Press release
Pressure Vessel Market Worth $53.3 Billion by 2025
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110 - Tables
44- Figures
173- Pages
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The unfired pressure vessel segment is expected to grow at the highest CAGR from 2020 to 2025.
Unfired pressure vessels can act as heat exchangers that can be used to cool and heat fluid when combined with another fluid. These usually consist of several adjacent chambers and tube bundles. As countries in Europe and North America are focusing on decreasing their primary energy consumption from fossil fuels, the demand for unfired pressure vessels is estimated to surge in the coming years. Hence, unfired pressure vessels are expected to witness rising demand in the coming years due to an increasing focus on heat recovery prompted by stringent emission norms.
The steel alloy segment is expected to lead the global Pressure Vessel Market during the forecast period.
Steel alloys include carbon steel, chromium-molybdenum alloys, and stainless steel. Carbon steel is a combination of iron & steel, whereas stainless steel is an iron alloy with a minimum of 10.5% chromium. The structure, formability, and strength of stainless steel are enhanced by adding other elements to it. Stainless steel is preferred due to its high corrosion resistance. An increase in the number of industrial power projects and the replacement of existing pressure vessels are the major factors driving the growth of the market. Developing economies of the Asia Pacific and the Middle East are expected to emerge as key revenue pockets for the steel alloys Pressure Vessel Market
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The chemicals & petrochemicals segment is expected to grow at the highest CAGR in the global Pressure Vessel Market during the forecast period.
Chemicals and petrochemicals are used in various industries such as fertilizers, lights, coatings & absorbents, plastic, artificial fibers, and chemical laboratories. According to the International Council of Chemical Associations (ICCA), the chemical industry was valued at USD 5.7 trillion in 2017, which was equivalent to a 7% share in the global GDP. Further, petrochemicals are witnessing increasing demand due to the rising number of construction projects in the Asia Pacific and the Middle East regions.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Pressure Vessel Market. Some of the key players are Babcock & Wilcox Enterprises (US), General Electric(US), Larsen & Toubro (India), IHI Corporation (Japan), and Mitsubishi Hitachi Power Systems (Japan). The leading players are adopting various strategies to increase their share in the Pressure Vessel Market. Contracts & agreements, and alliances & collaborations have been a widely adopted strategy by the major players in the pressure vessel industry.
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