Pressure Vessels Market Size to Flourish with an Impressive CAGR of 4.9% to Cross US$ 18.7 Billion by 2033: Fact.MR

A recent market analysis report by Fact.MR projects that global sales of pressure vessels will reach USD 11.1 billion in 2022. It is projected to grow at a compound annual growth rate (CAGR) of 4.9% between 2023 and 2033. by the end of the forecast period, the market is expected to reach $18.7 billion. Autoclaves are poised to emerge as the largest revenue generating segment with a CAGR of over 4.3% expected from 2023 to 2033.

Pressure vessels play a key role in several industries and are used to store gases or liquids at pressures significantly different from ambient. These pressure vessels have wide applications in various fields such as oil and gas industry, chemical processing, power generation and many other fields. As industrial activity continues to grow worldwide, the global pressure washer market will grow significantly in the coming years.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐚 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭:
https://www.factmr.com/connectus/sample?flag=S&rep_id=8673

𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬

The growing demand for pressure vessels is due to several key factors that are driving their adoption in various industries. One of the most important factors is the rapid expansion of industrial infrastructure, especially in developing economies. Countries such as China, India, Brazil and others are witnessing strong industrial growth, which is increasing the demand for pressure vessels that support various production processes.

In addition, advances in manufacturing technologies and materials have greatly improved the efficiency and reliability of pressure vessels. The development of high-performance alloys, composite materials and advanced welding techniques has led to the production of pressure vessels that offer superior strength, corrosion resistance and durability, expanding their applications in critical industrial processes.

In addition, strict safety requirements are imposed. Regulatory bodies around the world have pushed the industry to invest in quality pressure vessels to ensure the safety of personnel and the environment. Compliance with standards such as the ASME Code for Steam and Pressure Vessels (BPVC) and the European Pressure Equipment Directive (PED) has become mandatory, increasing the demand for pressure vessels certified to meet these strict requirements.

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐬

The global pressure washer market is segmented by material type, product type, end-user industry and geography. Stainless steel, carbon steel and alloy materials are most commonly used in the manufacture of pressure vessels. Product types include boilers, nuclear reactors, separators and tanks. End-user industries include oil and gas, chemical refining, power generation, pharmaceuticals and others.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞:

Major competitors in the pressure vessel market are Bharat Heavy Electricals Limited, Mitsubishi Heavy Industries, IHI Corporation, Babcock and Wilcox, Larsen and Toubro, Hitachi Zosen Corporation, General Electric, Buhman Macatec, Alfa Laval and Godrej and Boyce.

In March 2020, Babcock and Wilcox (BandW) announced that its BandW Environmental division was awarded a contract worth more than $9 million to design and supply two cooling systems for a clean hydrogen production facility in the Middle East.
Also in March 2023, General Electric (GE ) partnered with EcoGreen Energy to develop a solar project in Turkey. Under the contract, GE will supply equipment, including inverter stations, and provide commissioning services.

In November 2015, Babcock and Wilcox announced that it had won a project worth more than $24 million to provide two industrial boilers, auxiliary equipment and advanced emission control. technologies into oil. refinery in North America.
Switzerland opened its industrial electric gas plant in May. It is collaborating with Hitachi Zosen Corporation to reduce carbon emissions.
In March 2021, Bharat Heavy Electricals Limited (BHEL) commissioned 1 x 800 MW boiler at North Chennai Thermal Power Plant, marking a major milestone as a high-class thermal power project. the first supercritical boiler to burn Tamil in Nadu.

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐭𝐡𝐞 𝐆𝐥𝐨𝐛𝐚𝐥 𝐏𝐫𝐞𝐬𝐬𝐮𝐫𝐞 𝐕𝐞𝐬𝐬𝐞𝐥𝐬 𝐌𝐚𝐫𝐤𝐞𝐭

By Application :
Boilers
Reactors
Heat Exchangers
Autoclaves

By Primary Material :
Stainless Steel
Titanium
Aluminum
Others (Carbon Steel, Nickel alloy, Hastelloy)

By Industry :
Oil & Gas Industry
Food & Beverages Industry
Chemical Industry
Energy Industry
Other (Paper & Pulp, Pharmaceuticals, etc.)

By Region :
North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞: https://www.factmr.com/report/pressure-vessels-market

as industries across various sectors continue to evolve and expand, the demand for pressure vessels is expected to surge. Manufacturers, therefore, need to focus on product innovation, quality assurance, and regulatory compliance to capitalize on the lucrative opportunities presented by the growing industrial applications of pressure vessels.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭:

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This release was published on openPR.