The global pressure vessel market is projected to reach USD 53.3 billion by 2025 from an estimated USD 42.7 billion in 2020, at a CAGR of 4.5% during the forecast period. The growing adoption of supercritical and ultra-super critical power generation technology and the rise in the construction of refineries and chemical plants in the Asia Pacific and Middle East regions are expected to drive the market. The significantly high capital and maintenance requirements act as a restraint to the market, while the stringent emission standards corresponding to the pressure vessels pose a serious challenge to the market.
Unfired pressure vessels segment expected to grow at a higher CAGR from 2020 to 2025
Unfired pressure vessels can act as heat exchangers that can be used to cool and heat fluid when combined with another fluid. These usually consist of several adjacent chambers and tube bundles. In the coming years, the demand for unfired pressure vessels is estimated to increase in Europe and North America as these countries are focusing on decreasing their primary energy consumption from fossil fuels. Also, unfired pressure vessels are expected to witness heightened demand in the coming years due to the increasing focus on heat recovery, coupled with stringent emission norms across regions. The increasing demand for high-efficiency pressure vessel is also expected to drive the unfired pressure vessels demand.
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Steel alloys segment expected to lead global pressure vessel market during forecast period
Steel alloys include carbon steel, chromium molybdenum alloys, and stainless steel. Carbon steel is a combination of iron & steel, whereas stainless steel is an iron alloy with a minimum of 10.5% chromium. The structure, formability, and strength of stainless steel can be enhanced by adding other elements to it. High corrosion resistance, the main characteristic of good grade stainless steel makes it the most preferred steel alloy. The construction of new industrial power projects and the replacement of existing pressure vessels are expected to drive the growth of the pressure vessels market. Developing economies in the Asia Pacific and the Middle East regions are expected to emerge as key revenue pockets for the steel alloys pressure vessel market.
Chemicals & petrochemicals segment expected to grow at highest CAGR in pressure vessel market during forecast period
The Chemicals & petrochemicals segment is projected to grow at the highest CAGR during the forecast period. Chemicals and petrochemicals are used in various industries, such as fertilizers, lights, coatings, plastic, artificial fibers, and chemical laboratories. The chemicals industry is growing globally owing to increasing consumption of goods such as fertilizers and other agrochemical products; LED lightings; coatings & adsorbents; plastics & man-made fibers; and research laboratory chemicals. The chemical industry was valued at USD 5.7 trillion in 2017, which was equivalent to 7% of the global GDP, according to the International Council of Chemical Associations (ICCA). Petrochemicals are experiencing heightened demand from numerous construction projects in the Asia Pacific and the Middle East regions.
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Some of the key players in Pressure Vessel Market are Babcock & Wilcox Enterprises (US), General Electric (US), Larsen & Toubro (India), IHI Corporation (Japan), and Mitsubishi Hitachi Power Systems (Japan). The leading players are adopting various strategies to increase their share in the pressure vessel market. Contracts & Agreements, followed by alliances and collaborations, were the most commonly adopted strategies by the key players in the pressure vessel market.