According to the latest report by IMARC Group, titled, “Pressure Vessel Market Size: Global Industry Trends, Share, Growth, Opportunity and Forecast 2021-2026“, The global pressure vessel market exhibited XX growth during 2015-2020, and expects the market to grow at a CAGR of XX% during 2021-2026.
A pressure vessel represents spherical or cylindrical containers that are custom-built for storing high-pressure liquids or gases. They are designed with various materials, such as titanium, Hastelloy, nickel alloys, tantalum steel, etc., and can be categorized into numerous product types, including boiler, nuclear reactor, separator, etc. These pressure vessel containers comprise of distributor trays, baffles, catalyst support grids, and de-mister pads. They are extensively utilized for housing a range of substances at varied volumes and temperatures, transferring heat between two or more fluids, power generation, etc. Consequently, pressure vessel variants find widespread applications across several sectors, such as chemicals, petrochemicals, oil and gas, food processing, etc.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Pressure Vessel Market Trends:
The rising need for energy across the globe, on account of the rapid urbanization and the growing reliance on smart devices, is primarily driving the pressure vessel market. Furthermore,the increasing product adoption in the oil and gas industry as receivers, that facilitate chemical and physical processes at high temperatures and pressures is acting as another significant growth-inducing factor. Additionally, the development of advanced enclosed containers by leading market players and the elevating usage of supercritical power generation technology are also positively influencing the market growth. Besides this, the expanding chemical and petrochemical industry and the escalating demand for customized heating and cooling equipment are expected to stimulate the pressure vessel market in the coming years.
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Global Pressure Vessel Market 2021-2026 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Abbott & Co (Newark) Ltd., Alloy Products Corp., Babcock & Wilcox Enterprises Inc., Bharat Heavy Electricals Limited, Doosan Heavy Industries & Construction, GEA Group Aktiengesellschaft, Halvorsen Company, IHI Corporation, Larsen & Toubro Limited, Mitsubishi Power Ltd., Pressure Vessels (India) and Samuel Son & Co.
The report has segmented the market on the basis on material, product and end use.
Breakup by Material:
- Nickel and Nickel Alloys
- Stainless Steel
- Duplex Steel
- Carbon Steel
- Super Duplex Steel
Breakup by Product:
- Nuclear Reactor
Breakup by End Use:
- Chemicals and Petrochemicals
- Oil and Gas
- Power Generation
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021- 2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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Source: Digital Journal