According to the new market research report “Pressure Vessel Market by Type (Boiler, Reactor, Separator), Material, Heat Source (Fired Pressure Vessel and Unfired Pressure Vessel), Application (Storage Vessels and Processing Vessels), End-User and Region – Global Forecast to 2027″, published by MarketsandMarkets™, The global pressure vessel market is expected to grow from USD 47.1 Billion in 2022 to USD 59.5 Billion by 2027, at a CAGR of 4.8% during the forecast period. The increase in the requirement for the industrial equipment to hold their gases, liquids, and vapors at high pressures for industries such as power, oil & gas, chemicals & petrochemicals, food & beverages, pharmaceuticals is driving the Pressure Vessel Market.
Boilers have the largest market share in pressure vessels which are majorly driven by thermal power plants in the power sector. Apart from the thermal plants, there are also other industries that are in need of pressure vessels such as the chemical sector. Advancements in technologies such as supercritical and ultra-critical technologies for thermal power generation is also building up demand for pressure vessels. These new technologies are replacing the aged thermal power plants making them eco-friendly, and energy-efficient. In the APAC region, China is contributing to the high market share. The abundance of thermal power plants in China is contributing to the growth of this market. Two units of ultra-supercritical coal-fired power plants have been approved to balance the energy supply and demand. Thus, these developments in this region are increasing the demand for pressure vessels. The upcoming projects in developing economies such as the Asia Pacific are providing opportunities for the growth of the Pressure Vessel Market.
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The steel alloy is expected to be the most significant segment of the pressure vessel market
The steel alloy material segment has the largest share of the global Pressure Vessel Market. It is the most common material used in manufacturing pressure vessels when compared to composites and other alloys. The advancements in the steel alloy have improved its properties such as strength, and corrosive resistance nature. APAC region is contributing to the highest market share of pressure vessels during the forecast period. Thus, increasing the demand for steel alloys in this region.
The Un-Fired segment is expected to grow at the highest CAGR during the forecast period
By heat source, the pressure vessels market has been segmented into the fired and unfired segments. The unfired segment is expected to be the fastest-growing segment during the forecast period. These unfired vessels are used for power generation, chemicals, food & beverages, paper & pulp, etc. applications. for instance, heat exchangers are commonly used in power generation for heat recovery options. The growth of the market is mainly due to an increase in the demand for thermal powerplant economies in the Asia-Pacific regions such as China, and India.
Asia-Pacific is expected to remain as the largest pressure vessel market
The Asia-Pacifics expected to dominate the Pressure Vessel Market during the forecast period due to an increase in the requirement of various end-user industries such as the chemical, and power sectors in the Asia Pacific region. Advancements in the technologies in the pressure vessels are creating opportunities for pressure vessel growth in the Asia Pacific region. To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Pressure Vessel Market.
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The leading players in the Pressure Vessel Market are Babcock & Wilcox Enterprises (US), General Electric (US), Larsen & Toubro (India), Mitsubishi Hitachi Power Systems (Japan), Hitachi Zosen (Japan), IHI Corporation (Japan), Bharat Heavy Electricals Limited (India). The major strategies adopted by these players include new product launches, sales contracts, agreements, expansions, partnerships, and collaborations.