Press release
Pressure Vessels Market to Expand Significantly by 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:
Rising industrialization levels across developing nations are expected to propel the growth of the pressure vessels market during the forecast period. Growing energy demand from industries along with expansion of petrochemical facilities will boost the adoption of pressure vessels for storage and transportation of gases and liquids. Furthermore, increasing power generation through coal, natural gas, and nuclear energy will augment the market growth. Growing oil and gas exploration and production activities will also contribute to the rising installed base of pressure vessels for storage and transportation of hydrocarbon resources. The growth of end-use industries such as chemicals and petrochemicals will continue to generate substantial demand for pressure vessels during the forecast period.
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Significant Demand from Chemical and Petrochemical Industries
The chemical and petrochemical industries extensively utilize pressure vessels for manufacturing, processing, storing, and transportation of different chemicals and petrochemicals. Pressure vessels are essential equipment for reactors, distillation columns, heat exchangers, evaporators and various other processing units. With widespread use of chemicals and petrochemicals across many industries like pharmaceuticals, plastics, fertilizers etc., the demand for pressure vessels from chemical plants and petrochemical facilities has been consistently growing.Expanding capacities of existing chemical and petrochemical plants along with the commissioning of new production facilities is propelling the demand further.
Growing Need for Hydrogen Storage
With growing emphasis on developing a hydrogen economy and use of hydrogen as an alternative green fuel, demand for high-pressure hydrogen storage vessels is on the rise. Both gaseous and liquid hydrogen storage require specially designed pressure vessels capable of withstanding cryogenic temperatures and very high pressures. Many countries are investing heavily in building hydrogen refueling stations and roll-out fuel cell vehicles which will further accelerate the demand. Pressure vessel manufacturers can tap into this emerging opportunity by developing advanced vessels tailored for safe and efficient hydrogen storage at high pressures. Growing hydrogen infrastructure worldwide in the coming years will open up new revenue streams.
Advancements in Materials and Design
Material advancements and innovative vessel designs are two major technology trends in the pressure vessels market. Lighter and higher-strength aluminum alloys and composite materials like carbon fiber are gaining popularity as alternatives to steel. 3D printing technology is enabling manufacturers to produce customized pressure vessels with complex geometries. Internet of things (IoT) enables conditioning monitoring of vessels for preventive maintenance. Advancements in materials and additive manufacturing are making vessels lighter, stronger and more durable. Design optimization techniques are helping improve performance. These technological developments are expanding applications while meeting stringent safety and quality standards.
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Top Companies Featured in This Report:
★ Doosan Corporation
★ IHI Corporation
★ Babcock & Wilcox Enterprises Inc.
★ Pressure Vessels (India)
★ MITSUBISHI HEAVY INDUSTRIES
★ LTD.
★ 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 Inquiries Addressed in this Report include:
What was the size of the Pressure Vessels Market in 2024, and what is the projected value by 2031?
What is the present global market landscape for the Pressure Vessels Market?
What strategies offer optimal opportunities for growth maximization in the business?
What recent trends are shaping the Pressure Vessels Market?
How does the market share of Pressure Vessels Market revenue, sales, and size vary across specific geographical regions?
Who are the prominent industry players in the Pressure Vessels Market?
Which segment of the Pressure Vessels Market is experiencing heightened demand?
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:
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)
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