IMARC Group, a leading market research company, has recently releases report titled “Pressure Vessel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global pressure vessel market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the pressure vessel market?
The global pressure vessel market size reached US$ 23.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 30.2 Billion by 2028, exhibiting a growth rate (CAGR) of 4.4% during 2023-2028.
What is pressure vessel?
Pressure vessels refer to spherical or cylindrical-shaped containers that are used for storing high-pressure gases or liquids. Some common components of pressure vessels are distributor trays, catalyst support grids, baffles, demister pads, etc. Pressure vessels are commonly used as receivers for high-temperature and high-pressure physical and chemical processes. They help in removing redundant fabrication, lowering traceability and inspection, enhancing quality control, reducing the overall cost, etc.
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What are the growth prospects and trends in the pressure vessel industry?
The rising need for energy on account of elevating levels of urbanization is driving the pressure vessels market. Furthermore, the growing utilization of these vessels in the oil and gas industry for transportation purposes represents another growth-inducing factor. Moreover, pressure vessels are widely used in the chemical industry as they aid in the mixing and dividing different products. Furthermore, many manufacturers are introducing advanced pressure vessels, such as pressure boilers. that allow heat from an industrial process to be used or removed, which is bolstering the product demand. Additionally, various other factors, including the increasing requirement for cooling and heating equipment and extensive investments in the development of advanced product variants, are expected to fuel the market growth in the coming years.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Material:
Hastelloy
Titanium
Nickel and Nickel Alloys
Tantalum
Steel
Stainless Steel
Duplex Steel
Carbon Steel
Super Duplex Steel
Others
Others
Breakup by Product:
Boiler
Nuclear Reactor
Separator
Others
Breakup by End Use:
Chemicals and Petrochemicals
Oil and Gas
Power Generation
Others
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
Who are the key players operating in the industry?
The report covers the major market players including:
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)
Samuel Son & Co.
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