The pressure vessel market is expected to reach USD 184.87 billion by 2021, at a CAGR of 5.38% from 2016 to 2021. 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.“Steel alloys the largest market, by material”
The steel alloys segment within the pressure vessel market is estimated to be have the largest size in 2016. Steel alloys are considered as high strength steel and are extensively used in fabricating pressure vessels to hold high pressure gases/liquids.
“Asia-Pacific the largest market”
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.
The primary participants for the report have been categorized on the basis of company type, designation, and region. The details are as follows:
- By Company Type: Tier 1 - 56%, Tier 2 – 24%, and Tier 3 – 20%
- By Designation: C level – 50%, Manager level – 31%, and Others – 19%
- By Region: The Middle East, South America, & Africa – 48%, Asia-Pacific – 24%, Europe – 15%, and North America – 13%
List of companies profiled in the report 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.)
- The report offers market estimations and projections till 2021, and offers a complete study of the market dynamics. In addition, the report provides the competitive landscape with major growth strategies adopted by the key players.
- Product Analysis and Development: Insights on upcoming technologies, research & development activities, and new product launches in the pressure vessel market. In-depth analysis of the deployment of pressure vessel in various regions depicts a clear picture of the market scenario.
- Market Development: Includes information about lucrative emerging markets. The report also analyzes the pressure vessel market in regions across the globe.
- Market Diversification: Information about new products, untapped regions, recent developments, and investments decisions in the market. Description regarding related diversification pertaining to this market.
- Competitive Assessment: Assessment of market shares and company share analysis of key players. Business strategies and manufacturing capabilities of leading players enhance the bottomline of the companies in the pressure vessel market.