Global Pressure Vessels Market is expected to grow at a robust CAGR
Rising global thermal
energy demand and surging demand for clean energy are likely to propel the
market of warehousing in the forecast period.
According to TechSci
Research report, “Pressure Vessels Market
- Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028”,
the Global Pressure Vessels Market is expected to
register robust growth during the forecast period. One
of the significant drivers of the global pressure vessels market is the ongoing
expansion and modernization of energy infrastructure worldwide. Pressure
vessels are critical components in various energy-related applications,
including power generation, oil and gas processing, and renewable energy
projects. In the power generation sector, pressure vessels are integral to both
conventional and renewable energy production. Conventional power plants rely on
boilers and steam generators, which are types of pressure vessels, to convert
thermal energy into electricity. Meanwhile, renewable energy technologies like
concentrated solar power (CSP) systems and biomass power plants utilize
pressure vessels for steam generation and heat exchange. As the global demand
for electricity continues to rise and countries seek to reduce carbon
emissions, the construction of new power plants and the retrofitting of
existing ones are driving the demand for pressure vessels. In the oil and gas
industry, pressure vessels are used for various purposes, including the
separation and storage of fluids, as well as the processing of hydrocarbons.
The expansion of exploration and production activities, especially in emerging
oil and gas regions, has resulted in a growing need for pressure vessels to
support these operations. Additionally, the need for safe and efficient storage
and transportation of oil and gas products has led to increased demand for
pressure vessels, including storage tanks and transport containers.
The rapid industrialization
and infrastructure development in emerging economies are driving the global
demand for pressure vessels. As these countries undergo significant economic
growth, they require expanded industrial facilities, energy infrastructure, and
manufacturing capabilities. Pressure vessels play a crucial role in various
industrial processes, making them essential components in these development
initiatives. In the manufacturing sector, pressure vessels are used for
processes such as heat treatment, chemical reactions, and material testing. The
growth of manufacturing industries in emerging markets has led to increased
demand for pressure vessels that can withstand various pressures and
temperatures, ensuring efficient production processes. Infrastructure
development projects, including the construction of power plants, refineries,
and chemical processing facilities, also contribute to the rising demand for
pressure vessels. Pressure vessels are essential for storing and transporting
various substances and for maintaining specific pressure and temperature
conditions in these facilities. As emerging economies invest in infrastructure
to support their growing populations and industries, the pressure vessels
market experiences substantial growth. In summary, the expansion of energy
infrastructure and the rapid industrialization and infrastructure development
in emerging economies are two significant drivers of the global pressure
vessels market. These trends highlight the essential role that pressure vessels
play in supporting various industries and meeting the growing demand for energy
and industrial products worldwide.
Browse over XX market
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The Global Pressure Vessels market
is segmented based on type, material type, application, heat source, end user
and region. Based on type, the market is segmented into boiler, reactor, and separator.
Based on material type, the market is segmented into steel alloys, and composites.
Based on application, the market is
segmented into storage vessels and processing vessels. Based on end user, the
market is segmented into power, oil & gas, food & beverages,
pharmaceuticals, and chemicals. Based on region, the market is further bifurcated
into North America, Asia-Pacific, Europe, South America, Middle East &
Africa. Based on type, The Boiler segment had the largest market share in
2022 and is expected to dominate the market during the forecast period. Boilers play a pivotal role in the global
energy landscape, contributing significantly to electricity generation and
heating. They are commonly used in power plants, both fossil fuel-based and
renewable, where they are integral to steam turbine systems. In fossil fuel
power plants, boilers burn coal, natural gas, or oil to generate steam, which
drives turbines to produce electricity. In renewable energy facilities like
biomass and concentrated solar power plants, boilers are used to produce steam
from sustainable sources. The reliable operation of boilers is crucial for
efficient energy production. Boilers find applications in various industries
beyond power generation, including manufacturing, chemical processing, and food
and beverage production. In manufacturing, boilers provide process heat for
various operations, such as drying, sterilizing, and heating chemicals. The
chemical industry relies on boilers for reaction processes and the production
of steam for various applications. In the food industry, boilers are used for
cooking, pasteurization, and sterilization, ensuring product safety and
quality. Based on material type, The steel alloys
segment had the largest market share in 2022 and is expected to dominate the
market during the forecast period. The selection of steel alloys for pressure
vessel construction is a critical decision that impacts vessel performance and
longevity. The choice of alloy composition depends on various factors,
including the specific application, operating conditions, and regulatory
requirements. Commonly used steel alloys for pressure vessels include carbon
steel, stainless steel, and low-alloy steel.
Pressure vessel
manufacturers must adhere to stringent regulatory standards and codes when
selecting and using steel alloys. Regulatory bodies, such as the American
Society of Mechanical Engineers (ASME) and the European Pressure Equipment
Directive (PED), provide guidelines and certification requirements for pressure
vessel materials. Manufacturers are required to demonstrate that the chosen
steel alloys meet specified safety and quality standards.
Key market players in the
Global Pressure Vessels Market are:
- Alfa Laval AB
- Chart Industries, Inc.
- SPX Flow Inc
- Metso Outotec
- IMI Precision Engineering
- Cameron International
Corporation
- Nooter/Eriksen, Inc.
- Hitachi Zosen Corporation
- The Weir Group
- Ebara Corporation
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“ The Global Pressure
Vessels market is expected to boost in the upcoming years and register a
significant CAGR during the forecast period. Pressure vessels are used in a
variety of applications that require the storage and transportation of thermal
energy, such as power generation, heating, and cooling. The rising demand for
thermal energy is driving the growth of the pressure vessels market. Pressure
vessels are used in various chemical manufacturing processes, such as producing
fertilizers, plastics, and pharmaceuticals. The increasing demand for chemical
products is driving the growth of the pressure vessels market. Additionally, Pressure
vessels are used in a variety of clean energy applications, such as solar and
wind power. The increasing demand for clean energy is driving the growth of the
pressure vessels market. Therefore, the market for Pressure Vessels is likely
to propel in the upcoming years..” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“Pressure Vessels Market
– Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented
By Type (Boiler, Reactor, Separator), Material Type (Steel Alloys, Composites),
Application (Storage vessels, Processing Vessels), Heat Source (Fired,
Un-fired), End User (Power, Oil & Gas, Food & Beverages,
Pharmaceuticals, Chemicals), By Region, 2018-2028” has evaluated the future growth
potential of Global Pressure Vessels and provides statistics & information
on market size, structure, and future market growth. The report intends to
provide cutting-edge market intelligence and help decision-makers take sound
investment decisions. Besides the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in Global
Pressure Vessels Market.
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