Global Pressure Vessel Market report from Global Insight Services is the single authoritative source of intelligence on 2032. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
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Key Trends
The pressure vessel market is driven by several key factors that influence its growth and demand. One of the primary drivers is the increasing demand for pressure vessels in various industries, including oil and gas, chemical, power generation, and food and beverage, where they are used for storing and transporting gases and liquids under high pressure and temperature. As industrial activities expand, the need for reliable and efficient storage solutions intensifies, propelling the demand for pressure vessels. Additionally, the implementation of strict safety regulations and codes in these industries further drives the adoption of pressure vessels that meet stringent quality and safety standards.
Key Drivers
The pressure vessel market is primarily driven by the rapid industrialization and expansion of key sectors such as oil and gas, chemical, power generation, and petrochemicals. As these industries grow, the demand for efficient and safe storage and transportation of gases and liquids under high pressure rises, fuelling the need for pressure vessels. Additionally, stringent safety regulations and quality standards set by regulatory authorities push companies to invest in reliable and compliant pressure vessels. Moreover, the increasing adoption of renewable energy sources, such as hydrogen and biofuels, necessitates the use of pressure vessels for their storage and distribution. Technological advancements in materials, design, and fabrication methods are further driving the market, leading to the development of innovative and cost-effective pressure vessel solutions. Furthermore, the focus on sustainable practices and the need for reducing carbon emissions are encouraging the adoption of pressure vessels in emerging green technologies.
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Market Segmentation : Pressure Vessel Market
- Pressure Vessel Market By Type : Boiler, Process, Nuclear, Storage
- Pressure Vessel Market By Material : Steel Alloys, Composite, Plastics
- Pressure Vessel Market By End-Use Industry : Oil & Gas, Chemicals, Power Generation, Others
- Pressure Vessel Market By Region : North America : US, Canada, Mexico, Europe : The UK, Germany, France, Italy, Spain, Netherlands, Switzerland, Asia-Pacific : China, India, Japan, South Korea, Australia, Singapore, Indonesia, Rest of Asia-Pacific, Rest of the World : Latin America, Middle East, Africa
Key Players
- Mitsubishi Heavy Industries Ltd. – Japan
- Bharat Heavy Electricals Limited (BHEL) – India
- Babcock & Wilcox Enterprises, Inc. – United States
- Doosan Heavy Industries & Construction Co., Ltd. – South Korea
- Larsen & Toubro Limited – India
- General Electric Company – United States
- IHI Corporation – Japan
- Westinghouse Electric Company LLC – United States
- Pressure Vessels (India) – India
- Samuel Pressure Vessel Group – Canada
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