Pressure Vessel Market | Forecast up to 2024

This report, from Stratview Research, studies the pressure vessel market over the trend period from 2013 to 2018 and forecast period from 2019 to 2024. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The Pressure Vessel Market: Highlights

The global pressure vessel market is likely to witness an impressive CAGR of 4.7% during the forecast period. Rapid industrialization and enormous demand for electricity are the prime factors that proliferate the pressure vessel market globally. Significant investment towards renewable energy in Asia-pacific and North America to meet growing demand for power supply is expected to boost the demand for pressure vessels in the coming five years.

Based on the type, the pressure vessel market is segmented as boilers, nuclear reactors, separators, and others. Boilers are expected to remain the largest segment of the market during the forecast period, owing to a huge demand for boilers in power generation plants to produce electricity. Asia-Pacific is expected to contribute immensely towards the growth of the boilers segment, owing to a rapid industrialization and significant economic development in the emerging Asian economies mainly in China and India.

Based on the end-use industry type, the pressure vessel market is segmented into oil & gas, chemical, power generation, and others. Power plant is projected to remain the largest segment of the market, driven by an incessant increase in the demean for power due to increasing population. The chemicals segment is estimated to witness the highest growth in the coming years, driven by an increased demand for specialty chemicals. The oil & gas segment is also likely to generate a healthy demand for pressure vessels in the coming five years.  

In terms of regions, Asia-Pacific is expected to lead the market for pressure vessels during the forecast period. The surge in the demand for electricity to meet requirements of expanding industrial, commercial, and residential sectors is the key factor behind the extraordinary growth of the region. Europe and North America are the other two major markets with substantial growth opportunities, owing to ongoing economic recovery in both of the markets.

Some of the major pressure vessel manufacturers are Babcock and Wilcox Enterprises, Inc., Doosan Heavy Industries & Construction Co., Ltd., Mitsubishi Heavy Industries, Ltd., Bharat Heavy Electricals Limited, Larsen & Toubro Limited, Dongfang Electric Machinery Co., Ltd., General Electric Company, IHI Corporation, Samuel Pressure Vessel Group, and Westinghouse Electric Company LLC.

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This rep/ort provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

The pressure vessel market is segmented into the following categories. 

Pressure Vessel Market by Material Type:

• Steel Alloys (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Other Alloys (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Composites (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Pressure Vessel Market by Type:

• Boilers (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Nuclear Reactors (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Separators (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Pressure Vessel Market by End-User Industry:

• Oil & Gas (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Chemicals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Power Generation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Pressure Vessel Market by Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the material types by end-user industry type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected].