis is done of the market concerning the current market size of that country and also the future perspectives of that country. This is also known as regional analysis.

  • A complete pressure vessel market outlook is made. Market segmentation is also done where country 11 and the list is done for the segments such as material type product application and the regions.


Tracking and analysis are key steps in the growth of the pressure vessel market. Competitive developments are studied with strategies such as joint ventures, strategic alliances, margins and acquisitions, new product developments, and research and developments.


Regional Analysis


The pressure vessel market in the global market has been divided based on the region into North America Europe and the Asia Pacific. Currently as per the pressure should whistle market share Asia Pacific is the region which is expected to grow rapidly. The reason for this expansion of the power in this sector as well in this region is the growing operations of nuclear powers and the increasing demand from the chemical industries which caters for the further growth of the market in the Asia Pacific region. That is also expected expansion of urban and industrial infrastructure in these regions of Asia Pacific in the upcoming years. Also, there is an assurance of gradual demand for electricity.


All these strategies and factors will drive the demand for pressure vessels in this region. Because these are important for the essential and most conventional power generation procedures.


Recent Developments


There are advancements made in the product matrix which now provides a detailed comparison of the market for different recycled product types.


Additional information quite common such as regulatory landscape pricing analysis and macroeconomic indicators. They show the latest enhancement in these areas of development.


The pressure vessel market has also done geographical analysis across 15 countries which shows its achievement.


The pressure wrestling market is profiling 12 key market players which shows its development.


Various emerging trends are adopted by the major companies of pressure vessels.


The pressure market also comprises extensive primary research along with the detailed analysis of the qualitative as well as quantitative aspects.


The video segments are better covered for materials products and applications.


Market Segmentation:


 Global Pressure Vessel Market Segmentation


Report Overview


The global pressure vessel market research report consists of the following elements:



  • Market Overview

  • COVID 19 Analysis

  • Market Dynamics

  • Value Chain Analysis


The objective of the market



  • Regional Analysis

  • Competitive Landscape

  • Recent Developments

  • Intended audience


This global pressure vessel market research report consists of the factors that drive the market in the global market along with the factors that restrict the market in the global market. This report also contains various growth opportunities in the market in the global market during the forecasted period. The impact of COVID 19 on the market is also estimated.


Intended Audience


The various intended audience of the pressure vessel market are as follows-



  • Distributor & Supplier companies

  • End Users

  • Consultants and Investment bankers

  • Government as well as Independent Regulatory Authorities


Pressure vessels are devices that are used to store liquids and gas items. Pressure vessels are manufactured according to some standard rules and regulations. Pressure vessel application is done under some basic circumstances and conditions. Pressure vessels are used for storing liquid and gases at high pressures. A pressure vessel is a utensil that has high internal pressure. It can bear the high capacity of pressure which acts as its main feature. The high capacity holding power of the internal pressure is the main feature that drives a pressure Vessel in the market. The highly reactive chemical compounds need a proper medium for transportation hence modern pressure vessels do provide all the parameters such as safe operating pressure and temperature safety factor in corrosion allowance accounts for it. The latest manufacturing techniques of pressure vessels are intensive and non-destructive testing under the guidelines of the government, the accidents related to pressure vessels have reduced.



Report Scope:
Report Attribute/Metric Details
  Market Size   2027: Significant Value
  CAGR   6%CAGR (2020-2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Material , Product and Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   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)
  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


  • Speak to Analyst Ask for Customization

    Frequently Asked Questions (FAQ) :


    The global pressure vessel market is expected to record a substantial market valuation due to the increasing need for renewable energy and smooth power supply across the globe.

    The global pressure vessel market is projected to register a moderate 6% CAGR in the forecast period.

    The boilers segment is slated to expand as the fastest-growing segment.

    The power generation segment is slated to expand as the fastest-growing segment.

    A few major market players operating in the global pressure vessel market are Samuel Pressure Vessel Group. (U.S.A), Pressure Vessels (India), Westinghouse Electric Company LLC. (U.S.A) and others.

    The segments covered in the research report of the pressure vessel market are type application and region.