Pressure Vessel Market Analysis
Pressure Vessel Market is expected to reach USD 70,865.5 Million at the registered CAGR of around 6% during the forecasted period which is 2022 to 2030.
The Global Market to Grow Post COVID-19 Crisis
As a result of the current pandemic crisis, the pressure Vessel market growth is worsening. The reason for the decrease in market size is due to the lockdown, which prevents people from going out and purchasing stuff. Furthermore, the pandemic has proven to be a loss for all manufacturers and producers who are unable to visit the factory. Due to the restrictions on movement outside the house, the pressure vessel business is at a loss as to whether or not to manufacture pressure vessels. It is projected that by 2022, things will improve, and conditions will return to normal.
Multiple Factors to Boost Market Growth
Since the industry is expanding on a regular basis, certain variables are driving the revenue growth of the pressure vessel market. Among these factors is the world's growing demand for energy. In addition, boilers are the most common type of pressure vessel in the current worldwide market. Boilers are used in a variety of energy generation methods that are predicted to meet market expectations. In addition, the market's growth has been accelerated by a change in focus to the renewable energy industry. The shortage of natural fuels is driving the shift toward renewable resources. This shift is having a direct impact on market growth. The pressure vessel is adaptable, which is a major driving force in the global market.
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Report Attribute/Metric | Details |
CAGR | 6%CAGR (2022-2030) |
Base Year | 2021 |
Forecast Period | 2022 to 2030 |
Historical Data | 2019 2020 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Material , Product and Application |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Market Segmentation
The global pressure vessel market has been segmented into material, product, and application.
- By material, the global pressure vessel market has been segmented into Steel Alloys, Other Alloys, and Composites.
- By product, the global pressure vessel market has been segmented into Boilers, Nuclear Reactors, Separators, Others.
- By application, the global pressure vessel market has been segmented into Oil Gas, Chemical, and Power Generation Others.
Regional Analysis
APAC to Lead the Global Market
The Asia Pacific is currently the region that is predicted to expand significantly. The cause for this expansion of power in this sector and this region is the rising operations of nuclear powers and the increasing demand from the chemical industries, which caters for additional market growth in the Asia Pacific region. The rise of urban and industrial infrastructure in these Asia Pacific regions is also predicted in the next years. There is also a certainty of gradual demand for electricity. All of these tactics and causes will boost pressure vessel demand in this region. Since these are critical for the most basic and traditional power generation procedures.
Key Players
Babcock and Wilcox Enterprises, Inc. (U.S.A), Doosan Heavy Industries Construction Co., Ltd. (South Korea), Mitsubishi Heavy Industries Ltd. (Japan), Bharat Heavy Electricals Limited. (India), Larsen Toubro Limited. (India), Dongfang Electric Machinery Co., Ltd. (China), General Electric Co (U.S.A), Halvorsen (Norway), IHI Corporation (Japan), Pressure Vessels (India), Samuel Pressure Vessel Group. (U.S.A), Westinghouse Electric Company LLC. (U.S.A)
