Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The pressure vessels market is anticipated to grow at a significant CAGR during the forecast period, i.e. 2020-2028, amidst the current COVID-19 situation. Pressure vessels can be defined as containers specifically designed to hold gases, vapors, or liquids at a certain pressure. This pressure is quite different from the ambient pressure i.e., the pressure exerted on an object by the weight of the atmosphere. The term” pressure vessel” revolves around the factors such as maintaining safe maximum pressure and temperatures during its working.
The market for pressure vessels is segmented by material, by type, by application, by end-user and by region. Based on material, the market is segmented into steel, composites, polymers and other alloys. Pressure vessels made of steel is estimated to hold the highest share as the use of steel is supported by adequate mechanical strength and current standards. On the basis of type, the market is further segmented into boilers, separators and nuclear reactors and here the most abundantly used type is the boiler that is required for various industrial processes.
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By region, the global pressure vessel market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. Pressure vessel is being highly used in Asia Pacific region as a result of the increasing power and power generation investments in the region, coupled with the increasing establishments of nuclear power.
Worldwide Increase in Energy Consumption to Drive the Market Growth
Increasing support by the government of nations worldwide to expand and initiate the increasing usage of renewable sources of energy has created a remarkable high for the global pressure vessels market. Unavailability of natural fuels and its replacement by alternate renewable source of energy, such as solar power has turned out to be of vital importance in the growth of pressure vessels market. Apparently, huge demand for pressure vessels from the chemical industry is also anticipated to benefit the global pressure vessels market.
However, increasing awareness for the environment and the strict government norms relating to the mining activities have resulted in a major drop in extraction of metals, thereby leading to the downfall of the pressure vessels market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global pressure vessels market which includes companies like Akselos, Doosan Heavy Industries & Construction Co. Ltd. (KRX: 034020), Mitsubishi Heavy Industries, Ltd.(TYO: 7011), Bharat Heavy Electricals Limited(NSE: BHEL), Larsen & Toubro Limited (NSE: LT), Babcock and Wilcox EnterprisesInc. (NYSE: BW), General Electric Company (NYSE: GE), IHI Corporation (TYO: 7013), Samuel Pressure Vessel Group, Westinghouse Electric Company LLC. The report provides key information about the companies covering their business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global pressure vessels market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the current and expected trends in the future.
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