Global Pressure Vessels Market Analysis Report 2023-2028: Burgeoning Opportunities in Hydrogen Storage Systems and Nuclear Power
DUBLIN, Sept. 21, 2023 /PRNewswire/ -- The "Pressure Vessels Market by Type (Boilers, Reactors, Separators), Material, Heat Source (Fired Pressure Vessel and Unfired Pressure Vessel), Application (Storage Vessels and Processing Vessels), End-User Industry and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global pressure vessels market is poised for significant growth, projected to increase from USD 50.3 Billion in 2023 to USD 62.7 Billion by 2028, with a notable CAGR of 4.5% throughout the forecast period. This expansion is primarily attributed to the upsurge in global chemical production, which propels the demand for pressure vessels.
This comprehensive report offers an in-depth exploration of the key market drivers, challenges, opportunities, and restraints. It encompasses critical facets of the pressure vessels market, encompassing a competitive landscape analysis, market dynamics, and value-based market estimates. Furthermore, it casts light on future trends anticipated to shape the pressure vessels market.
The market exhibits substantial growth prospects in various vessel categories, including flash drums and heat exchangers. These vessel types play an integral role in industries engaged in separation processes, heat exchange, and phase alterations. The surge in worldwide chemical production is a pivotal driving force behind the escalating demand for pressure vessels, particularly storage vessels, which are indispensable components for various sectors.
The Middle East and Africa are poised to emerge as the second-fastest-growing pressure vessels market during the forecast period. North America witnesses a substantial demand for pressure vessels, driven by increased horizontal drilling activities, particularly in unconventional reserves like tight oil and shale gas. Additionally, large-scale brownfield developments in the region contribute significantly to the regional pressure vessel market's growth.
The pressure vessels market is characterized by the dominance of a few major players with extensive regional presence. Key market leaders include Bharat Heavy Electricals Limited (India), Mitsubishi Hitachi Power Systems (Japan), IHI Corporation (Japan), Babcock & Wilcox (US), and LARSEN & TOURBO LIMITED (India).
In terms of applications, the pressure vessels market is categorized into two main types: processing vessels and storage vessels. The demand for storage vessels is robust across diverse industries, driven by the need to store liquids and gases at precise temperatures. Infrastructure projects, such as oil and gas pipelines, refineries, chemical plants, and power plants, rely on storage vessels for various purposes, which is expected to drive their demand, particularly in emerging economies.
Regarding vessel types, the pressure vessel market is segmented into boilers, separators, reactors, and others, encompassing flash drums and heat exchangers. The demand for flash drums and heat exchangers is closely aligned with processes involving separation, heat transfer, and phase change.
Industries requiring efficient separation of liquid and vapor phases or effective heat exchange, such as distillation, fractionation, or vaporization processes, are key drivers for flash drums and heat exchangers. Notably, the chemical industry is expected to fuel moderate growth in this segment during the forecast period, primarily due to the high demand for heat exchangers across various applications.
Premium Insights
- Growing Chemical Production and Technological Advancements and Material Innovations Worldwide to Accelerate Market Growth
- Power Industry and China Held Largest Shares of Market in Asia-Pacific in 2022
- Boilers to Dominate Market in 2028
- Processing Vessels to Lead Market in 2028
- Fired Pressure Vessels to Command Market in 2028
- Power Industry to be Largest Stakeholder of Pressure Vessel Market in 2028
Market Overview
Drivers
- Growing Chemical Production Industry
- Thriving Oil & Gas Industry
Restraints
- High Manufacturing and Maintenance Costs
Opportunities
- Increasing Focus on Nuclear Power Generation
- Evolving Technologies Such as Hydrogen Storage Systems
Challenges
- Stringent Manufacturing Standards and Quality Guidelines to be Followed by Pressure Vessel Manufacturers
- Volatile Prices of Raw Materials
Trends/Disruptions Impacting Customer Business
- Revenue Shifts and New Revenue Pockets for Pressure Vessel Manufacturers
- Market Mapping
Value Chain Analysis
- Raw Material Providers/Suppliers
- Component Manufacturers
- Pressure Vessel Manufacturers/Assemblers
- Distributors/End-users
- Post-Sales Service Providers
Tariff and Regulatory Landscape
- Tariff for Pressure Vessel Components Classified Under Hs Code 8402
- Tariff for Pressure Vessel Components Classified Under Hs Code 8401
- Tariff for Pressure Vessel Components Classified Under Hs Code 8507
- Tariff for Pressure Vessel Components Classified Under Hs Code 841950
- Regulatory Bodies, Government Agencies, and Other Organizations
Case Study Analysis
- Scientists from Imperial College Used Nuclear Fuel Cladding Technique to Enhance Fuel Efficiency and Improve Reactor Safety Standards
- Babcock Wanson Deployed Boilers at Bedford Hospital for Precise Control Over Steam Output and Quality
Company Profiles
Key Players
- Bharat Heavy Electricals Limited
- Mitsubishi Hitachi Power Systems
- Ihi Corporation
- Larsen & Toubro Limited
- Bumhan Mecatec
- General Electric
- Babcock & Wilcox Enterprises
- Hitachi Zosen Corporation
- Dongfang Turbine Co., Ltd.
- Samuel, Son & Co.
- Westinghouse Electric Company
- Halvorsen Company
- Pressure Vessels (India)
- Kelvion Holding GmbH
- Viflow
Other Players
- Ergil
- Gladwin Tank
- Robinson Pipe & Vessel
- Halliburton
- Alfa Laval
For more information about this report visit https://www.researchandmarkets.com/r/rnh5c4
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