According to the latest report by IMARC Group, titled, “Pressure Vessel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“,The global pressure vessel market size reached US$ 22.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 29.1 Billion by 2027, exhibiting a growth rate (CAGR) of 4.57% during 2022-2027.
Pressure vessels refer to spherical or cylindrical-shaped containers that are used for storing high-pressure gases or liquids. Some common components of pressure vessels are distributor trays, catalyst support grids, baffles, demister pads, etc. Pressure vessels are commonly used as receivers for high-temperature and high-pressure physical and chemical processes. They help in removing redundant fabrication, lowering traceability and inspection, enhancing quality control, reducing the overall cost, etc.
Pressure Vessel Market Trends:
The rising need for energy on account of elevating levels of urbanization is driving the pressure vessels market. Furthermore, the growing utilization of these vessels in the oil and gas industry for transportation purposes represents another growth-inducing factor. Moreover, pressure vessels are widely used in the chemical industry as they aid in the mixing and dividing different products. Furthermore, many manufacturers are introducing advanced pressure vessels, such as pressure boilers. that allow heat from an industrial process to be used or removed, which is bolstering the product demand. Additionally, various other factors, including the increasing requirement for cooling and heating equipment and extensive investments in the development of advanced product variants, are expected to fuel the market growth in the coming years.
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Global Pressure Vessel Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Abbott & Co (Newark) Ltd.
- Alloy Products Corp.
- Babcock & Wilcox Enterprises Inc.
- Bharat Heavy Electricals Limited
- Doosan Heavy Industries & Construction
- GEA Group Aktiengesellschaft
- Halvorsen Company
- IHI Corporation
- Larsen & Toubro Limited
- Mitsubishi Power Ltd.
- Pressure Vessels (India)
- Samuel Son & Co.
The report has segmented the market on the basis on material, product and end use.
Breakup by Material:
- Nickel and Nickel Alloys
- Stainless Steel
- Duplex Steel
- Carbon Steel
- Super Duplex Steel
Breakup by Product:
- Nuclear Reactor
Breakup by End Use:
- Chemicals and Petrochemicals
- Oil and Gas
- Power Generation
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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