Pressure Vessels Market Size Hit Around US$ 252.19 Bn by 2027
The global Pressure Vessels Market Size is projected to reach USD 252.19 billion by 2027, with a compound annual growth rate (CAGR) of 5.1% during the forecast timeline 2020 to 2027. Our reports on the Pressure Vessels market provide a holistic analysis, industry size, share, market trends, growth drivers, challenges and forecast, top vendor analysis covering around 15+ vendors.
This research report evaluates Pressure Vessels Market on a global and regional level. It offers thorough analysis of market status, growth and forecast of the global Pressure Vessels Market for the period from 2016 to 2027. This research study offers historic data for years 2016 to 2019 along with a forecast from 2020 to 2027 based on value.
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.
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
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Pressure Vessels Market, By Product
7.1. Pressure Vessels Market, by Product Type, 2020-2027
7.1.1. Dust
7.1.1.1. Market Revenue and Forecast (2016-2027)
7.1.2. Protective
7.1.2.1. Market Revenue and Forecast (2016-2027)
7.1.3. Non-woven
7.1.3.1. Market Revenue and Forecast (2016-2027)
Chapter 8. Global Pressure Vessels Market, By Material
8.1. Pressure Vessels Market, by Material, 2020-2027
8.1.1. Personal
8.1.1.1. Market Revenue and Forecast (2016-2027)
8.1.2. Industrial
8.1.2.1. Market Revenue and Forecast (2016-2027)
Chapter 9. Global Pressure Vessels Market, By End-Use
9.1. Pressure Vessels Market, by End-Use, 2020-2027
9.1.1. Offline
9.1.1.1. Market Revenue and Forecast (2016-2027)
9.1.2. Online
9.1.2.1. Market Revenue and Forecast (2016-2027)
Chapter 10. Global Pressure Vessels Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Product (2016-2027)
10.1.2. Market Revenue and Forecast, by Material (2016-2027)
10.1.3. Market Revenue and Forecast, by End-Use (2016-2027)
10.1.4. U.S.
10.1.4.1. Market Revenue and Forecast, by Product (2016-2027)
10.1.4.2. Market Revenue and Forecast, by Material (2016-2027)
10.1.4.3. Market Revenue and Forecast, by End-Use (2016-2027)
10.1.5. Rest of North America
10.1.5.1. Market Revenue and Forecast, by Product (2016-2027)
10.1.5.2. Market Revenue and Forecast, by Material (2016-2027)
10.1.5.3. Market Revenue and Forecast, by End-Use (2016-2027)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Product (2016-2027)
10.2.2. Market Revenue and Forecast, by Material (2016-2027)
10.2.3. Market Revenue and Forecast, by End-Use (2016-2027)
10.2.4. UK
10.2.4.1. Market Revenue and Forecast, by Product (2016-2027)
10.2.4.2. Market Revenue and Forecast, by Material (2016-2027)
10.2.4.3. Market Revenue and Forecast, by End-Use (2016-2027)
10.2.5. Germany
10.2.5.1. Market Revenue and Forecast, by Product (2016-2027)
10.2.5.2. Market Revenue and Forecast, by Material (2016-2027)
10.2.5.3. Market Revenue and Forecast, by End-Use (2016-2027)
10.2.6. France
10.2.6.1. Market Revenue and Forecast, by Product (2016-2027)
10.2.6.2. Market Revenue and Forecast, by Material (2016-2027)
10.2.6.3. Market Revenue and Forecast, by End-Use (2016-2027)
10.2.7. Rest of Europe
10.2.7.1. Market Revenue and Forecast, by Product (2016-2027)
10.2.7.2. Market Revenue and Forecast, by Material (2016-2027)
10.2.7.3. Market Revenue and Forecast, by End-Use (2016-2027)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Product (2016-2027)
10.3.2. Market Revenue and Forecast, by Material (2016-2027)
10.3.3. Market Revenue and Forecast, by End-Use (2016-2027)
10.3.4. India
10.3.4.1. Market Revenue and Forecast, by Product (2016-2027)
