The global pressure vessel market Pressure Vessel Market report presents comprehensive information covering insightful data for businesses and investors for the time period of 2020-2027. The report studies the historical data of the Pressure Vessel market and offers valuable information about the key segments and sub-segments, revenue generation, demand and supply scenario, trends, and other vital aspects. The report offers an accurate forecast estimation of the Pressure Vessel industry based on the recent technological and research advancements. It also offers valuable data to assist the investors in formulating strategic business investment plans and capitalize on the emerging growth prospects in the Pressure Vessel market.
The market research report is an investigative study of the potential growth prospects along with a comprehensive study of the trends and developments in the market in each region for the forecast period of 2020-2027. The Global Pressure Vessel Market was valued and is expected to reach a valuation in 2027, growing at a CAGR throughout the forecast period. The Pressure Vessel market is expected to rapidly expand owing to various social, economic, and political influences on the overall global market.
General Electric, Hitachi Zosen, Larsen & Toubro, Mitsubishi Hitachi Power Systems, Doosan Mecatec, Samuel Son & Co., IHI Corporation, Babcock & Wilcox Enterprises, Bharat Heavy Electrical Limited, and Halvorsen Company,
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Surging demand for energy across the globe is driving the growth of the market. According to the forecasts of the U.S. Energy Information Administration (EIA), the energy consumption across the globe is expected to rise by about 50.0% between the year 2018 and 2050. A significant proportion of this rise is consumption is from countries, which are not a member OECD (Organization for Economic Cooperation and Development), and is emphasized in areas where robust economic growth is fuelling the demand, specifically in the Asia Pacific region. Pressure vessels play a crucial role in power generation in the power plants. For instance, Reactor Pressure Vessels (RPVs) find application in nuclear power plants that need high reliability to bear high pressure and temperature and neutron irradiation.
The level of safety standards of a pressure vessel is greatly affected by factors including operating pressure and temperature, and kind of substances used, among others. For instance, if the vessel is meant to contain toxic chemical substances under high pressure, and it has to function in an extreme environment, then its safety standards would be much higher as compared to a simple boiler. American Society of Mechanical Engineers (ASME) is one such organization that governs the operational functionality and quality of pressure vessels.
COVID-19 pandemic is having a significant impact on the global market. Demand for a pressure vessel is suffering severe shocks across various end-use markets, worldwide supply chains are upset, and the competitive order of manufacturers/producers has witnessed a change. The shortage of demand has fast-tracked the global pressure vessel industry into an oversupply situation. The chemical and oil & gas sectors are among the hardest hit end-markets, with the need for chemicals experiencing a considerable fall in demand. The outbreak of COVID-19 has led to uncertainty in the oil market worldwide. In 2020, worldwide oil demand is anticipated to shrink after the 2009 recession. Further, with the disruption of the supply chain, chemical companies have commenced to partly ramp up or relocate the manufacturing of critical chemical supplies.
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Key participants include:
General Electric, Hitachi Zosen, Larsen & Toubro, Mitsubishi Hitachi Power Systems, Doosan Mecatec, Samuel Son & Co., IHI Corporation, Babcock & Wilcox Enterprises, Bharat Heavy Electrical Limited, and Halvorsen Company, among others.
For the purpose of this report, Reports and Data have segmented the global pressure vessel market on the basis of material, product, heat source, industry vertical, and region:
Material Outlook (Revenue, USD Million; 2017-2027)Steel Alloys Composites Others
Product Outlook (Revenue, USD Million; 2017-2027)Boilers Reactors Separators Others
Heat Source Outlook (Revenue, USD Million; 2017-2027)Unfired Fired
Industry Vertical Outlook (Revenue, USD Million; 2017-2027)Power Oil & Gas Chemicals & Petrochemicals Others
Regional Outlook (Revenue, USD Million; 2017-2027)North America The U.S Europe The U.K France Asia Pacific China India Japan Latin America Brazil MEA
Further key findings from the report suggestBy industry verticals, the oil & gas industry contributed to the largest market share in 2019. In the oil & gas industry, the product is deployed as a recipient for physical and chemical processes to occur, often at higher temperatures and pressures. Rising demand for diesel, gasoline, and natural gases for automobiles is one of the significant drivers boosting the demand of the oil & gas industry. The market in the European region held the second-largest share in 2019 and is likely to grow at a rate of 3.6% over the forecast period. Significant market drivers for the region include gas exploration and production, and increasing demand for oil & gas from the transportation industry. In April 2018, PARAT Halvorsen AS showcased the range of its groundbreaking and eco-friendly boiler systems at the All-Energy Exhibition and Conference. PARAT Halvorsen’s smart technology is backing up national and regional grids in several parts of the world, along with individual industrial customers.
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