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Pressure Vessel Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | Babcock & Wilcox Enterprises, General Electric Company, Larsen & Toubro, Mitsubishi Hitachi Power Systems
Pressure Vessel Market Characteristics
The Business Research Company offers in-depth market insights through Pressure Vessel Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The pressure vessel market size has grown strongly in recent years. It will grow from $38.33 billion in 2023 to $40.39 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to industrial expansion and growth, increased energy consumption, advancements in materials and fabrication techniques, stringent safety regulations, infrastructure development projects, rise in nuclear power generation, globalization of manufacturing, advances in non-destructive testing..
The pressure vessel market size is expected to see strong growth in the next few years. It will grow to $49.94 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to transition to cleaner energy sources, focus on sustainable manufacturing, expansion of chemical and petrochemical sectors, increasing role in carbon capture, development of small-scale modular reactors, increased adoption of pressure vessels in water treatment.. Major trends in the forecast period include advancements in materials and manufacturing, customization and engineering solutions, focus on lightweight materials, life cycle cost considerations, resilience to external forces, adoption of non-destructive testing techniques..
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Market Segmentation:
The pressure vessel market covered in this report is segmented -
1) By Type: Boiler, Reactor, Separator, Other Types
2) By Heat Source: Fired, Un-Fired
3) By Material Type: Steel Alloys, Composites, Other Material Types
4) By Application: Storage Vessels, Processing Vessels
5) By End-User Channel: Power, Oil and Gas, Food and Beverages, Pharmaceuticals, Chemicals, Other End-User Channels
Major Driver - The Surging Global Thermal Energy Demand Fueling The Adoption Of Pressure Vessels
The rising global thermal energy demand leading to the growing adoption of pressure vessels is the major driver for the growth of the market. Thermal energy is the term used to describe the energy present in a system that determines its temperature. Nuclear energy is used to generate thermal power and there are different pressure vessels used in the production process where vessels provide one of several barriers that keep radioactive material out of the environment. For example, according to projections from the International Atomic Energy Agency (IAEA), an Austria-based intergovernmental organization, world nuclear generating capacity is expected to more than double to 873 gigawatts net electrical (GW(e)) by 2050, compared with current levels of around 390 GW(e) in 2021. Thus, the rising global thermal energy demand leading to the growing adoption of pressure vessels is the major driver which helps in the growth of the market.
Competitive Landscape:
Major companies operating in the pressure vessel market report are Babcock & Wilcox Enterprises, General Electric Company, Larsen & Toubro, Mitsubishi Hitachi Power Systems, Hitachi Zosen, Bharat Heavy Electricals Limited, Samuel Pressure Vessel Group, Halvorsen Company, Doosan Heavy Industries & Construction Co. Ltd., DongFang Turbine Co. Ltd., Westinghouse Electric Company, Kelvion Holding GmbH, Ergil Grup, Alfa Laval AB, Abbott & Co (Newark) Ltd., Alloy Products Corp., GEA Group AG, IHI Plant Services Corporation, Fabrication Services Inc., Engineered Pressure Systems Inc., Andritz AG, SPX Corporation, Sumitomo Heavy Industries Ltd., Siemens AG, Nooter/Eriksen Inc., NuScale Power LLC, Zhejiang Shengda Steel Tower Co. Ltd., The Babcock & Wilcox Company, Parker Hannifin Corporation, Mannesmann AG
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Top Trend - Hexagon's Pv Elite 23 And The Technological Wave In The Pressure Vessel Market
The technological innovation is a key trend gaining popularity in the pressure vessel market. The key players are increasingly focusing on integrating smarter and safer safety systems for better design and analysis as well as to gain a competitive edge in the market. For example, in January 2021, a Sweden-based sensor solutions, software solutions, autonomous solutions company, Hexagon launched its PV Elite 23, a complete solution for vessel and heat exchanger design, analysis and evaluation. The automatic design options help users to efficiently modify vessel design to save time and design equipment for the most extreme uses, quickly, accurately and profitably.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Pressure Vessel Market Characteristics
3. Pressure Vessel Market Trends And Strategies
4. Pressure Vessel Market - Macro Economic Scenario
5. Pressure Vessel Market Size And Growth
…..
27. Pressure Vessel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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