Market Research Report
Pressure Vessels Market Size, Share & Trends Analysis Report By Material (Hastelloy, Steel), By Product (Boiler, Nuclear Reactor), By End Use (Chemicals & Petrochemicals, Power Generation), And Segment Forecasts, 2020 - 2027
|Pressure Vessels Market Size, Share & Trends Analysis Report By Material (Hastelloy, Steel), By Product (Boiler, Nuclear Reactor), By End Use (Chemicals & Petrochemicals, Power Generation), And Segment Forecasts, 2020 - 2027|
Published: July 2, 2020
Grand View Research, Inc.
Content info: 118 Pages
Delivery time: 2-10 business days
Market Growth & Trends
The global pressure vessels market size is expected to reach USD 250.6 billion by 2027 registering a CAGR of 5.2%, according to a new report by Grand View Research, Inc. The growing demand for pressure vessels in chemical & petrochemical and oil & gas industries is expected to drive market growth.
Pressure vessels are containers used to hold high-pressure gases and liquids in various application industries including petrochemicals, chemicals, natural gas storage systems, nuclear reactor vessels, distillation towers, and hot water storage tanks. The ever increasing need for energy is anticipated to propel the product demand in various application industries.
Increasing chemical demand from various end-use industries is encouraging new capital investment in chemical industry. The production capacity of chemicals is expected to increase on account of setting up of new chemical facilities. This is expected to augment the demand for various types of pressure vessels and storage tanks used in different chemical processes.
The global market is fragmented with major companies striving for market leadership. Key players focus on forward integration to maximize their profits and expand their regional presence across the globe. In addition, manufacturers are expected to tie up with engineering solution providers to deliver high-quality product solutions at affordable prices.