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The global pressure vessel market is predicted to reach $45.2 billion by 2022. From 2023 to 2030, the pressure vessel market is estimated to rise from $47.9 billion (in current value terms) to $76.3 billion (in 2030 value terms), a CAGR of 6.0%. The increasing global need for energy is one of the driving drivers in the market.
Demand for highly efficient pressure vessels that consume less energy and produce fewer corrosive byproducts is a major factor in the market's CAGR. Furthermore, market participants are making substantial investments and establishing production facilities in these countries because of the abundant availability of raw materials and the low cost of labour. As production and construction have expanded, so too has the need for pressure vessels. Governments everywhere are also actively seeking investment opportunities and modernising ageing manufacturing facilities with state-of-the-art infrastructure. In order to attract more customers and increase brand awareness, businesses are incorporating cutting-edge technologies like sensors into their product lines. In order to help professionals in the field make more informed decisions, manufacturers of pressure vessels can now incorporate remote monitoring systems that provide real-time data and allow their users to spot possible problems.
Today's market offers pressure vessels in a wide range of sizes. However, manufacturers must regularly check the pump's technical details and operation. Pressure vessels are also provided in proportion to the quantity of water used. Since freshwater reserves are depleting at an alarming rate, businesspeople must constantly be on the lookout for pressure systems that use less water overall or create wastewater treatment facilities from which water can be collected and added to pressure systems. Sensors and other state-of-the-art instruments are being implemented by key market participants for the purpose of monitoring and calculating huge pressure variations. growing the Pressure Vessel industry's profits. Market segmentation for pressure vessels includes steel alloys, other alloys, and composite materials. The composites business was the dominant player in the market. The rising consumption in developing countries is a key factor in the development of this industry. Glass fibre and carbon fibre composite industries were previously solely established in North America and Europe. Demand for glass fibre and carbon fibre composites, for example, has increased in the aerospace and transportation sectors due to rising consumer demand for inexpensive and lightweight automobiles in countries like India. The category of steel alloys will also have the highest CAGR within the forecasted time frame. In addition to being significantly more helpful in power applications, it will also be significantly stronger, more formable, and more resistant to corrosion.
The pressure vessel market is divided into several submarkets, such as boilers, nuclear reactors, separators, and others. Boilers were the market's most prominent product type. Increasing demand from both households and businesses is driving this market's revenue growth. Radiant heating is used by boilers to effectively warm objects within a space, rather than the more conventional methods used by conventional heating systems. Radiators, baseboard heaters, and under-floor pipes could also be used to evenly distribute heat across a space. Boilers' popularity amongst households has increased thanks to their high energy efficiency and portability. In addition to other benefits, pressure vessels are resistant to things like corrosion and germs. As a result, they have multiple applications in the chemical industry. Growth in the chemical sector as a whole and consumer demand for this product's advantages should drive sales.
Pressure vessels see heavy use in the petrochemical and chemical industries. Chemical reactions, distillation, mixing, and storage of chemicals are just some of the many processing procedures that necessitate pressure vessels in this expanding industry. The demand for novel and tailor-made chemicals that provide superior functionality and fulfil particular needs is driving this change. Engineering and design expertise are needed to ensure that pressure vessels are safe and compliant with all applicable regulations. Calculations, material choices, and structural integrity must all be carefully considered while designing a pressure vessel. These design complications may raise production prices. Stainless steel, carbon steel, and alloy metals are used in the construction of these items. These materials can tolerate intense heat and pressure without breaking down. They are, however, typically more costly than the norm for structural materials. Once the pressure vessels are made, they must be tested and inspected extensively to make sure they are safe and up to code. Non-destructive testing and possible third-party certification are used in these checks, which raises the price of production.
Report Coverage
Global Pressure Vessel research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Pressure Vessel report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Pressure Vessel competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Pressure Vessel market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Pressure Vessel market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Pressure Vessel market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Samuel Pressure Vessel Group. (U.S.A), Babcock and Wilcox Enterprises, Inc. (U.S.A), Bharat Heavy Electricals Limited. (India), Dongfang Electric Machinery Co., Ltd. (China).
