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Pressure Vessels Market Size Surpass Around US$ 252.19 Bn by 2027

Precedence Research
·5 min read

The global pressure vessels market size is expected to surpass around US$ 252.19 billion by 2027, with a CAGR of 5.1% during the forecast period 2020 to 2027

OTTAWA, Oct. 27, 2020 (GLOBE NEWSWIRE) -- The global pressure vessels market size was valued at US$ 169.4 billion in 2019; according to new study by Precedence Research.

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Pressure vessels are mainly used to store gases and liquids at high pressure. The specific parameters of pressure vessels differ along with the regional regulations as well as the applications; however, the necessary requirement of pressure vessels is their ability to withstand high internal pressure. Previously, pressure vessels were much more prone to the accidents compared to the modern designs that are constructed after intensive research & development (R&D) along with the support of strict government norms.

Growth Factors

Increasing need for energy across the world accounts for the prime reason that drives the overall market growth for pressure vessels. Exponential growth in the population and increasing adoption of new and advanced technologies supports the significant demand of energy. Boilers that are an important type of pressure vessel are commonly used in numerous energy generation procedures that expected to sustain their demand over the forthcoming years.

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On the other hand, decline in the mining activities expected to restrict the growth of pressure vessels market over the forecast period. Pressure vessels require large amounts of metals, since they require to offers significantly thick barrier to contain the potentially destructive and highly reactive materials. Thus, reduction in the mining process that is essential for the extraction of metals prominently affects the growth of the pressure vessels industry.

Report Highlights

  • The Asia Pacific emerged as a global leader in the market and estimated to retain its dominant position throughout the projected period due to the rapid expansion of power sector in the region

  • Europe captured the second-largest position in terms of value in 2019 because of extensive R&D and product innovation by the prime manufacturers

  • Boiler product segment led the global market due to superior performance of boilers in different industrial processes

  • Nuclear reactor anticipated to witness the fastest growth rate of around 7% over the analysis period due to increasing demand for energy

  • By material, steel dominated the global market because of a preferred choice of material for the manufacturers on the basis of its attractive properties

  • Nickel & nickel alloys registered robust growth rate over the upcoming period because of the benefits offered by the material over others such as heat resistance, reliability, and many others

  • Chemical & petrochemical end-use segment headed the global pressure vessels market due to the increasing demand of chemicals and their products for various applications

  • Pressure vessels are largely used in numerous power generation facilities that include hydro, nuclear, and thermal power plants this factor drives the segment at the fastest rate

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Regional Snapshots

The Asia Pacific encountered to be the leading market for pressure vessels across the globe owing to the increasing utilization of nuclear power, the rapid expansion of the power sector, and increasing demand from the region’s chemicals industry are the prime factors that drive the overall market growth. Rising demand for electricity in the region is mainly because of infrastructure expansion particularly in the urban and industrial sectors. The aforementioned factor expected to prosper the demand of pressure vessels over the coming years.

Significant growth of industries such as oil & gas, chemicals & petrochemicals, and power generation in the North America expected to drive the growth of the region. Further, increasing installation of nuclear power plants to cater the rising demand of electricity expected to boost the demand for nuclear reactors that likely to impact positively on the market over the analysis period.

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Key Players & Strategies

Presence of large number of market players that include all sizes of players such as large, medium, and small in the pressure vessels market has turned the market into highly concentrated. Although, significant number of merger & acquisition, partnership, and geography expansion strategies adopted by the market players that possess intense competition rate among the leading industry participants. For instance, in October 2019, GE Hitachi Nuclear Energy (GEH), a partnership firm of General Electric&Hitachi, and Synthos SA, a chemical manufacturing company, entered into a collaboration agreement for investigating the potential required for constructing GEH’s BWRX-300 small modular reactor based in Poland. With the help of collaboration deal, the company aimed to invest in clean and green energy solutions.

Some of the key players operating in the market are Babcock & Wilcox Enterprises, Inc., IHI Corp., Mitsubishi Hitachi Power Systems, Ltd., Pressure Vessels (India), Alloy Products Corp., Samuel, Son & Co., Doosan Heavy Industries & Construction., Abbott & Co (Newark) Ltd., Larsen & Toubro Ltd., Bharat Heavy Electricals Ltd., Tinita Engineering Pvt. Ltd., Mersen, Xylem Inc., and WCR Inc. among others.

Market Segmentation

By Product

  • Nuclear Reactor

  • Boiler

  • Separator

  • Others

By Material

  • Titanium

  • Hastelloy

  • Tantalum

  • Steel

  • Nickel & Nickel Alloys

  • Others

By End-Use

  • Chemicals & Petrochemicals

  • Power Generation

  • Oil & Gas

  • Others

By Regional Outlook

  • North America

  • Europe

  • Asia Pacific

  • Rest of the World

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About Us

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

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