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
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.
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