Market Size –
The pressure vessel market size has grown strongly in recent years. It will grow from <b>$38.33 billion in 2023 to $40.39 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. </b> The growth in the historic period can be attributed to industrial expansion and growth, increased energy consumption, advancements in materials and fabrication techniques, stringent safety regulations, infrastructure development projects, rise in nuclear power generation, globalization of manufacturing, advances in non-destructive testing.
The pressure vessel market size is expected to see strong growth in the next few years. It will grow to <b>$49.94 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. </b> The growth in the forecast period can be attributed to transition to cleaner energy sources, focus on sustainable manufacturing, expansion of chemical and petrochemical sectors, increasing role in carbon capture, development of small-scale modular reactors, increased adoption of pressure vessels in water treatment. Major trends in the forecast period include advancements in materials and manufacturing, customization and engineering solutions, focus on lightweight materials, life cycle cost considerations, resilience to external forces, adoption of non-destructive testing techniques.
Order your report now for swift delivery @
https://www.thebusinessresearchcompany.com/report/pressure-vessel-global-market-report
Scope Of Pressure Vessel Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Pressure Vessel Market Overview
Market Drivers –
The rising global thermal energy demand leading to the growing adoption of pressure vessels is the major driver for the growth of the market. Thermal energy is the term used to describe the energy present in a system that determines its temperature. Nuclear energy is used to generate thermal power and there are different pressure vessels used in the production process where vessels provide one of several barriers that keep radioactive material out of the environment. For example, according to projections from the International Atomic Energy Agency (IAEA), an Austria-based intergovernmental organization, world nuclear generating capacity is expected to more than double to 873 gigawatts net electrical (GW(e)) by 2050, compared with current levels of around 390 GW(e) in 2021. Thus, the rising global thermal energy demand leading to the growing adoption of pressure vessels is the major driver which helps in the growth of the market.
Market Trends –
The technological innovation is a key trend gaining popularity in the pressure vessel market. The key players are increasingly focusing on integrating smarter and safer safety systems for better design and analysis as well as to gain a competitive edge in the market. For example, in January 2021, a Sweden-based sensor solutions, software solutions, autonomous solutions company, Hexagon launched its PV Elite 23, a complete solution for vessel and heat exchanger design, analysis and evaluation. The automatic design options help users to efficiently modify vessel design to save time and design equipment for the most extreme uses, quickly, accurately and profitably.
The pressure vessel market covered in this report is segmented –
1) By Type: Boiler, Reactor, Separator, Other Types
2) By Heat Source: Fired, Un-Fired
3) By Material Type: Steel Alloys, Composites, Other Material Types
4) By Application: Storage Vessels, Processing Vessels
5) By End-User Channel: Power, Oil and Gas, Food and Beverages, Pharmaceuticals, Chemicals, Other End-User Channels
Get an inside scoop of the pressure vessel market, Request now for Sample Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=8567&type=smp
Regional Insights –
North America was the largest region in the pressure vessel market share in 2023. Western Europe was the second-largest region in the pressure vessel market analysis. The regions covered in the pressure vessel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the pressure vessel market report are Babcock & Wilcox Enterprises, General Electric Company, Larsen & Toubro, Mitsubishi Hitachi Power Systems, Hitachi Zosen, Bharat Heavy Electricals Limited, Samuel Pressure Vessel Group, Halvorsen Company, Doosan Heavy Industries & Construction Co. Ltd., DongFang Turbine Co. Ltd., Westinghouse Electric Company, Kelvion Holding GmbH, Ergil Grup, Alfa Laval AB, Abbott & Co (Newark) Ltd., Alloy Products Corp., GEA Group AG, IHI Plant Services Corporation, Fabrication Services Inc., Engineered Pressure Systems Inc., Andritz AG, SPX Corporation, Sumitomo Heavy Industries Ltd., Siemens AG, Nooter/Eriksen Inc., NuScale Power LLC, Zhejiang Shengda Steel Tower Co. Ltd., The Babcock & Wilcox Company, Parker Hannifin Corporation, Mannesmann AG
Table of Contents
1. Executive Summary
2. Pressure Vessel Market Report Structure
3. Pressure Vessel Market Trends And Strategies
4. Pressure Vessel Market – Macro Economic Scenario
5. Pressure Vessel Market Size And Growth
…..
27. Pressure Vessel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
