Global Pressure Vessel Market is expected to reach USD 225.84
billion by 2024, according to a new report by Grand View Research, Inc.
Increasing investment in energy sector is anticipated to be the major driving
factor for the industry growth.
These
vessels are containers designed to hold liquids or gases at high pressure. They
have wide applications across various industries including chemicals, oil &
gas, petrochemicals, power in the form of compressed air receivers,
distillation towers, hot water storage tanks, nuclear reactor vessels, and
natural gas storage systems.
They
form an integral part of industry infrastructure for safe handling of gases and
liquids. Increasing investment to build high performance-infrastructure for oil
exploration activities is expected to drive the industry. The tanks are also
used to store propane which is a by-product of liquefied gas processing.
Their
application as boilers in thermal energy production is further anticipated to
augment the industry volume in near future. These boilers are also used for the
domestic hot water system. Many companies need water in the purest form and use
fractional distillation. Overall product usage in distillation towers is
anticipated to provide great opportunities for overall industry growth.
Full
Research Report On Global Pressure Vessel Market Analysis:
Further
key findings from the report suggest:
- Steel alloy dominated
the market with an approximate share of 40% in 2015 and is expected to
continue its dominance owing to easy availability of steel and superior
qualities. The composite materials sector is anticipated to witness the
highest growth over the forecast period. Some composite based vessels are
expected to offer better performance than steel, which is expected to
increase its preference in the near future.
- Boilers are anticipated
to grow at significant rate over the forecast period on account of its
wide industrial applications, especially in fractional distillation.
Around one-fourth of the industry in 2024 is expected to be captured by in
nuclear reactors on account of increasing atomic energy implementations.
- Power generation was the
leading end-use segment and accounted for 33.5% of total market revenue in
2015. Increasing energy demand has been prompting increasing power generation
which is expected to drive this segment over the forecast period.
- Chemicals manufacturing
is anticipated to witness the highest growth rate of 5.8% on account of
increasing chemical projects in developing regions including the
Middle East and Asia Pacific.
- Asia Pacific was the
leading regional market and accounted for 38.3% of total market revenue in
2015. Growth of power and chemicals industry in China and India coupled
with government support to expand power generation capacities are
anticipated to drive the regional market.
- Major players operating
in the global industry include Mitsubishi, Larsen & Toubro, Bharat
Heavy Electricals, Pressure Vessels India, Samuel Pressure Vessels,
Doosan, Babcock and Wilcox, Barton Firtop, and Abbott.
View more reports of this category by
Grand View Research at: http://www.grandviewresearch.com/industry/power-generation-and-storage
Grand View Research has segmented the Global
Pressure Vessel Market on the basis of material, product, end-use and region:
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
Global
Pressure Vessel Regional Outlook (Revenue, USD Billion, 2014 - 2024)
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Asia Pacific
- China
- India
- Japan
- South Korea
- Middle East and Africa
- Saudi Arabia
- UAE
- Qatar
- Central & South
America
- Brazil
- Venezuela
- Argentina
View
Press Release of this research report by Grand View Research: http://www.grandviewresearch.com/press-release/global-pressure-vessel-market
About
Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For More Information: www.grandviewresearch.com
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