Pune, India, May 2018 /MRFR Press Release/- Global Pressure Vessel Market Information Report by Material, by Product, by Application and by Region – Global Forecast To 2023.
Pressure vessels are manufactured according to standard regulations and their applications. As pressure vessels are widely used for storing liquids and gases at high pressure, the high internal pressure bearing capacity of the pressure vessel is the main feature driving pressure vessel market. Highly reactive chemical compounds need a proper medium for transportation, which modern pressure vessels provide, as design parameters such as safe operating pressure & temperature, safety factor and corrosion allowance account for it. The current manufacturing technique done under intensive R&D, nondestructive testing under the guidelines of government, have reduced the pressure vessel related accidents.
The Pressure Vessel Market is expected to grow over the CAGR of around 6% during the period 2017 to 2023.
The major drivers of the global pressure vessel market is the growing need for energy around the world. Boilers, the dominant type of pressure vessel in current global market are used in various energy generation procedures, which is expected to support their demand in coming years. The growing attention towards the renewable energy sector has also promoted the pressure vessel market immensely.
The key players of Global Pressure Vessel Market are 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.
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Scope of the Report
This study provides an overview of the global pressure vessel market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global pressure vessel market by its material, product, application and regions.
- By Material
- Steel Alloys
- Other Alloys
- By Product
- Nuclear Reactors
- By Application
- Oil & Gas
- Power Generation
- By Region
- North America
- Asia Pacific
- Rest of the World
Market Research Analysis
A major drivers for the global pressure vessel market are the growing need for energy around the world. Chemicals that react violently with the atmospheric compounds need to be transported and stored in pressure vessels. Boilers, the dominant type of pressure vessel in current global market are used in various energy generation procedures, which is expected to support the demand in coming years. The growing attention towards the renewable energy sector has also promoted the pressure vessel market immensely. Due to the growing scarcity of natural fuels, more attention is given towards the renewable energy resources, which is benefitting the growth of pressure vessel market. Besides these, the customizability of pressure vessels drives for the global pressure vessel market. On the other hand, the drop in mining activities has restrained the pressure vessels market to a certain degree. Pressure vessels need large amounts of metal, since they need to safeguard with a barrier thick enough to contain even highly reactive and potentially destructive materials.
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