Pressure Vessel Market Worth $53.3 Billion by 2025 - Exclusive Report by MarketsandMarkets™

CHICAGO, May 21, 2020 /PRNewswire/ -- According to the new market research "Pressure Vessel Market by Type (Boiler, Reactor and Separator) Material (Steel Alloys and Composites) Heat Source (Fired and Unfired), End User (Power, Chemicals & Petrochemicals, Oil & Gas and Fertilizers) and Region-Global Forecast to 2025", published by MarketsandMarkets™, the Pressure Vessel Market size is projected to reach USD 53.3 billion by 2025 from an estimated USD 42.7 billion in 2020, at a CAGR of 4.5% during the forecast period. Increasing construction of refinery & chemical plants and the adoption of supercritical and ultra-supercritical power generation technology is driving the growth of the market. Moreover, the installation of new pressure vessels in aging power plants and technological advancements in materials and designs is likely to bring opportunities for the pressure vessel industry.

The unfired pressure vessel segment is expected to grow at the highest CAGR from 2020 to 2025.

Unfired pressure vessels can act as heat exchangers that can be used to cool and heat fluid when combined with another fluid. These usually consist of several adjacent chambers and tube bundles. As countries in Europe and North America are focusing on decreasing their primary energy consumption from fossil fuels, the demand for unfired pressure vessels is estimated to surge in the coming years. Hence, unfired pressure vessels are expected to witness rising demand in the coming years due to an increasing focus on heat recovery prompted by stringent emission norms.

Browse in-depth TOC on "Pressure Vessel Market"

110 – Tables

44 – Figures  

173 – Pages

Request for PDF Brochure:

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=116301805

The steel alloy segment is expected to lead the global Pressure Vessel Market during the forecast period.

Steel alloys include carbon steel, chromium-molybdenum alloys, and stainless steel. Carbon steel is a combination of iron & steel, whereas stainless steel is an iron alloy with a minimum of 10.5% chromium. The structure, formability, and strength of stainless steel are enhanced by adding other elements to it. Stainless steel is preferred due to its high corrosion resistance. An increase in the number of industrial power projects and the replacement of existing pressure vessels are the major factors driving the growth of the market. Developing economies of the Asia Pacific and the Middle East are expected to emerge as key revenue pockets for the steel alloys Pressure Vessel Market

The chemicals & petrochemicals segment is expected to grow at the highest CAGR in the global Pressure Vessel Market during the forecast period.

Chemicals and petrochemicals are used in various industries such as fertilizers, lights, coatings & absorbents, plastic, artificial fibers, and chemical laboratories. According to the International Council of Chemical Associations (ICCA), the chemical industry was valued at USD 5.7 trillion in 2017, which was equivalent to a 7% share in the global GDP. Further, petrochemicals are witnessing increasing demand due to the rising number of construction projects in the Asia Pacific and the Middle East regions.

Get 10% Customization on this Research Report:

https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=116301805 

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Pressure Vessel Market. Some of the key players are Babcock & Wilcox Enterprises (US), General Electric(US), Larsen & Toubro (India), IHI Corporation (Japan), and Mitsubishi Hitachi Power Systems (Japan). The leading players are adopting various strategies to increase their share in the Pressure Vessel Market. Contracts & agreements, and alliances & collaborations have been a widely adopted strategy by the major players in the pressure vessel industry.

Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting

Get Special Pricing on Bundle Reports:

https://www.marketsandmarkets.com/RequestBundleReport.asp?id=116301805 

Browse Related Reports:

Cryogenic Equipment Market by Equipment (Tanks, Valves, Vaporizers, Pumps, Others), Cryogen (Nitrogen, Argon, Oxygen, LNG, and Others), End-User (Energy & Power, Chemicals, Metallurgy, Electronics, Shipping, and Others), and Region - Global forecast to 2025

https://www.marketsandmarkets.com/Market-Reports/cryogenic-equipment-market-735.html 

Industrial Boilers Market by Fuel Type (Natural Gas & Biomass, Oil, Coal), Boiler Type (Fire-Tube, Water-Tube), Boiler Horsepower, End-Use Industry (Chemical, Food, Refineries, Metals & Mining), and Region - Global Forecast to 2025

https://www.marketsandmarkets.com/Market-Reports/industrial-boiler-market-130210505.html 

About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/pressure-vessel-market.asp
Visit Our Web Site: https://www.marketsandmarkets.com 
Content Source: https://www.marketsandmarkets.com/PressReleases/pressure-vessel.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg