by Precedence Research a new report on pressure vessels Market size, share, growth, industry trends, and forecast 2027, covering various industry elements and growth trends helpful for predicting the market’s future. The global pressure vessels market size was valued at US$ 170 billion in 2021. The global pressure vessels market is projected to reach US$ 252.19 billion by 2027, registering a compound annual growth rate (CAGR) of 5.1% during the forecast period from 2022 to 2027.
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Table of Contents
Pressure Vessels Market 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.
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.
Pressure Vessels Market Report Scope
| Report Highlights | Details |
| Market Size | USD 252.19 Billion by 2027 |
| Growth Rate | CAGR of 5.1% from 2021 to 2027 |
| Largest Market | Asia Pacific |
| Fastest Growing Market | Europe |
| Base Year | 2021 |
| Forecast Period | 2021 to 2027 |
| Segments Covered | Product, End User, Material, Region |
The global pressure vessels market report offers various segments analysis by size, trends, growth factors, opportunities and key country outlook to 2027. The report offers a detailed analysis and information as per pressure vessels, market segments helping our readers to get a comprehensive overview of the global market. Several players are planning to focus on developing cost-effective products or services, aiming to maintain a strong foothold in the market.
The company profiling of leading market players is included this report with Porter’s five forces analysis and Value Chain analysis. Further, the strategies exercised by the companies for expansion of business through mergers, acquisitions, and other business development measures are discussed in the report. The financial parameters which are assessed include the sales, profits and the overall revenue generated by the key players of Market.
pressure vessels Market 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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Some of the prominent players in the pressure vessels market include:
- 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.
- WCR Inc.
Pressure Vessels market Segmentation
By Product
- Nuclear Reactor
- Boiler
- Separator
- Others
By Material
- Titanium
- Hastelloy
- Tantalum
- Steel
- Duplex Steel
- Stainless Steel
- Super Duplex Steel
- Carbon Steel
- Others
- Nickel & Nickel Alloys
- Others
By End-Use
- Chemicals & Petrochemicals
- Power Generation
- Oil & Gas
- Others
Regional Segmentation
- Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
- Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
- North America [United States, Canada, Mexico]
- South America [Brazil, Argentina, Columbia, Chile, Peru]
- Middle East & Africa [GCC, North Africa, South Africa]
Key Questions are
- What are the key factors influencing the pressure vessels market in each region?
- How much value will the global market generate by the end of the forecast period?
- What will be the CAGR of the global market between 2021 and 2027?
- What would be the Y-o-Y growth trend of the global market between 2021 and 2027?
- What is the future scope and current trends in technologies of the global market?
- What is the revenue of the global market based on segments?
- Which key strategies are used by top players of the global market?
- Which are the leading companies in the global market?
- What are the essential strategies by key stakeholders in the market to expand their geographic presence?
- What are the major advancements witnessed in the global market?
Research Objectives and Research Approach
The comprehensive report on the global pressure vessels market begins with an overview, followed by the scope and objectives of the study. The report provides detailed explanation of the objectives behind this study and key vendors and distributors operating in the market and regulatory scenario for approval of products. Following this, the report provides detailed explanation of objectives of this study and laid down by accredited agencies in the purview of research in the global pressure vessels market.
It is followed by market introduction, market dynamics, and an overview of the global market, which includes analysis of market drivers, restraints, and trends pertaining to the global market. Furthermore, Y-o-Y growth analysis with elaborated insights has been provided in order to understand the Y-o-Y growth trend of the global market.
For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section divided into smaller sections. The report comprises an exhaustive collection of graphs and tables that are appropriately interspersed. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of the market shares of key segments in the past and at the end of the forecast period.
The report analyzes the global pressure vessels market in terms of type, application, region and others. Key segments under each criteria are studied at length, and the market share for each of these at the end of 2027 has also been provided. Such valuable insights enable market stakeholders in making informed business decisions for investment in the global market.
Why should you invest in this report?
If you are aiming to enter the global pressure vessels market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for pressure vessels are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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