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Pressure Vessel market based on the below-mentioned segments:
Global Pressure Vessel Market, By Material
Steel alloys
Other alloys
Composites
Global Pressure Vessel market, By Application
Oil & Gas
Chemicals
Power generation
Others
Global Pressure Vessel Market, By Product
Boilers
Nuclear reactors
Separators
Others
Global Pressure Vessel market, Regional Analysis
Demand for highly efficient pressure vessels that consume less energy and produce fewer corrosive byproducts is a major factor in the market's CAGR. Furthermore, market participants are making substantial investments and establishing production facilities in these countries because of the abundant availability of raw materials and the low cost of labour. As production and construction have expanded, so too has the need for pressure vessels. Governments everywhere are also actively seeking investment opportunities and modernising ageing manufacturing facilities with state-of-the-art infrastructure. In order to attract more customers and increase brand awareness, businesses are incorporating cutting-edge technologies like sensors into their product lines. In order to help professionals in the field make more informed decisions, manufacturers of pressure vessels can now incorporate remote monitoring systems that provide real-time data and allow their users to spot possible problems.
Today's market offers pressure vessels in a wide range of sizes. However, manufacturers must regularly check the pump's technical details and operation. Pressure vessels are also provided in proportion to the quantity of water used. Since freshwater reserves are depleting at an alarming rate, businesspeople must constantly be on the lookout for pressure systems that use less water overall or create wastewater treatment facilities from which water can be collected and added to pressure systems. Sensors and other state-of-the-art instruments are being implemented by key market participants for the purpose of monitoring and calculating huge pressure variations. growing the Pressure Vessel industry's profits. Market segmentation for pressure vessels includes steel alloys, other alloys, and composite materials. The composites business was the dominant player in the market. The rising consumption in developing countries is a key factor in the development of this industry. Glass fibre and carbon fibre composite industries were previously solely established in North America and Europe. Demand for glass fibre and carbon fibre composites, for example, has increased in the aerospace and transportation sectors due to rising consumer demand for inexpensive and lightweight automobiles in countries like India. The category of steel alloys will also have the highest CAGR within the forecasted time frame. In addition to being significantly more helpful in power applications, it will also be significantly stronger, more formable, and more resistant to corrosion.
The pressure vessel market is divided into several submarkets, such as boilers, nuclear reactors, separators, and others. Boilers were the market's most prominent product type. Increasing demand from both households and businesses is driving this market's revenue growth. Radiant heating is used by boilers to effectively warm objects within a space, rather than the more conventional methods used by conventional heating systems. Radiators, baseboard heaters, and under-floor pipes could also be used to evenly distribute heat across a space. Boilers' popularity amongst households has increased thanks to their high energy efficiency and portability. In addition to other benefits, pressure vessels are resistant to things like corrosion and germs. As a result, they have multiple applications in the chemical industry. Growth in the chemical sector as a whole and consumer demand for this product's advantages should drive sales.
Pressure vessels see heavy use in the petrochemical and chemical industries. Chemical reactions, distillation, mixing, and storage of chemicals are just some of the many processing procedures that necessitate pressure vessels in this expanding industry. The demand for novel and tailor-made chemicals that provide superior functionality and fulfil particular needs is driving this change. Engineering and design expertise are needed to ensure that pressure vessels are safe and compliant with all applicable regulations. Calculations, material choices, and structural integrity must all be carefully considered while designing a pressure vessel. These design complications may raise production prices. Stainless steel, carbon steel, and alloy metals are used in the construction of these items. These materials can tolerate intense heat and pressure without breaking down. They are, however, typically more costly than the norm for structural materials. Once the pressure vessels are made, they must be tested and inspected extensively to make sure they are safe and up to code. Non-destructive testing and possible third-party certification are used in these checks, which raises the price of production.
Report Coverage
Global Pressure Vessel research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Pressure Vessel report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Pressure Vessel competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Pressure Vessel market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Samuel Pressure Vessel Group. (U.S.A), Babcock and Wilcox Enterprises, Inc. (U.S.A), Bharat Heavy Electricals Limited. (India), Dongfang Electric Machinery Co., Ltd. (China). |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Pressure Vessel Market from 2021 to 2030.
- Market Forecast for Pressure Vessel Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Pressure Vessel competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Pressure Vessel
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Pressure Vessel market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Pressure Vessel market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Samuel Pressure Vessel Group. (U.S.A), Babcock and Wilcox Enterprises, Inc. (U.S.A), Bharat Heavy Electricals Limited. (India), Dongfang Electric Machinery Co., Ltd. (China).
Primary Target Market
- Market Players of Pressure Vessel
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Pressure Vessel market based on the below-mentioned segments:
Global Pressure Vessel Market, By Material
Steel alloys
Other alloys
Composites
Global Pressure Vessel market, By Application
Oil & Gas
Chemicals
Power generation
Others
Global Pressure Vessel Market, By Product
Boilers
Nuclear reactors
Separators
Others
Global Pressure Vessel market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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