NEW YORK, June 1, 2020 /PRNewswire/ --
The pressure vessel market is projected to grow at a CAGR of
4.5% from 2020 to 2025.
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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. The installation of
new pressure vessels in aging power plants is creating demand
opportunities for pressure vessels.
Also, the development of refineries and chemical plants and
expanding the fertilizer industry are driving the pressure vessel
industry growth. However, high capital requirements and maintenance
costs and strict emission standards hinder the growth of pressure
vessels.
Steel alloy, by material, is expected to be the largest and the
fastest-growing market from 2020 to 2025.
Steel alloys account for the largest share in the global pressure
vessel market in 2019. The 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.
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. Other elements are added to stainless steel to enhance
its structure and properties such as formability and strength.
High corrosion resistance is the main characteristic of good grade
stainless steel. Asia Pacific and
the Middle East region are
expected to offer lucrative opportunities for the pressure vessel
market in the near future.
The chemicals & petrochemicals segment, by the end-user, is
expected to be the fastest-growing market from 2020 to
2025.
The chemicals industry is growing globally owing to increasing
consumption of goods such as fertilizers and other agrochemical
products, LED lightings, coatings & adsorbents, plastics &
man-made fibers, and research laboratory chemicals.The
petrochemical industry is experiencing heightened demand from
numerous construction projects in the Asia Pacific region.
More than 20 refineries are expected to be constructed in the
Middle East & Africa and Asia
Pacific region in the next five years. All these factors are
driving the growth of the pressure vessel market for the chemicals
& petrochemicals industry.
Asia Pacific: The largest and the
fastest-growing region in the pressure vessel industry.
The region is developing into the fastest-growing end-market for
energy, power, and technologies.Also, substantial growth in related
industries such as metallurgy, chemical manufacturing, food and
beverages, and energy & power, drive the growth of pressure
vessel market.
China and India are the fastest-growing countries in the
region, generating massive demand for pressure vessels.
Moreover, the region has many countries importing natural gases,
which boost the trade as well as the market for pressure
vessels.Japan is the largest importer of LNG, along with many other
developing nations of the region.
These countries are expected to increase their trade, considering
the low cost of conventional fuels. All these factors drive the
demand for pressure vessels in Asia
Pacific.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry
participants, subject-matter experts, C-level executives of key
market players, and industry consultants, among other experts, to
obtain and verify critical qualitative and quantitative
information, as well as to assess future market prospects. The
distribution of primary interviews is as follows:
• By Company Type: Tier 1- 60%, Tier 2- 25%, and Tier 3- 15%
• By Designation: C-Level- 35%, Director Level- 25%, and Others-
40%
By Region: Asia Pacific- 30%,
North America- 27%, Europe- 25%, Middle
East & Africa – 13%,
and South America- 5%
*Others include sales managers, engineers, and regional
managers.
Note: Tier 1 Company—Revenue > USD 5
billion, Tier 2 Company—Revenue between USD 1 and USD 5
billion, and Tier 3 Company—Revenue < USD 1 billion
The global pressure vessel market is dominated by a few major
players that have an extensive regional presence. Babcock &
Wilcox Enterprises (US), General Electric(US), Larsen & Toubro
(India), IHI Corporation
(Japan), Mitsubishi Hitachi Power
Systems (Japan), Hitachi Zosen
(Japan), Bharat Heavy Electricals
Limited (India), Doosan Mecatec
(South Korea), Dongfang Turbine
Co., Ltd. (China), Samuel, Son
& Co. (US), Westinghouse Electric Company (US), and Halvorsen
Company (US), Pressure Vessels (India), and Kelvion Holdings GmbH
(Germany) are some of the leading
players.
Research Coverage:
The report defines, describes, and forecasts the pressure vessel
market, by type, material, heat source, end user, and region.It
also offers a detailed qualitative and quantitative analysis of the
market.
The report provides a comprehensive review of the major market
drivers, restraints, opportunities, and challenges. It also covers
various important aspects of the market, which include the analysis
of the competitive landscape, market dynamics, market estimates in
terms of value and volume, and future trends in the pressure vessel
market.
Why Buy this Report?
1. The report identifies and addresses the key markets for pressure
vessel operations and services, which would help equipment
manufacturers and service providers review the growth in
demand.
2. The report helps system providers understand the pulse of the
market and provides insights into drivers, restraints,
opportunities, and challenges.
3. The report will help key players understand the strategies of
their competitors better and help them in making better strategic
decisions.
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