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Pressure Vessel Market Projected to reach $184.87 Billion by 2021 | Key Players include Mitsubishi Heavy Industries, Babcock and Wilcox Enterprises, Doosan Heavy Industries & Construction, Bharat Heavy Electricals Limited, Larsen & Toubro Limited etc.
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Pressure vessel is a container used to contain fluids and gases at pressure levels greater than that of atmospheric pressure. It is one of the key equipment majorly used in power generation and the chemicals industry. Factors such as rapid growth in the Middle East chemical industry, changing trends in the energy sector, and growing power generation capacity have led to increasing deployment of pressure vessels. Modernization of existing power infrastructure and rapid urbanization in developing economies has increased the usage of pressure vessels. These are the major reasons behind the growth of the pressure vessel market.
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Boilers are the largest segment among the type of pressure vessels. The boilers segment within the pressure vessel market is expected to have the highest growth from 2016 to 2021, given its increasing usage in the power generation sector. This market is expected to witness the maximum growth in the Asia-Pacific region.
Asia-Pacific is expected to emerge as the new hot spot in the market during the forecast period. The region is likely to witness increased deployment of pressure vessels. The reason behind the same is modernization of existing power infrastructure in countries such as China and India. Renewable energy generation is likely to offer growth opportunities to pressure vessel manufacturers. Companies such as Mitsubishi Heavy Industries, Ltd. (Japan), Babcock and Wilcox Enterprises, Inc. (U.S.), and Doosan Heavy Industries & Construction (South Korea) are focusing on contracts & agreements to enhance their presence in the region.
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Some of the leading players in the pressure vessel market are Mitsubishi Heavy Industries, Ltd. (Japan), Babcock and Wilcox Enterprises, Inc. (U.S.), Doosan Heavy Industries & Construction (South Korea), Bharat Heavy Electricals Limited (India), and Larsen & Toubro Limited (India).
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