San Francisco, Aug. 16, 2016 (GLOBE NEWSWIRE) -- The global pressure vessel market is expected to reach USD 225.84 billion by 2024, according to a new report by Grand View Research, Inc. Increasing investment in energy sector is anticipated to be the major driving factor for the industry growth.
These vessels are containers designed to hold liquids or gases at high pressure. They have wide applications across various industries including chemicals, oil & gas, petrochemicals, power in the form of compressed air receivers, distillation towers, hot water storage tanks, nuclear reactor vessels, and natural gas storage systems.
They form an integral part of industry infrastructure for safe handling of gases and liquids. Increasing investment to build high performance-infrastructure for oil exploration activities is expected to drive the industry. The tanks are also used to store propane which is a by-product of liquefied gas processing.
Their application as boilers in thermal energy production is further anticipated to augment the industry volume in near future. These boilers are also used for the domestic hot water system. Many companies need water in the purest form and use fractional distillation. Overall product usage in distillation towers is anticipated to provide great opportunities for overall industry growth.
Browse full research report with TOC on “Pressure Vessel Market Analysis By Material (Steel Alloy, Other Alloys, Composite), By Product (Boiler, Nuclear Reactor, Separator), By Application (Oil & Gas, Chemical, Power Generation) And Segment Forecasts To 2024” at: http://www.grandviewresearch.com/industry-analysis/pressure-vessel-market
Further key findings from the report suggest:
- Steel alloy dominated the market with an approximate share of 40% in 2015 and is expected to continue its dominance owing to easy availability of steel and superior qualities. The composite materials sector is anticipated to witness the highest growth over the forecast period. Some composite based vessels are expected to offer better performance than steel, which is expected to increase its preference in the near future.
- Boilers are anticipated to grow at significant rate over the forecast period on account of its wide industrial applications, especially in fractional distillation. Around one-fourth of the industry in 2024 is expected to be captured by in nuclear reactors on account of increasing atomic energy implementations.
- Power generation was the leading end-use segment and accounted for 33.5% of total market revenue in 2015. Increasing energy demand has been prompting increasing power generation which is expected to drive this segment over the forecast period.
- Chemicals manufacturing is anticipated to witness the highest growth rate of 5.8% on account of increasing chemical projects in developing regions including the Middle East and Asia Pacific.
- Asia Pacific was the leading regional market and accounted for 38.3% of total market revenue in 2015. Growth of power and chemicals industry in China and India coupled with government support to expand power generation capacities are anticipated to drive the regional market.
- Major players operating in the global industry include Mitsubishi, Larsen & Toubro, Bharat Heavy Electricals, Pressure Vessels India, Samuel Pressure Vessels, Doosan, Babcock and Wilcox, Barton Firtop, and Abbott.
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Grand View Research has segmented the pressure vessel market on the basis of material, product, end-use and region:
Global Pressure Vessel Material Outlook (Revenue, USD Billion, 2014 - 2024)
- Steel Alloy
- Other Alloy
Global Pressure Vessel Product Outlook (Revenue, USD Billion, 2014 - 2024)
- Nuclear Reactor
Global Pressure Vessel End-Use Outlook (Revenue, USD Billion, 2014 - 2024)
- Oil & Gas
- Power Generation
Global Pressure Vessel Regional Outlook (Revenue, USD Billion, 2014 - 2024)
- North America
- Asia Pacific
- South Korea
- Middle East and Africa
- Saudi Arabia
- Central & South America
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research