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The pressure vessels market size is estimated to grow by USD 41.91 billion accelerating at a CAGR of 4.34% between 2023 and 2027. This pressure vessels market report extensively covers market segmentation by End-user (chemicals, power generation, oil and gas, and others), Type (boilers, separators, and reactors), and Geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
Report Coverage |
Details |
Page number |
178 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.34% |
Market growth 2023-2027 |
USD 41.91 billion |
Market YoY |
Fragmented |
YoY growth 2022-2023(%) |
3.88 |
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing demand for energy is the key factor driving the growth of the global pressure vessels market. One major driver of the global pressure vessels market is the increasing demand for energy, particularly in emerging economies. Pressure vessels are crucial components in various industries such as oil and gas, chemical, and power generation, where they are used for storing and transporting fluids and gases under high pressure. As these industries continue to grow, the demand for pressure vessels is expected to increase as well.
In addition, the development of new technologies and materials is making pressure vessels more efficient and durable, which is further driving the market growth. The increasing demand for clean energy and the shift towards sustainable energy sources such as wind and solar power are also expected to boost the demand for pressure vessels, particularly in the power generation industry. Overall, the global pressure vessels market is expected to grow significantly in the coming years due to these drivers and other factors, such as increasing industrialization and urbanization and the rising demand for consumer goods, which will boost the growth of the market in focus in the forecast period.
Growth in the nuclear energy sector is a major trend in the global pressure vessel market. Nuclear energy is a very reliable source of energy because it continuously supplies and emits electrical power. It can also produce energy all year round. Many countries have invested heavily in the construction of nuclear power plants. Nuclear energy contributes significantly to the world's power generation capacity.
For countries with low fossil fuel reserves, nuclear energy is a huge contributor to power production because the cost of importing fossil fuels or electricity will be much higher. This results in the low adoption of such alternatives. Pressure vessels and coolers are extensively used in nuclear power generation as motor coolers, generator coolers, transformer oil coolers, air blast coolers, and radiator coolers. Therefore, growth in the nuclear power sector will translate to growth in the pressure vehicle market during the forecast period.
Unpredictability in oil and gas prices is a major challenge to the growth of the global pressure vessels market. The recent fall in crude oil prices will upset the pressure vessels market in general, as the oil and gas industry is one of the leading end-user industries for the market. According to the US Energy Information Administration (EIA), global oil demand fell drastically owing to the outbreak of the COVID-19 pandemic. In 2020, Brent crude oil spot prices fell to USD 34.13 per barrel from USD 64.37 per barrel owing to the outbreak of COVID-19.
Major oil and gas companies such as Chevron, Royal Dutch Shell and Gazprom have postponed planned spending on exploration activities. This reduction in planning spending and delays in major investment decisions due to volatility in oil prices will impact demand for pressure vessels in the oil and gas industry. Pressure vessels are used for various applications in the oil and gas industry, such as crude oil production, drilling, oil and gas production, petrochemical, and oil and gas storage and transportation. Considering pressure vessels are inevitable for the oil and gas industry, the prices of various vessels will drop, thereby affecting the vendors and reducing their profitability, affecting the market in focus in the forecast period.
The chemicals segment will account for a major share of the market's growth during the forecast period. The chemical industry is the most innovative and fastest-growing sector in the world. With the advent of advanced chemical and petrochemical manufacturing, there is a high demand for efficient pressure vessels in the industry and he is one of the major end users of pressure vessels. Demand for pressure vessels is expected to grow rapidly in this segment during the forecast period.
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The chemicals segment was valued at USD 57.72 billion in 2017 and continued to grow until 2021. Due to the increasing amount of chemicals, many countries are enacting laws and creating institutional structures to deal with the hazards. Prominent corporations have chemical management plans, and there are many conventions and bodies around the world that deal with chemical-related issues. Subsequently, international distress is growing over the Johannesburg Plan of Implementation goal that chemicals will be manufactured and used in ways that minimize significant hostile effects on human health and the environment. These concerns are especially important in developed countries striving for development, poverty eradication, and national security. Increasing demand for chemicals across various sectors is expected to drive the global pressure vessel market.
Based on boilers, the market has been segmented into boilers, separators, and reactors. Boilers are a type of pressure vessel that is designed to heat water or other fluids to produce steam, which can be used for various industrial and commercial applications. Boilers are used in a wide range of industries, including power generation, oil and gas, chemical processing, and food processing. Moreover, the boilers are designed and constructed to withstand high pressure and temperature, and they must be regularly inspected and maintained to ensure safe and efficient operation, which, if done correctly, will drive the growth of the market in focus in the forecast period.
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APAC is estimated to contribute 50% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
APAC largely depends on coal for its power needs. Coal will continue to dominate the power generation mix in the region till 2035. The region itself is reducing its reliance on coal and shifting toward less carbon-emitting sources such as nuclear and natural gas. Emerging economies in the region need more efficient and reliable power sources to sustain their economic growth as well as to protect the environment. This has led to the use of combined cycle gas turbine (CCGT) technologies to curb carbon emissions and produce cleaner power compared to coal-powered plants. However, the government is planning to revive its nuclear capacities to reduce its liquefied natural gas (LNG) imports. In addition, the country plans to add many coal-powered plants during the forecast period.
The pressure vessels market in APAC faced disruptions due to COVID-19 in 2020. However, the increased vaccination rate in the region led to the lifting of lockdown restrictions in 2021, which led to the resumption of oil and gas exploration activities in the region. With the increase in oil and gas exploration and production (E&P) activities in the region, the pressure vessels market in APAC grew in 2021 and 2022. Additionally, increased investments by governments and oil and gas companies will lead to an increase in the demand for pressure vessels, thus, driving the growth of the regional market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Andritz AG: The company offers pressure vessels such as Krauss Maffei pressure drum filter TDF.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Abbott and Co. Newark Ltd., Alloy Products Corp., Andritz AG, Babcock and Wilcox Enterprises Inc., Baffles cooling systems, Bharat Heavy Electricals Ltd., Doosan Corp., GEA Group AG, GFSA Ltd., Godrej and Boyce Manufacturing Co. Ltd., Halvorsen Co., Hitachi Zosen Corp., IHI Corp., KWS Manufacturing Co. Ltd., Larsen and Toubro Ltd., Lloyds Steel Industries Ltd., Mitsubishi Heavy Industries Ltd., Pressure Vessels India, Samuel Son and Co. Ltd., and Zamil Industrial Investment Co.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The pressure vessels market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Pressure Vessels Market Report |
|
Report Attribubtes |
Details |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 50% |
Key countries |
US, China, Japan, South Korea, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott and Co. Newark Ltd., Alloy Products Corp., Andritz AG, Babcock and Wilcox Enterprises Inc., Baffles cooling systems, Bharat Heavy Electricals Ltd., Doosan Corp., GEA Group AG, GFSA Ltd., Godrej and Boyce Manufacturing Co. Ltd., Halvorsen Co., Hitachi Zosen Corp., IHI Corp., KWS Manufacturing Co. Ltd., Larsen and Toubro Ltd., Lloyds Steel Industries Ltd., Mitsubishi Heavy Industries Ltd., Pressure Vessels India, Samuel Son and Co. Ltd., and Zamil Industrial Investment Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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