The 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 pressure vessel market analysis:
http://www.grandviewresearch.com/industry-analysis/pressure-vessel-market
http://www.grandviewresearch.com/industry-analysis/pressure-vessel-market
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: https://www.grandviewresearch.com/industry/power-generation-and-storage
Grand View Research has segmented the 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
o U.S
o Canada
o Mexico
·
Europe
o Germany
o UK
o France
o Italy
·
Asia Pacific
o China
o India
o Japan
o South Korea
·
Middle East and Africa
o Saudi Arabia
o UAE
o Qatar
·
Central & South America
o Brazil
o Venezuela
o Argentina
View Press Release of this research
report by Grand View Research: https://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
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