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.
Northbrook, IL -- (SBWIRE) -- 09/23/2021 -- The global pressure vessel market 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 growing adoption of supercritical and ultra-super critical power generation technology and the rise in the construction of refineries and chemical plants in the Asia Pacific and Middle East regions are expected to drive the market. Aged power plants in developed economies are expected to drive the demand for pressure vessels. Retrofit and modernization projects in Europe and North America are expected to contribute significantly to the pressure vessels for the power sector.
Unfired pressure vessels segment expected to grow at a higher CAGR from 2020 to 2025
Unfired pressure vessels can act as heat exchangers that can be used to cool and heat fluid when combined with another fluid. These usually consist of several adjacent chambers and tube bundles. In the coming years, the demand for unfired pressure vessels is estimated to increase in Europe and North America as these countries are focusing on decreasing their primary energy consumption from fossil fuels. Also, unfired pressure vessels are expected to witness heightened demand in the coming years due to the increasing focus on heat recovery, coupled with stringent emission norms across regions. The increasing demand for high-efficiency pressure vessel is also expected to drive the unfired pressure vessels demand.
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Chemicals & petrochemicals segment expected to grow at highest CAGR in pressure vessel market during forecast period
The Chemicals & petrochemicals segment is projected to grow at the highest CAGR during the forecast period. Chemicals and petrochemicals are used in various industries, such as fertilizers, lights, coatings, plastic, artificial fibers, and chemical laboratories. 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 chemical industry was valued at USD 5.7 trillion in 2017, which was equivalent to 7% of the global GDP, according to the International Council of Chemical Associations (ICCA). Petrochemicals are experiencing heightened demand from numerous construction projects in the Asia Pacific and the Middle East regions.
Asia Pacific is expected to be the largest pressure vessel market
Asia Pacific is estimated to hold the largest market share in the pressure vessels market during the forecast period. The potential rise in the construction of industrial facilities across the countries in this region is likely to drive the demand for pressure vessels such as boilers, heat exchangers, and separators, thus driving the pressure vessel market. China occupies the largest market share in the pressure vessel market of the Asia Pacific region. As the country generates the highest demand for chemicals, power, and other industrial products, China is the largest market for industrial equipment in Asia Pacific. The country is a also leader in thermal power generation and aims to develop more power plants using advanced technologies, which is acts as a lucrative opportunity for the growth of the pressure vessel market.
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Some of the key players in Pressure Vessel Market are Babcock & Wilcox Enterprises (US), General Electric (US), Larsen & Toubro (India), IHI Corporation (Japan), and Mitsubishi Hitachi Power Systems (Japan). The leading players are adopting various strategies to increase their share in the pressure vessel market. Contracts & Agreements, followed by alliances and collaborations, were the most commonly adopted strategies by the key players in the pressure vessel market.
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