An extensive study of the product application and services conducted by subject matter experts assessing the Pressure Vessel Market will help product owners to make a wise decision.
New York, NY -- (SBWIRE) -- 02/22/2021 -- The global pressure vessel market is expected to reach USD 56.87 Billion by 2027, 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.
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.
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Key participants include.
- General Electric
- Hitachi Zosen
- Larsen & Toubro
- Mitsubishi Hitachi Power Systems
- Doosan Mecatec
- Samuel Son & Co.
- IHI Corporation
- Babcock & Wilcox Enterprises
- Bharat Heavy Electrical Limited
- Halvorsen Company
- among others
For the purpose of this report, Reports and Data have segmented the global pressure vessel market on the basis of material, product, heat source, industry vertical, and region:
Material Outlook (Revenue, USD Million; 2017-2027)
- Steel Alloys
Product Outlook (Revenue, USD Million; 2017-2027)
Heat Source Outlook (Revenue, USD Million; 2017-2027)
Industry Vertical Outlook (Revenue, USD Million; 2017-2027)
- Oil & Gas
- Chemicals & Petrochemicals
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Further key findings from the report suggest
- By material, steel alloys contributed to the largest market share of around 48.0% in 2019. Steel alloys allow easy fabrication to get the desired shape and enable machining to close tolerances. Also, products made from steel alloys need no additional protective coatings owing to their high resistance to corrosion leading to reduced maintenance and better service lines.
- By product, separators are likely to witness a growth rate of 4.5% over the forecast period. Separators provide the benefit of improved steam quality, along with the removal of excess liquid from the steam line, reduction of water hammer, and erosion triggered by high-speed water droplets.
- By industry verticals, the oil & gas industry contributed to the largest market share in 2019. In the oil & gas industry, the product is deployed as a recipient for physical and chemical processes to occur, often at higher temperatures and pressures. Rising demand for diesel, gasoline, and natural gases for automobiles is one of the significant drivers boosting the demand of the oil & gas industry.
- The market in the European region held the second-largest share in 2019 and is likely to grow at a rate of 3.6% over the forecast period. Significant market drivers for the region include gas exploration and production, and increasing demand for oil & gas from the transportation industry.
Table of content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Pressure Vessel Segmentation & Impact Analysis
4.1. Pressure Vessel Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
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