(MENAFN- GetNews) The global pressure vessel market size is projected to reach USD 53.3 billion by 2025 from an estimated USD 42.7 billion in 2020, at a CAGR of 4.5% during the forecast period.
The global pressure vessel market is projected to reach USD 53.3 billion by 2025 from an estimated USD 42.7 billion in 2020, at a CAGR of 4.5% during the forecast period. The growing adoption of supercritical and ultra-super critical power generation technology and the rise in the construction of refineries and chemical plants in the Asia Pacific and Middle East regions are expected to drive the market. The significantly high capital and maintenance requirements act as a restraint to the market, while the stringent emission standards corresponding to the pressure vessels pose a serious challenge to the market.
Unfired pressure vessels segment expected to grow at a higher CAGR from 2020 to 2025
Unfired pressure vessels can act as heat exchangers that can be used to cool and heat fluid when combined with another fluid. These usually consist of several adjacent chambers and tube bundles. In the coming years, the demand for unfired pressure vessels is estimated to increase in Europe and North America as these countries are focusing on decreasing their primary energy consumption from fossil fuels. Also, unfired pressure vessels are expected to witness heightened demand in the coming years due to the increasing focus on heat recovery, coupled with stringent emission norms across regions. The increasing demand for high-efficiency pressure vessel is also expected to drive the unfired pressure vessels demand.
Download PDF Brochure:
Steel alloys segment expected to lead global pressure vessel market during forecast period
Steel alloys include carbon steel, chromium molybdenum alloys, and stainless steel. Carbon steel is a combination of iron & steel, whereas stainless steel is an iron alloy with a minimum of 10.5% chromium. The structure, formability, and strength of stainless steel can be enhanced by adding other elements to it. High corrosion resistance, the main characteristic of good grade stainless steel makes it the most preferred steel alloy. The construction of new industrial power projects and the replacement of existing pressure vessels are expected to drive the growth of the pressure vessels market. Developing economies in the Asia Pacific and the Middle East regions are expected to emerge as key revenue pockets for the steel alloys pressure vessel market.
Chemicals & petrochemicals segment expected to grow at highest CAGR in pressure vessel market during forecast period
The Chemicals & petrochemicals segment is projected to grow at the highest CAGR during the forecast period. Chemicals and petrochemicals are used in various industries, such as fertilizers, lights, coatings, plastic, artificial fibers, and chemical laboratories. The chemicals industry is growing globally owing to increasing consumption of goods such as fertilizers and other agrochemical products; LED lightings; coatings & adsorbents; plastics & man-made fibers; and research laboratory chemicals. The chemical industry was valued at USD 5.7 trillion in 2017, which was equivalent to 7% of the global GDP, according to the International Council of Chemical Associations (ICCA). Petrochemicals are experiencing heightened demand from numerous construction projects in the Asia Pacific and the Middle East regions.
Request Sample Pages:
Some of the key players in Pressure Vessel Market are Babcock & Wilcox Enterprises (US), General Electric (US), Larsen & Toubro (India), IHI Corporation (Japan), and Mitsubishi Hitachi Power Systems (Japan). The leading players are adopting various strategies to increase their share in the pressure vessel market. Contracts & Agreements, followed by alliances and collaborations, were the most commonly adopted strategies by the key players in the pressure vessel market.
About MarketsandMarkets™:
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
Email:
Content Source:
MENAFN26082021003238003268ID1102688927
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.