Market Scenario
In its recently published research study, Market Research Future (MRFR) observes that the global pressure vessel market 2020 is expected to rise exponentially over the forecast period, reporting a significant market valuation and a healthy 6% CAGR in the forecast period.
Segmental Overview
The global pressure vessel market is analyzed based on product, material, and application. The global market, on the basis of the material, has been segmented into other alloys, composites and steel alloys. The pressure vessel market based on product is divided into boilers, and separators, nuclear reactors, and others. The application segment of the market comprises power generation, oil and gas, chemicals, and others.
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Regional Highlights
The global market geographic overview was conducted in four major regions, including Asia Pacific, Latin America, North America, Europe, the Middle East and Africa.
Growing power generation capacity in the Asia Pacific region and a rising number of chemical projects in the Middle East region are expected to be responsible factors for market growth. Pressure vessels are containers that hold high-pressure gases or liquids and have wide-ranging uses in industries such as distillation towers, oil & gas, chemicals, petrochemicals, nuclear reactor reservoirs, natural gas storage facilities, and hot water tanks. Developed economies, like Europe and North America, are using renewable energy to meet stringent environmental requirements and increased greenhouse gas emissions. Therefore, these changing energy trends across the world are expected to drive market growth over the review period.
Drivers and Restraints
The main factor of the global market for pressure vessels is the increasing need for energy around the world. Boilers, the primary type of pressure vessel uses in the current global market, are being used in various energy generation processes which are expected to maintain their demand in the years to come. Growing access to the renewable energy industry also greatly encouraged the pressure vessel market. Due to the growing scarcity of natural fuels, more attention is given to renewable energy resources which support the growth of the market for pressure vessels. The customizability of the pressure vessels is another crucial consideration for the global pressure vessel industry. At the other hand, it is expected that the decline in mining activities would somehow restrict the demand for pressure vessels. Pressure vessels need large quantities of concrete, so even highly reactive and potentially damaging materials with a membrane strong enough to withstand need to be shielded. As a result, the decline in metal mining is expected to restrict the pressure vessel industry.
Existing power plants are expected to curb volumes of the sector in the immediate future in developing regions. Moreover, it is also said that the rising number of oil and gas ventures resulting from the decline in crude oil prices would have a negative effect on market revenues in the years ahead. Therefore, sluggish growth in the mining sector is expected to affect overall demand over the forecast period adversely.
Competitive Dashboard
The prominent market players operating in the global market as identified by MRFR are Doosan Heavy Industries & Construction Co., Ltd. (South Korea), Mitsubishi Heavy Industries Ltd. (Japan), Bharat Heavy Electricals Limited. (India), Samuel Pressure Vessel Group. (U.S.A), Dongfang Electric Machinery Co., Ltd. (China), General Electric Co (U.S.A), IHI Corporation (Japan), Babcock and Wilcox Enterprises, Inc. (U.S.A), Larsen & Toubro Limited. (India), Halvorsen (Norway), Pressure Vessels (India), Westinghouse Electric Company LLC. (U.S.A) and others.
Due to the growing number of entrants and investment in research and development activities, the market is likely to be experiencing a competitive landscape.
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About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.
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