Press release
Pressure Vessels Market Analysis and Future Trends Overview 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:
Pressure vessels are critical equipment used across various industrial sectors such as oil & gas, power generation, chemical, and others to operate under high/low pressure conditions. The global pressure vessels market is estimated to witness significant growth over the forecast period, owing to growing demand from oil & gas industries. The oil and gas industry uses pressure vessels to store liquefied natural gas and other gases at high pressures. With increasing oil and gas exploration and production activities globally, the demand for pressure vessels from this industry is expected to rise rapidly during the forecast period 2024-2031. Furthermore, growing power generation capacity additions, especially from natural gas-fired power plants, is also expected to drive the demand for pressure vessels over the coming years.
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Growing Industrialization Driving Demand for Pressure Vessels
With rapid industrialization across various developing regions, the demand for machinery and equipment used in a wide range of industries has increased significantly over the past decade. Pressure vessels are widely used in process industries like oil and gas, chemicals and petrochemicals, power generation, pharmaceuticals, food and beverages etc for various applications like storage and transportation of gases and fluids at high pressures. The growing investments in capacity expansions and new plants across industries has fueled the need for pressure vessels. Moreover, the rising requirements for transportation of liquefied natural gas is augmenting the demand for LNG carriers and cargo tanks which use advanced pressure vessels.
Adoption of Composite Materials Opening New Avenues
Materials researchers have been developing advanced composite materials that offer superior mechanical properties compared to metals while being lightweight. Pressure vessel manufacturers are increasingly adopting composites like carbon fiber reinforced polymers (CFRP) for manufacturing vessels used in critical high pressure applications such as hydrogen storage tanks and LNG transport. The material provides advantages such as corrosion resistance, high strength-to-weight ratio, flexibility in design and reduced total cost of ownership. The shifting focus towards composites as an alternative to traditional metals is expected to open new revenue streams for pressure vessels market players over the coming years.
Integration of IIoT Driving Digital Transformation of Industry
The integration of industrial internet of things (IIoT) and connectivity solutions is enabling digital transformation across various process industries. Pressure vessel manufacturers are adopting IIoT technologies like sensors, cloud computing and analytics to digitize operations for performance monitoring and predictive maintenance. The real-time data captured helps in reducing downtime, improving efficiency and ensuring optimum asset utilization over the lifecycle. The growing IIoT adoption is expected to revolutionize pressure vessel design, manufacturing and service processes, presenting lucrative prospects for technologies, services and partnership opportunities in the pressure vessels industry.
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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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