Press release
Pressure Vessels Market Share, Size, Growth, Trends and Forecast 2024 - 2031 | Doosan Corporation, IHI Corporation
Pressure Vessels Market
The pressure vessels market is estimated to be valued at USD 60.39 Bn in 2024 and is expected to reach USD 77.88 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
Market Dynamics:
The global pressure vessels market is witnessing substantial growth, driven primarily by increasing demand from key sectors. The oil and gas industry, propelled by a rise in natural gas consumption, remains a significant growth driver. Investments in LNG infrastructure further bolster market expansion.
Similarly, growth in the chemicals sector, which heavily relies on pressure vessels for manufacturing and transportation purposes, contributes to market growth. The anticipated annual increase in global chemicals output continues to drive demand for these vessels.
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Growing Demand for Renewable Energy:
The burgeoning demand for renewable energy sources like solar and wind power is set to propel the pressure vessels market forward. These technologies utilize pressure vessels for efficient operation, such as storing hot molten salts in solar thermal power plants and compressed air in energy storage systems. As countries globally integrate renewables to mitigate carbon emissions, the market will see increased demand for advanced pressure vessels capable of withstanding high pressures and temperatures.
Increasing Oil and Gas Exploration:
Rising global energy demands are driving extensive oil and gas exploration activities, both offshore and onshore. This necessitates robust pressure vessels capable of enduring harsh conditions and high pressures encountered during drilling and hydrocarbon extraction. Manufacturers are responding with corrosion-resistant materials and advanced coatings to ensure reliable operation in challenging environments.
Rising Demand in Water and Wastewater Treatment:
The increasing global population and higher living standards drive demand for treated water and effective wastewater management. Pressure vessels play a crucial role in applications such as desalination, water purification, sewage treatment, and zero liquid discharge systems. Government investments in water infrastructure, especially in developing nations, present growth opportunities for pressure vessel manufacturers.
3D Printing Advancements:
Emerging technologies like 3D printing are revolutionizing pressure vessel fabrication, offering benefits such as reduced material wastage and enhanced design flexibility. Leading companies are adopting 3D printing to manufacture lighter, stronger, and more customizable pressure vessels, speeding up product development cycles and improving overall performance.
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Top Companies Featured in This Report:
★ Doosan Corporation
★ IHI Corporation
★ Babcock & Wilcox Enterprises Inc.
★ Pressure Vessels (India)
★ MITSUBISHI HEAVY INDUSTRIES
★ Samuel
★ Son & Co.
★ Alloy Products Corp.
★ Abbott Pressure Vessels
★ Bharat Heavy Electricals Limited
★ LARSEN & TOUBRO LIMITED
★ MERSEN PROPERTY
★ Xylem
★ Tinita Engg Pvt. Ltd
★ WCR Inc.
★ Teknoflow Green Equipments Pvt. Ltd.
★ Nano-Mag Technologies
★ Delpro Equipments Pvt. Ltd.
★ Shreno Engineering Limited
★ Jaysons Machinery & Equipments Pvt.Ltd.
★ Varadraj Industries
Market Segmentation:
By Product Type:
★ By Material Type: Titanium , Nickel & Nickel Alloys , Tantalum , Steel , and Others
★ By Product Type: Boiler , Nuclear Reactor , Separator , and Others
★ By End-User: Chemicals & Petrochemicals , Oil & Gas , Power Generation , and Others
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Insights from the Global Pressure Vessels Market Analysis:
Market Size Evaluation: Assessing the value and sales volume of the Pressure Vessels market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Pressure Vessels market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Pressure Vessels market.
Segment Analysis: Examining the market value and sales volume of Pressure Vessels by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Pressure Vessels market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Pressure Vessels sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: www.linkedin.com/in/alice-mutum-3b247b137 )
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