Growing Power and Oil & Gas Industries Propelling Pressure Vessel Market Growth

 According to the new market research report "Pressure Vessel Market by Type (Boiler, Reactor, Separator), Material, Heat Source (Fired Pressure Vessel and Unfired Pressure Vessel), Application (Storage Vessels and Processing Vessels), End-User and Region - Global Forecast to 2027", published by MarketsandMarkets™, The global pressure vessel market is expected to grow from USD 47.1 Billion in 2022 to USD 59.5 Billion by 2027, at a CAGR of 4.8% during the forecast period. The increase in the requirement for the industrial equipment to hold their gases, liquids, and vapors at high pressures for industries such as power, oil & gas, chemicals & petrochemicals, food & beverages, pharmaceuticals is driving the Pressure Vessel Market.

Boilers have the largest market share in pressure vessels which are majorly driven by thermal power plants in the power sector. Apart from the thermal plants, there are also other industries that are in need of pressure vessels such as the chemical sector. Advancements in technologies such as supercritical and ultra-critical technologies for thermal power generation is also building up demand for pressure vessels. These new technologies are replacing the aged thermal power plants making them eco-friendly, and energy-efficient. In the APAC region, China is contributing to the high market share. The abundance of thermal power plants in China is contributing to the growth of this market. Two units of ultra-supercritical coal-fired power plants have been approved to balance the energy supply and demand. Thus, these developments in this region are increasing the demand for pressure vessels. The upcoming projects in developing economies such as the Asia Pacific are providing opportunities for the growth of the Pressure Vessel Market.

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The steel alloy is expected to be the most significant segment of the pressure vessel market

The steel alloy material segment has the largest share of the global Pressure Vessel Market. It is the most common material used in manufacturing pressure vessels when compared to composites and other alloys. The advancements in the steel alloy have improved its properties such as strength, and corrosive resistance nature. APAC region is contributing to the highest market share of pressure vessels during the forecast period. Thus, increasing the demand for steel alloys in this region.

Asia-Pacific is expected to remain as the largest pressure vessel market

The Asia-Pacifics expected to dominate the Pressure Vessel Market during the forecast period due to an increase in the requirement of various end-user industries such as the chemical, and power sectors in the Asia Pacific region. Advancements in the technologies in the pressure vessels are creating opportunities for pressure vessel growth in the Asia Pacific region. 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.

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The leading players in the Pressure Vessel Market are Babcock & Wilcox Enterprises (US), General Electric (US), Larsen & Toubro (India), Mitsubishi Hitachi Power Systems (Japan), Hitachi Zosen (Japan), IHI Corporation (Japan), Bharat Heavy Electricals Limited (India). The major strategies adopted by these players include new product launches, sales contracts, agreements, expansions, partnerships, and collaborations.

Booster Compressor Market: Increasing Investment in Oil & Gas Industry

 The global Booster Compressor Market is projected to reach a market size of USD 2.39 Billion in 2023, growing at a CAGR of 4.50%, from an estimated USD 1.92 Billion in 2018. The market in Asia Pacific is estimated to be the largest for booster compressors, followed by North America in 2018. Booster compressors are available in modular design, due to which they are compatible with any low-pressure compressor. In addition, booster compressors are more cost-effective than high-pressure compressors because the power capacity required by booster compressors for high-pressure compression is less. Thus, due to the modular design and cost-effectiveness, booster compressors are used in various industries.

The booster compressor market is primarily driven by the growing investments in oil & gas exploration and increasing industrialization in developing economies. In addition, the modular design and the lower cost of booster compressors will drive the demand of the booster compressor market.

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The oil & gas segment is expected to hold the largest share of the booster compressor market

The oil & gas segment led the booster compressor market in 2017 and is projected to dominate the market during the forecast period. The booster compressor market for the oil & gas industry is driven by the growing investments in the industry. The investments are made in both upstream and midstream markets. The investment is driven by the growing demand for oil & gas in countries such as India and China. Booster compressors are used in different applications in the upstream and midstream industries such as hydrocarbon blanketing and gas boosting in the compression station. Thus, growing investments in the oil & gas sector create demand for booster compressors.

Asia Pacific is expected to be the largest market for booster compressor

Asia Pacific is projected to be the largest market for booster compressors during the forecast period. The major economies in the region such as China, India, and Australia are investing in the oil & gas industry in order to reduce their imports and meet their growing demand for oil & gas. The rising demand for oil & gas is attributed to the rapid industrialization in the region. The demand for natural gas in the region is increasing as countries such as China are diversifying their energy mix and moving toward natural gas to be used as a source for power generation. In addition, the petrochemical market in the region is rising driven by the growing oil & gas investments in the region. Booster compressors are used for different applications in this industry such as drilling activities in the oil & gas industry and air separation in the petrochemical industry. The growing investments in this industry are driving the booster compressor market in the region.

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The booster compressor market is dominated by a few major players that have a wide regional presence and are established brand names. The leading players in the Booster Compressor Market are Atlas Copco (Sweden), Ingersoll Rand (Republic of Ireland), BHGE (US), Hitachi (Japan), Gardner Denver (US), Kaeser Kompressoren (Germany), Bauer Kompressoren (Germany), and Sauer Compressor (Germany).

Pressure Vessel Market Worth $53.3 Billion by 2025

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.

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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.

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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.

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