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: https://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: https://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.
For more information: www.grandviewresearch.com
No comments:
Post a Comment