The Global Pressure Vessel Market is expected to reach USD 64.37 Billion by 2030, according to a new report by Reports and Data. Pressure vessels are close containers that are designed for the purpose of holding volatile liquids, semi-solids, and volatile liquids at different pressures, and these are an indispensable part of in the processing and manufacturing stages of various end-user industries. The chemical firms, including petrochemicals, fertilizers, and organic chemicals, require pressure vessels such as boilers to provide heat and pressure. Steam generated by boiler finds usage in the processes of a chemical production plant and has several uses, including its use in various chemical reactions where steam is used as feed. Circulating fluidized bed (CFB) boilers are the most commonly used boiler, occupying over 35.0% of the boiler market in the chemical industry. The major benefit of the CFB is the offering of ease of firing an extensive range of coal from 9500 to 25000 kJ per Kg.
Surging demand for energy across the globe is driving the growth of the market. According to the forecasts of the U.S. Energy Information Administration (EIA), the energy consumption across the globe is expected to rise by about 50.0% between the year 2018 and 2050. A significant proportion of this rise is consumption is from countries, which are not a member OECD (Organization for Economic Cooperation and Development), and is emphasized in areas where robust economic growth is fuelling the demand, specifically in the Asia Pacific region. Pressure vessels play a crucial role in power generation in the power plants. For instance, Reactor Pressure Vessels (RPVs) find application in nuclear power plants that need high reliability to bear high pressure and temperature and neutron irradiation.
The level of safety standards of a pressure vessel is greatly affected by factors including operating pressure and temperature, and kind of substances used, among others. For instance, if the vessel is meant to contain toxic chemical substances under high pressure, and it has to function in an extreme environment, then its safety standards would be much higher as compared to a simple boiler. American Society of Mechanical Engineers (ASME) is one such organization that governs the operational functionality and quality of pressure vessels.
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Market Overview:
As a result of steady revenue growth over the past few years, the manufacturing and construction industry is expected to achieve a robust annual revenue growth rate between 2021 and 2028. In addition to the rapidly growing construction industry, rapid urbanization and industrialization, and technological advancements in manufacturing techniques, this can also be attributed to these factors. Green construction and energy efficient buildings have become increasingly popular in recent years as awareness of environmental impact and carbon emissions has increased. Over the forecast period, key factors are expected to boost global market growth, including the rapid growth of global populations, changing lifestyle preferences, the increasing demand for smart buildings, an increase in renovation and reconstruction activities, and an increase in eco-friendly construction activities. Other factors that will contribute to market growth in the future include an increase in disposable income, government schemes, and investments by private organizations.
Some of the Leading Market Players Are Listed Below:
- General Electric,
- Hitachi Zosen Corporation,
- Larsen Toubro Limited,
- Mitsubishi Heavy Industries, Ltd.,
- Doosan Mecatec,
- Samuel,
- Son Co.,
- IHI Plant Services Corporation,
- Babcock Wilcox Enterprises, Inc.,
- Bharat Heavy Electricals Limited,
- Halvorsen Company,
- Dongfang Turbine Co. Ltd.,
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Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as license agreements, partnerships, merger and acquisitions, collaborations, RD investments, and joint ventures to gain robust footing in the market.
Market Segmentation:
By Material Outlook
- Steel Alloys
- Composites
- Others
By Product Outlook
- Boilers
- Reactors
- Separators
- Others
By Heat Source Outlook
- Unfired
- Fired
By Industry Verticals Outlook
- Power
- Oil Gas
- Chemicals Petrochemicals
- Others
The Global Pressure Vessel Market Is Segmented Into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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