Global Pressure Vessel Market Report 2022 to 2027: Retrofitting with More Efficient Pressure Vessels in Aging Power Plants Presents Opportunities - ResearchAndMarkets.com

The "Pressure Vessel Market by Type (Boiler, Reactor, Separator), Material, Heat Source (Fired Pressure Vessel and Unfired Pressure Vessel), Application (Storage Vessels and Processing Vessels), End-User and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The pressure vessel market is anticipated to grow from an estimated USD 47.1 Billion in 2022 to USD 59.5 Billion in 2027, at a CAGR of 4.8% during the forecast period.

Steel Alloys: Widely used material for manufacturing pressure vessels, by materials

The material segment is categorized as steel alloys, composites, and other alloys. Steel Alloys are stronger, Corrosion resistance when compared to other alloys. This is why steel alloys are expected to fuel the growth of the segment during the forecast period.

Power segment is expected to emerge as the largest segment based on end-user industry

The pressure vessel market has been segmented based on end-user industry into power, oil & gas, food & beverages, pharmaceuticals, chemicals, and others. The others segment includes agriculture, marine, paper & pulp, and aerospace. The power segment is expected to hold the largest market share owing to the growing use of boilers in steam generation processes. Emerging markets such as Asia Pacific, South Asia, Middle East & Africa, and Latin America are expected to be the main drivers of this growth.

North America is expected to account for the second-largest market size during the forecast period.

North America is expected to be the second-largest and fastest-growing market due to the growing need for petrochemical-derived products and oil & natural gas resources, upgrade of aging power infrastructure, as well as the growth of the chemicals industry. This is propelling the growth of the pressure vessel market.

Market Dynamics

Drivers

• Rising Global Thermal Energy Demand
• Growing Demand for Chemical Manufacturing

Restraints

• Increase in Decommissioning Activities of Nuclear Reactors Due to Environmental Concerns
• Significantly Higher Capital Requirements and Maintenance Costs

Opportunities

• Retrofitting with More Efficient Pressure Vessels in Aging Power Plants
• Technological Advancements in Materials, Testing Methodologies, and Designs of Pressure Vessels

Challenges

• Strict Emission Standards Related to Pressure Vessels and Volatile Raw Material Prices
• Halt on New Conventional Power Plants and Focus on Renewable Energy Projects

Companies Mentioned

• Alfa Laval
• Babcock & Wilcox Enterprises
• Bharat Heavy Electrical Limited
• Dongfang Turbine Co. Ltd
• Doosan Mecatec
• Ergil
• General Electric
• Gladwin Tank
• Halliburton
• Halvorsen Company
• Hitachi Zosen
• IHI Corporation
• Kelvion Holding Gmbh
• Larsen & Toubro
• Mitsubishi Hitachi Power Systems
• Pressure Vessels (India)
• Robinson Pipe & Vessel Company
• Samuel, Son & Co.
• VI Flow
• Westinghouse Electric Company

For more information about this report visit https://www.researchandmarkets.com/r/fga40

View source version on businesswire.com: https://www.businesswire.com/news/home/20221206005985/en/