Pressure Vessel Market Growth, Demand and Analysis of Key Players- Research Forecasts to 2024

Posted on 2021-02-16 by researchinsights in Internet & Online // 0 Comments

Felton, Calif., USA, Feb. 16, 2021 — /EPR Network/ —

Global Pressure Vessel Market is anticipated to reach USD 225.84 billion by 2024. Pressure vessels, as the name suggests, store high-pressure gases and liquids. The factors that propel the growth of the market include rising demand for power generation capacity and growing upstream & downstream activities in oil & gas manufacturing. On the other hand, there are factors that may hamper the growth of the market including growing environmental consciousness involving mining activities.

Pressure Vessel industry is anticipated to grow at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe. The market may be explored by material type, product, end users, and geography. The industry may be explored by material type as Composite, Steel Alloy, and Other Alloy.

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Global Pressure Vessel Material Outlook (Revenue, USD Billion, 2014 – 2024)

Steel Alloy
Other Alloy
Composite

Global Pressure Vessel Product Outlook (Revenue, USD Billion, 2014 – 2024)

Boiler
Nuclear Reactor
Separator
Other

Global Pressure Vessel End-Use Outlook (Revenue, USD Billion, 2014 – 2024)

Oil & Gas
Chemical
Power Generation
Others

Some of the key players that fuel the growth of the Pressure Vessels industry comprise China First Heavy Industries, IHI Corporation, CB&I, Kobelco, L&T, MITSUBISHI HEAVY INDUSTRIES, KNM Group, Doosan Mecatec, Mersen, Hanson, Samuel Pressure Vessel Group, JSW, NK, BELLELI ENERGY, Springs Fabrication, Sunpower Technology, Beijing Tianhai Industry, Suzhou THVOW Technology, and CIMC Group. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.

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Asia-Pacific accounted for the major share of the Pressure Vessel Market Size in 2015 and will continue to lead in the forecast period. The factors that could be attributed to the growth include growing demand for power generation and electricity capacity embellishments, growing focus on renewable power generation and transformation of current power organization is expected to additionally increase the demand for pressure vessels in the Asian region. The economies such as Japan, Malaysia, and South Korea have high-growth projections in the Asia-Pacific’s pressure vessel industry.

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