Pressure Vessel Market: Current Analysis and Forecast (2021-2027)

The Pressure Vessel market demand is increasing at an extensive rate over the years and is expected to witness significant growth during the forecasted period as well. Factors that are accelerating the demand for pressure vessels across the globe are the growing need for energy which requires pressure vessels for operations coupled with soaring investment in the renewable energy sector and the growing chemical and petrochemical industry requires a wide range of pressure vessels.

In addition, increasing demand for customized vessels has created opportunities for new entrants, especially in developed economies. Furthermore, growing awareness regarding the regulation standards by agencies has boosted the demand for ASME (American Society of Mechanical Engineers)-certified products in recent years are also driving the market size of a pressure vessels.

Based on the material, the human-centric lighting market is classified into hastelloy, titanium, nickel & nickel alloys, tantalum, steel, and others. The steel segment caters to extensive market share in the human-centric lighting market. Steel is most commonly used in manufacturing pressure vessels when compared to composites and other alloys. The advancements in the steel alloy have improved its properties such as strength, and corrosive resistance nature.

Based on the product, the human-centric lighting market is categorized into the boiler, nuclear reactor, separator, and others. The boiler segment acquired a considerable market share in the human-centric lighting market. As boilers have high strength to endure such high pressures and thermal stress that their demand is soaring in many end-user industries.

Based on application, the human-centric lighting market is segmented into chemicals & petrochemicals, oil & gas, power generation, food & beverages, and fertilizers. The oil & gas segment is expected to account for a significant market share in the forecast period. Increasing demand for liquefied natural gas (LNG) & compressed natural gas (CNG) in the transportation system are fueling the market size of pressure vessels across the globe.

For a better understanding of the market adoption of the pressure vessel is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Italy, and the Rest of Europe), Asia-Pacific (China, India, Australia, Japan, Rest of APAC), Rest of the World. The Asia Pacific is expected to hold a significant market share in the forecast period owing to the growing rapid expansion of the power sector in the region coupled with the rising installation of nuclear powerhouses and rapidly expanding oil & gas and chemical sectors are expected to boost the regional market growth.

Some of the major players operating in Babcock and Wilcox Enterprises, General Electric, Hitachi Zosen, Doosan Heavy Industries & Construction Co, Mitsubishi Heavy Industries, Bharat Heavy Electricals, Larsen & Toubro, Dongfang Electric Machinery, IHI Corporation, Halvorsen. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.