The global pressure vessel market is expected to reach USD
225.84 billion by 2024, according to a new report by Grand View Research, Inc.
Increasing investment in energy sector is anticipated to be the major driving
factor for the industry growth.
These vessels are containers designed to hold liquids or
gases at high pressure. They have wide applications across various industries
including chemicals, oil & gas, petrochemicals, power in the form of
compressed air receivers, distillation towers, hot water storage tanks, nuclear
reactor vessels, and natural gas storage systems.
They form an integral part of industry infrastructure for
safe handling of gases and liquids. Increasing investment to build high
performance-infrastructure for oil exploration activities is expected to drive
the industry. The tanks are also used to store propane which is a by-product of
liquefied gas processing.
Their application as boilers in thermal energy production is
further anticipated to augment the industry volume in near future. These
boilers are also used for the domestic hot water system. Many companies need
water in the purest form and use fractional distillation. Overall product usage
in distillation towers is anticipated to provide great opportunities for
overall industry growth.
Browse full research report on Pressure Vessel Market:
http://www.grandviewresearch.com/industry-analysis/pressure-vessel-market
Further key findings from the report suggest:
- Steel
alloy dominated the market with an approximate share of 40% in 2015 and is
expected to continue its dominance owing to easy availability of steel and
superior qualities. The composite materials sector is anticipated to
witness the highest growth over the forecast period. Some composite based
vessels are expected to offer better performance than steel, which is
expected to increase its preference in the near future.
- Boilers
are anticipated to grow at significant rate over the forecast period on
account of its wide industrial applications, especially in fractional
distillation. Around one-fourth of the industry in 2024 is expected to be
captured by in nuclear reactors on account of increasing atomic energy
implementations.
- Power
generation was the leading end-use segment and accounted for 33.5% of
total market revenue in 2015. Increasing energy demand has been prompting
increasing power generation which is expected to drive this segment over
the forecast period.
- Chemicals
manufacturing is anticipated to witness the highest growth rate of 5.8% on
account of increasing chemical projects in developing regions
including the Middle East and Asia Pacific.
- Asia
Pacific was the leading regional market and accounted for 38.3% of total
market revenue in 2015. Growth of power and chemicals industry in China
and India coupled with government support to expand power generation
capacities are anticipated to drive the regional market.
- Major
players operating in the global industry include Mitsubishi, Larsen &
Toubro, Bharat Heavy Electricals, Pressure Vessels India, Samuel Pressure
Vessels, Doosan, Babcock and Wilcox, Barton Firtop, and Abbott.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/power-generation-and-storage
Grand View Research has segmented the pressure vessel market
on the basis of material, product, end-use and region:
Global Pressure Vessel Material Outlook (Revenue, USD
Billion, 2014 - 2024)
- Steel
Alloy
- Other
Alloy
- Composite
Global Pressure Vessel Product Outlook (Revenue, USD
Billion, 2014 - 2024)
- Boiler
- Nuclear
Reactor
- Separator
- Other
Global Pressure Vessel End-Use Outlook (Revenue, USD
Billion, 2014 - 2024)
- Oil
& Gas
- Chemical
- Power
Generation
- Others
Global Pressure Vessel Regional Outlook (Revenue, USD
Billion, 2014 - 2024)
- North
America
- U.S
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Asia
Pacific
- China
- India
- Japan
- South
Korea
- Middle
East and Africa
- Saudi
Arabia
- UAE
- Qatar
- Central
& South America
- Brazil
- Venezuela
- Argentina
Access press release of this research report by Grand
View Research: http://www.grandviewresearch.com/press-release/global-pressure-vessel-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports,
customized research reports, and consulting services. To help clients make
informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
For more Info: www.grandviewresearch.com
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