10.3.4.2. Market Revenue and Forecast, by Material (2016-2027)
10.3.4.3. Market Revenue and Forecast, by End-Use (2016-2027)
10.3.5. China
10.3.5.1. Market Revenue and Forecast, by Product (2016-2027)
10.3.5.2. Market Revenue and Forecast, by Material (2016-2027)
10.3.5.3. Market Revenue and Forecast, by End-Use (2016-2027)
10.3.6. Japan
10.3.6.1. Market Revenue and Forecast, by Product (2016-2027)
10.3.6.2. Market Revenue and Forecast, by Material (2016-2027)
10.3.6.3. Market Revenue and Forecast, by End-Use (2016-2027)
10.3.7. Rest of APAC
10.3.7.1. Market Revenue and Forecast, by Product (2016-2027)
10.3.7.2. Market Revenue and Forecast, by Material (2016-2027)
10.3.7.3. Market Revenue and Forecast, by End-Use (2016-2027)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Product (2016-2027)
10.4.2. Market Revenue and Forecast, by Material (2016-2027)
10.4.3. Market Revenue and Forecast, by End-Use (2016-2027)
10.4.4. GCC
10.4.4.1. Market Revenue and Forecast, by Product (2016-2027)
10.4.4.2. Market Revenue and Forecast, by Material (2016-2027)
10.4.4.3. Market Revenue and Forecast, by End-Use (2016-2027)
10.4.5. North Africa
10.4.5.1. Market Revenue and Forecast, by Product (2016-2027)
10.4.5.2. Market Revenue and Forecast, by Material (2016-2027)
10.4.5.3. Market Revenue and Forecast, by End-Use (2016-2027)
10.4.6. South Africa
10.4.6.1. Market Revenue and Forecast, by Product (2016-2027)
10.4.6.2. Market Revenue and Forecast, by Material (2016-2027)
10.4.6.3. Market Revenue and Forecast, by End-Use (2016-2027)
10.4.7. Rest of MEA
10.4.7.1. Market Revenue and Forecast, by Product (2016-2027)
10.4.7.2. Market Revenue and Forecast, by Material (2016-2027)
10.4.7.3. Market Revenue and Forecast, by End-Use (2016-2027)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Product (2016-2027)
10.5.2. Market Revenue and Forecast, by Material (2016-2027)
10.5.3. Market Revenue and Forecast, by End-Use (2016-2027)
10.5.4. Brazil
10.5.4.1. Market Revenue and Forecast, by Product (2016-2027)
10.5.4.2. Market Revenue and Forecast, by Material (2016-2027)
10.5.4.3. Market Revenue and Forecast, by End-Use (2016-2027)
10.5.5. Rest of LATAM
10.5.5.1. Market Revenue and Forecast, by Product (2016-2027)
10.5.5.2. Market Revenue and Forecast, by Material (2016-2027)
10.5.5.3. Market Revenue and Forecast, by End-Use (2016-2027)
Chapter 11. Company Profiles
11.1. Babcock & Wilcox Enterprises, Inc.
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. IHI Corp.
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Mitsubishi Hitachi Power Systems, Ltd.
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Pressure Vessels (India)
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. Alloy Products Corp.
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Samuel, Son & Co.
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Doosan Heavy Industries & Construction.
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Abbott & Co (Newark) Ltd.
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Larsen & Toubro Ltd.
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Bharat Heavy Electricals Ltd.
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
11.11. Tinita Engineering Pvt. Ltd.
11.11.1. Company Overview
11.11.2. Product Offerings
11.11.3. Financial Performance
11.11.4. Recent Initiatives
11.12. Mersen, Xylem Inc.
11.12.1. Company Overview
11.12.2. Product Offerings
11.12.3. Financial Performance
11.12.4. Recent Initiatives
11.13. WCR Inc.
11.13.1. Company Overview
11.13.2. Product Offerings
11.13.3. Financial Performance
11.13.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
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