Market Research Report
Pressure Vessel - Global Market Outlook (2019-2027)
|Pressure Vessel - Global Market Outlook (2019-2027)|
Published: August 1, 2020
Stratistics Market Research Consulting
Content info: 201 Pages
Delivery time: 2-3 business days
According to Stratistics MRC, the Global Pressure Vessel Market is accounted for $40.85 billion in 2019 and is expected to reach $67.60 billion by 2027 growing at a CAGR of 6.5% during the forecast period. Increasing refinery and chemical plant construction activities, the increasing requirement for energy and growing adoption of supercritical and ultra-supercritical power generation technology are some of the factors propelling the growth of the market. However, higher capital requirements and maintenance costs are hampering the growth of the market.
Pressure Vessels are enclosed cylindrical structure used by various industries that hold liquids and gases at high pressure. Pressure vessels are manufactured according to standard regulations and their applications. Designing of pressure vessel requires corrosion allowance, maximum safe operating pressure and temperature, minimum design temperature and safety factor.
Based on the end-user, the chemicals & petrochemicals segment is anticipated to hold considerable market share during the forecast period owing to experiencing heightened demand from several construction projects in the developing region and increasing consumption of goods such as fertilizers & agrochemical products, plastics & human-made fibers, and research laboratory chemicals. By geography, Asia Pacific is expected to grow at a significant market share during the forecast period due to rapid expansion of the power sector, rising installation of nuclear powerhouses, and rapidly expanding oil & gas and chemical sectors.
Some of the key players profiled in the Pressure Vessel Market include Bharat Heavy Electricals Limited, Westinghouse Electric Company, Tinita Engineering Pvt. Ltd, Samuel, Son & Co., Pressure Vessels, Mitsubishi Hitachi Power Systems, Larsen & Toubro, Kelvion Holdings GmbH, IHI Corporation, Hitachi Zosen, Dongfang Turbine Co., Ltd., General Electric, Doosan Mecatec, Babcock & Wilcox Enterprises, and Halvorsen Company.
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Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.