The pressure vessel market is expected to reach USD 184.87 billion by 2021, at a CAGR of 5.38% from 2016 to 2021. Pressure vessel is a container used to contain fluids and gases at pressure levels greater than that of atmospheric pressure. It is one of the key equipment majorly used in power generation and the chemicals industry. Factors such as rapid growth in the Middle East chemical industry, changing trends in the energy sector, and growing power generation capacity have led to increasing deployment of pressure vessels. Modernization of existing power infrastructure and rapid urbanization in developing economies has increased the usage of pressure vessels. These are the major reasons behind the growth of the pressure vessel market.
Power generation capacity addition and change in energy trends are the reasons behind the boost in its demand. In addition, end-user industries are deploying pressure vessels for power generation and processing raw materials to produce the final product, primarily in the chemicals & petrochemicals industry.
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The chemicals sector is expected to be the largest market among end-user industries. Increasing investments by chemical companies in shale gas related projects present lucrative growth opportunities for the chemicals industry. Asia-Pacific is a potential market for this segment. Moreover, the power segment has growth opportunities in Asia-Pacific because of increasing energy capacity development in the region.
Some of the leading players in the pressure vessel market include:
- Mitsubishi Heavy Industries, Ltd. (Japan)
- Babcock and Wilcox Enterprises, Inc. (U.S.)
- Doosan Heavy Industries & Construction (South Korea)
- Bharat Heavy Electricals Limited (India)
- Larsen & Toubro Limited (India)
- Dongfang Electric Machinery Co., Ltd. (China)
- General Electric (U.S.)
- Halvorsen (U.S.)
- IHI Corporation (Japan)
- Pressure Vessels India (India)
- Samuel Pressure Vessel Group (U.S.)
- Westinghouse Electric Company LLC. (U.S.)
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Asia-Pacific the largest market for pressure vessel
Asia-Pacific is estimated to account for the largest market share, by value, in the pressure vessel market in 2016. It is one of the key markets for pressure vessel manufacturers and suppliers. In the Asian region, countries such as China and India are driving the market because of increasing investments in the energy sector, for enhancing power generating capacities, and investments in nuclear power plants. Additionally, the booming renewable sector and changing trends in energy demand have resulted in the increased demand for pressure vessels. All these factors are expected to boost the pressure vessel market in Asia-Pacific.