Market Research Future (MRFR), in its recently published research pressure vessel market report, asserts that the global pressure vessel market 2020 is estimated to grow exponentially over the review period, recording a substantial market valuation and a healthy 6% CAGR in the forecast period.
The global pressure vessel market is analyzed on the basis of material, product, and application. The global market, based on material, has been segmented into steel alloys, other alloys, and composites. The pressure vessel market based on product is segmented into nuclear reactors, boilers, and separators, and others. The application segment of the market comprises oil and gas, chemicals, power generation, and others.
Drivers and Restraints
The global pressure vessel market's main factor is the increasing need for energy around the world. Boilers, the leading type of pressure vessel in the current global market, are being used in various processes of energy generation which are expected to sustain their demand in the coming years. Increasing exposure to the renewable energy industry has also significantly encouraged the demand for the pressure vessels. Because of the growing scarcity of natural fuels, more attention is paid to renewable energy resources which support the pressure vessel market growth of the pressure vessel market. A further primary factor for the global pressure vessel industry is the customizability of pressure vessels. On the other hand, the decline in mining activities is expected to limit the demand for pressure vessels to some extent. Pressure vessels require massive quantities of concrete, because they need to shield even extremely reactive and potentially damaging materials with a membrane strong enough to accommodate. Consequently, the decline in metal mining is expected to limit the industry of pressure vessels.
In the near future, existing power plants in emerging regions are likely to curb the volumes of the industry. Moreover, the decreasing number of oil and gas projects resulting from declining crude oil prices is also said to have a negative effect on market revenues in the years ahead. In addition, slow growth in the mining industry is projected to adversely affect overall demand over the forecast period.
The geographical overview of the global market has been conducted in four major regions, including Asia Pacific, the North America, Europe, Latin America, the Middle East, and Africa.
The factors responsible for market growth are expected to be rising power generation capacities in the Asia Pacific region and an growing number of chemical projects in the Middle East region. Pressure vessels are containers that carry high-pressure gases or liquids and have wide-ranging pressure vessel uses in industries such as oil gas, chemicals, petrochemicals, distillation towers, nuclear reactor reservoirs, natural gas storage systems, and hot water tanks. Developed countries, including North America and Europe, use clean energy to satisfy stringent environmental standards and reduce toxic emissions of gases. These changing patterns of energy across the globe are thus expected to accelerate market growth over the forecast period as well.
The key market players operating in the global market as identified by MRFR are Babcock and Wilcox Enterprises, Inc. (U.S.A), Mitsubishi Heavy Industries Ltd. (Japan), Doosan Heavy Industries Construction Co., Ltd. (South Korea), Bharat Heavy Electricals Limited. (India), Dongfang Electric Machinery Co., Ltd. (China), Larsen Toubro Limited. (India), General Electric Co (U.S.A), IHI Corporation (Japan), Halvorsen (Norway), Pressure Vessels (India), Samuel Pressure Vessel Group. (U.S.A), Westinghouse Electric Company LLC. (U.S.A) and others.
The market is likely to witness competitive landscape, owing to the growing number of entrants and investment towards research and development activities.
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