The global Pressure Vessel Market size
is projected to reach USD 53.3 billion by 2025 from an estimated USD 42.7
billion in 2020, at a CAGR of 4.5% during the forecast period. Increasing the construction of refinery & chemical plants and the adoption of
supercritical and ultra-supercritical power generation technology is driving
the growth of the market. Moreover, the installation of new pressure vessels in
aging power plants and technological advancements in materials and designs is
likely to bring opportunities for the pressure vessel industry.
The unfired pressure vessel segment is expected to grow at the highest
CAGR from 2020 to 2025.
Unfired pressure vessels can act as heat exchangers that can be used to
cool and heat fluid when combined with another fluid. These usually consist of
several adjacent chambers and tube bundles. As countries in Europe and North
America is focusing on decreasing their primary energy consumption from fossil
fuels, the demand for unfired pressure vessels is estimated to surge in the
coming years. Hence, unfired pressure vessels are expected to witness rising
demand in the coming years due to an increasing focus on heat recovery prompted
by stringent emission norms.
Download PDF Brochure:
The steel alloy segment is expected to lead the global Pressure Vessel
Market during the forecast period.
Steel alloys include carbon steel, chromium-molybdenum alloys, and
stainless steel. Carbon steel is a combination of iron & steel, whereas
stainless steel is an iron alloy with a minimum of 10.5% chromium. The
structure, formability, and strength of stainless steel are enhanced by adding
other elements to it. Stainless steel is preferred due to its high corrosion
resistance. An increase in the number of industrial power projects and the
replacement of existing pressure vessels are the major factors driving the
growth of the market. Developing economies of the Asia Pacific and the Middle East
are expected to emerge as key revenue pockets for the steel alloys Pressure
Vessel Market
The chemicals & petrochemicals segment is expected to grow at the
highest CAGR in the global Pressure Vessel Market during the forecast period.
Chemicals and petrochemicals are used in various industries such as
fertilizers, lights, coatings & absorbents, plastic, artificial fibers, and
chemical laboratories. According to the International Council of Chemical
Associations (ICCA), the chemical industry was valued at USD 5.7 trillion in
2017, which was equivalent to a 7% share in the global GDP. Further,
petrochemicals are witnessing increasing demand due to the rising number of
construction projects in the Asia Pacific and the Middle East regions.
Request Sample Pages:
https://www.marketsandmarkets.com/requestsampleNew.asp?id=116301805
To enable an in-depth understanding of the competitive landscape, the
report includes the profiles of some of the top players in the Pressure Vessel
Market. Some of the key players are Babcock & Wilcox Enterprises (US),
General Electric (US), Larsen &
Toubro (India), IHI Corporation (Japan), and Mitsubishi Hitachi Power Systems
(Japan). The leading players are adopting various strategies to increase their
share in the Pressure Vessel Market. Contracts & agreements, and alliances
& collaborations have been a widely adopted strategy by the major players
in the pressure vessel industry.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on
30,000 high growth niche opportunities/threats which will impact 70% to 80% of
worldwide companies’ revenues. Currently servicing 7500 customers worldwide
including 80% of global Fortune 1000 companies as clients. Almost 75,000 top
officers across eight industries worldwide approach MarketsandMarkets™ for
their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™
are tracking global high growth markets following the "Growth Engagement
Model – GEM". The GEM aims at proactive collaboration with the clients to
identify new opportunities, identify most important customers, write
"Attack, avoid and defend" strategies, identify sources of
incremental revenues for both the company and its competitors.
MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top
players across leaders, emerging companies, innovators, strategic players)
annually in high growth emerging segments. MarketsandMarkets™ is determined to
benefit more than 10,000 companies this year for their revenue planning and
help them take their innovations/disruptions early to the market by providing
them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and
market research platform, "Knowledgestore" connects over 200,000
markets and entire value chains for deeper understanding of the unmet insights
along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
Email: newsletter@marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/pressure-vessel.asp
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
Email: newsletter@marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/pressure-vessel.asp
