Pressure Vessel Market Competitive landscape, Most Attractive Segment, Industry Expansion Strategies and Growth Rate by 2023

Global Pressure Vessel Market Information Report by Material (Steel Alloys, Other Alloys, Composites), by Product (Boilers, Nuclear Reactors, Separators, Others), by Application (Oil & Gas, Chemical, Power Generation & Others) and by Region - Global Forecast To 2023

Market Scenario:

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 acts is the main feature driving pressure vessel market. Highly reactive chemical compounds need a proper medium for transportation, which modern pressure vessels provides it, as design parameters such as safe operating pressure & temperature, safety factor and corrosion allowance accounts for it. The current manufacturing techniques under intensive R&D, nondestructive testing and under the guidelines of government, have reduced the pressure vessel related accidents.

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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. Due to the growing scarcity of natural fuels, more attention is given to the renewable energy resources, which is benefitting the growth of pressure vessel market. The customizability of pressure vessels is another key driver for the global pressure vessel market. On the other hand, the drop in mining activities is expected to restrain the pressure vessels market to a certain degree. Pressure vessels need large amount of metal, since they need to safeguard with a barrier thick enough to contain even highly reactive and potentially destructive materials. Thus, the decrease in the mining of metals is expected to restrain the pressure vessels industry.

Regional Analysis:

Currently, Asia-Pacific region is expected to grow rapidly. The rapid expansion of the power sector in the region, the growing operation of nuclear power, and the increasing demand from the chemicals industry caters for the growth of pressure vessels market in Asia-Pacific region. The expected expansion of urban and industrial infrastructure in the region in the coming years will ensure gradual demand for electricity. This will drive the demand for pressure vessels in the region, as they are essential in most conventional power generation procedures.

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Key Players:

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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