Global Pressure Vessel Market: Overview
Pressure vessels are containers designed to store high-pressure liquids and gasses. According to the application and regional regulations requirement, the properties of pressure vessels may vary; however, the primary role of pressure vessels is to withstand high pressure. The materials used in pressure vessels are steel and composite materials, such as carbon fiber and polymer, which can withstand the high pressure and high temperature. Pressure vessels are used as recompression chambers, distillation towers, pressure reactors, autoclaves and in mining industries, petrochemical plants, oil refineries and nuclear reactors. They are also used in storage of LPG, chlorine, and gasses in liquid forms. Traditional pressure vessels were more accident prone as compared to modern designs of pressure vessels. Modern designs and techniques are used to build pressure vessels with the help of research and development department.
Global Pressure Vessel Market: Growth Factors
Higher demand from chemical and oil & gas industries is the major driving factor for the growth of the global pressure vessels market. The worldwide increase in the energy consumption is also expected to foster the global market growth. Government support for renewable energy expansion is also benefitting the pressure vessels market. Development in the chemical industries has opened up new growth opportunities for pressure vessel market. Acceptance of new technology is the key driver for the market. However, increasing environmental awareness relating to mining activities is hampering the global market to some extent.
Global Pressure Vessel Market: Segmentation
The global pressure vessel market is segmented into the end-user industry, material, type, and geography. The end-user industry is segregated into power, chemicals, oil & gas and others. On the basis of the material, the global market is divided into steel alloys, composites, and other alloys. Based on the type, the global pressure vessel market is diversified into nuclear reactors, boilers, separators and others. Boilers type segment is the dominant segment in the global market and is used in few energy generation procedures. Regionally, the market is diversified into Asia-Pacific, Europe, North America, Latin America and the Middle East and Africa.
Global Pressure Vessel Market: Regional Analysis
Asia Pacific is expected to be the largest market for pressure vessel due to the rapid expansion of power sector in this region. Installation of nuclear powerhouses and increasing oil and gas industries along with chemical industries are opening up opportunities for growth of the global market in the Asia Pacific region. Major players in North America and Europe regions in the pressure vessels market are focusing on expanding capabilities of pressure vessels. The Middle East & Africa is significantly investing in new power projects and well-established oil & gas infrastructure are other factors influencing the regional demand. The development of urban and industrial infrastructure of Latin America is also expected to give rise to pressure vessels market in this region.
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Global Pressure Vessel Market: Competitive Players
Prominent players dominating the global pressure vessel market include Larsen & Toubro Ltd., Mitsubishi Heavy Industries, Ltd., Doosan Heavy Industries & Construction and Bharat Heavy Electricals Ltd.