Pressure Vessel Market to exceed $184.87 Billion by 2021
Added: (Mon Jan 14 2019)
Pressbox (Press Release) -
According to the new market research report "Pressure Vessel Market by End-User Industry (Chemicals, Oil & Gas, Power, & Others), by Type (Boilers, Nuclear Reactors, Separators, & Others), by Material (Steel Alloys, Other Alloys, & Composites), & by Region (Asia-Pacific, North America, Europe, the Middle East & Africa, and South America) - Global Forecast to 2021", published by MarketsandMarkets™, The pressure vessel market is expected to reach USD 184.87 Billion by 2021, at a CAGR of 5.38% from 2016 to 2021. This growth is attributed to growing demand for electricity and power generation capacity additions. Increasing upstream & downstream activities in the oil & gas industry is the major factor expected to drive the pressure vessel market.
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Chemicals end-user industry to register the highest growth
The chemicals industry requires pressure vessels to store industrial liquids and other materials that are required in the production of their final products; sometimes they are also used to store the final product until shipped. Additionally, the chemicals industry utilizes pressure vessels to convert raw materials by mixing, blending, and heating to produce the final product. The chemicals segment is projected to witness the fastest growth during the forecast period. This growth is attributed to increased annual production growth in the global chemicals industry. This in turn would require deployment of pressure vessels.
Browse and in-depth TOC on "Pressure Vessel Market"
73 - Tables
51 - Figures
150 - Pages
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Boilers segment within the pressure vessel market is expected to lead the market
Boilers are primarily employed in power plants for generating high pressure steam to produce electricity. It is estimated to be the largest segment, by type, for the pressure vessel market in 2016. Increasing demand for electricity in Asia-Pacific requires integrated equipment for power generation, which in turn, is likely to drive the pressure vessel market. With majority of applications in power generation, this segment has a prospective market in Asia-Pacific.
Asia-Pacific is the largest market for pressure vessel
Asia-Pacific is the largest pressure vessel market. China and India are the largest markets in the region, due to increasing demand for electricity and power generation capacity additions. Asia-Pacific is expected to grow at the highest rate from 2016 to 2021. Countries such as South Korea, Japan, and Malaysia also have high-growth prospects in the Asia-Pacific pressure vessel market. Increasing focus on renewable power generation and modernization of existing power infrastructure is likely to further boost the demand for pressure vessels in the Asian region.
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To provide an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the pressure vessel market, namely, Mitsubishi Heavy Industries, Ltd. (Japan), Babcock and Wilcox Enterprises, Inc. (U.S.), Doosan Heavy Industries & Construction (South Korea), Bharat Heavy Electricals Limited (India), and Larsen & Toubro Limited (India).
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