- The chemical industry is expected to be the largest market among end-user industries.
- Boilers segment is expected to the fastest growing segment of pressure vessel industry.
- Asia-Pacific is expected to emerge as the new hot spot in the pressure vessel market.
The pressure vessel market is projected to reach $184.87 billion by 2021, at a CAGR of 5.38% from 2016 to 2021. This growth is attributed to growing demand for electricity and power generation capacity additions. Increasing upstream & downstream activities in the oil & gas industry is the major factor expected to drive the pressure vessel market.
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.
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 various industries such as oil refineries, chemicals, and power sector.
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.
The chemicals Industry is expected to be the largest end user of pressure vessel
The chemical industry is expected to be the largest market among end-user industries. The chemicals industry requires pressure vessels to store industrial liquids and other materials that are required in the production of their final products; sometimes they are also used to store the final product until shipped. Additionally, the chemicals industry utilizes pressure vessels to convert raw materials by mixing, blending, and heating to produce the final product.
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The chemicals segment is projected to witness the fastest growth during the forecast period. This growth is attributed to increased annual production growth in the global chemicals industry. This in turn would require deployment of pressure vessels. . Increasing investments by chemical companies in shale gas related projects present lucrative growth opportunities for the chemical 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.
Boilers segment is expected to the fastest growing segment of pressure vessel industry
Boilers are primarily employed in power plants for generating high pressure steam to produce electricity. It is estimated to be the largest segment, by type, for the pressure vessel market in 2016. Increasing demand for electricity in Asia-Pacific requires integrated equipment for power generation, which in turn, is likely to drive the pressure vessel market. With majority of applications in power generation, this segment has a prospective market in Asia-Pacific.
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.)
Asia Pacific is the largest market for pressure vessel
Asia-Pacific is expected to emerge as the new hot spot in the pressure vessel market during the forecast period. 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 pressure vessel starts with raw material suppliers, which include steel, other alloys, composite materials, and welding equipment. In the later stage, suppliers of pressure vessels use these raw materials to fabricate the pressure vessels. Fabricated vessels are then offered to different industries such as oil & gas, power generation, chemicals, mining, and water & wastewater sectors.