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Pressure vessels are containers that can hold liquids and gases at a pressure higher than the atmospheric pressure, generally above 15 PSIG. Their widespread usage is seen worldwide in various industries as well as in commercial spaces like diving cylinders and hot water storage tanks. The pressure vessels market is a massively growing market owing to the development in all industries.
Based on the material, the market is classified into steel alloys, composites, and other alloys. The steel alloys segment accounted for the major share of the market, and it is anticipated that it will maintain its attractiveness during the forecast period, as they provide greater formability and strength. Steel alloys also enhance corrosion resistance and find great use in power projects.
Based on the construction type, the global market is classified into type I, type II, type III, and type IV. The type I segment accounted for the major share in the market. Type I is the easiest to produce and manufacture as they are made using steel and are heavy. Their affordability attracts consumers to invest in the type I pressure vessels. Based on the end-user, the market is classified into power, oil & gas, chemicals & petrochemicals, fertilizers, and others. The chemical & petrochemicals segment accounted for the major share of the market, and it is anticipated that it will maintain its attractiveness during the forecast period, as the chemical and petrochemical industries are growing rapidly.
There is a surge in power and energy demand all over the world due to rising industrialization and urbanization. This has given rise to the energy sector, which requires pressure vessels for their operations. The chemical and petrochemical industry is booming worldwide, which has a wide application of pressure vessels. This factor is likely to drive the global pressure vessels market during the forecast period.
The key market restraint for the market is the high initial cost of manufacturing the pressure vessels. The construction requires good quality materials, which are costly, and undergo difficult processing, which is affecting the growth of the market.
Key Market Driver -
Growth in industries dependent on the pressure vessel industry
Key Market Restraint -
High initial manufacturing cost
Some of the major companies in the pressure vessel market are Babcock & Wilcox, GE, Larsen & Toubro, IHI Corporation, Mitsubishi Power, Hitachi Zosen Inova, Bharat Heavy Electricals Limited, Doosan, Dongfang Turbine Co., Ltd., Samuel, Son & Co., Westinghouse Electric Company, Halvorsen Co., Alloy Products Corp, Abbott, and Kelvion.
The global pressure vessels market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific accounted for the major share of the global market due to the massive growth in power generation, oil & gas, refinery, and chemical industries. The Asia Pacific market is also increasing due to the growing population and rise in the power and energy demand in developing nations like India and China. Latin America is the fastest-growing region for the global pressure vessels market, owing to the rising industrialization in the region, especially in Brazil and Argentina.
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