Global Pressure Vessel Market – Industry Challenges, Key Vendors, Drivers, Trends and Forecast to 2023

Market Highlights
Pressure vessels are manufactured according to standard regulations and their applications. As pressure vessels are widely used for storing liquids and gases at high pressure, the high internal pressure bearing capacity of the pressure vessel is the main feature driving pressure vessel market. Highly reactive chemical compounds need a proper medium for transportation, which modern pressure vessels provide, as design parameters such as safe operating pressure & temperature, safety factor and corrosion allowance account for it. The current manufacturing technique done under intensive R&D, nondestructive testing under the guidelines of government, have reduced the pressure vessel related accidents.

The growth of the Pressure Vessel Market is majorly driven by the growing need for electricity around the world, customizability of pressure vessels and increasing usage in the power generation sector. However, the growth of this market can be restrained by the decrease in the mining of metals.

Pressure Vessel Market is expected to grow over the CAGR of around 6% during the period 2017 to 2023

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Key Players:
The key players of Global Pressure Vessel Market are
• Babcock and Wilcox Enterprises, Inc. (U.S.A),
• Doosan Heavy Industries & Construction Co., Ltd. (South Korea),
• Mitsubishi Heavy Industries Ltd. (Japan),
• Bharat Heavy Electricals Limited. (India),
• Larsen & Toubro Limited. (India),
• Dongfang Electric Machinery Co., Ltd. (China),
• General Electric Co (U.S.A),
• Halvorsen (Norway),
• IHI Corporation (Japan),
• Pressure Vessels (India),
• Samuel Pressure Vessel Group. (U.S.A),
• Westinghouse Electric Company LLC. (U.S.A)
• others.

Market Research Analysis
A major drivers for the global pressure vessel market are the growing need for energy around the world. Chemicals that react violently with the atmospheric compounds need to be transported and stored in pressure vessels. Boilers, the dominant type of pressure vessel in current global market are used in various energy generation procedures, which is expected to support the demand in coming years. The growing attention towards the renewable energy sector has also promoted the pressure vessel market immensely. Due to the growing scarcity of natural fuels, more attention is given towards the renewable energy resources, which is benefitting the growth of pressure vessel market. Besides these, the customizability of pressure vessels drives for the global pressure vessel market.

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Steel alloy pressure vessel accounts for the highest market share
Steel alloys are widely used as a material and is expected to continue accounting for maximum revenue share in the global industry, owing to its exceptional strength features that help in carrying high-pressure liquids and gasses. Also easy availability and less costing factors help steel alloys hold larger share in the pressure vessel market.

Scope of the Report
This study provides an overview of the global pressure vessel market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global pressure vessel market by its material, product, application and regions.
By Material
• Steel Alloys
• Other Alloys
• Composites
By Product
• Boilers
• Nuclear Reactors
• Separators
• Others
By Application
• Oil & Gas
• Chemical
• Power Generation
• Others
By Region
• North America
• Asia Pacific
• Europe
• Rest of the World

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