Pressure Vessel Market Product Benchmarking, Financial Performance and Challenges

Felton, Calif., USA, July. 29, 2021 — /EPR Network/ —

The global Pressure Vessel Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.

Market Overview:

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. 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.

Key Players:

• Dongfang Electric Corporation Limited
• Babcock & Wilcox Enterprises, Inc.
• Westinghouse Electric Company LLC
• Doosan Heavy Industries & Construction Co., Ltd.
• Samuel Pressure Vessel Group
• Mitsubishi Heavy Industries, Ltd.
• Pressure Vessels(India)
• Bharat Heavy Electricals Limited
• IHI Corporation
• Larsen & Toubro
• The Halvorsen Company
• General Electric Company

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Growth Drivers:

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.

Product Outlook:

• Boiler
• Nuclear Reactor
• Separator

The “Boiler” segment led the Pressure Vessel Industry in 2015 and is anticipated to maintain its dominance by 2024 owing to growing demand for petrochemicals and chemicals, and growing power plants in Asia Pacific as boilers are used in these plants for generating electricity.

Material Outlook:

• Steel Alloy
• Other Alloy
• Composite

End-Use Outlook:

• Oil & Gas
• Chemical
• Power Generation

The “Chemical Industry” segment led the Pressure Vessel Market in 2015 and is anticipated to maintain its dominance by 2024 owing to growing chemical schemes in emerging counties including the Asia Pacific, and Middle East.

Regional Outlook:

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.

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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