Press release
Pressure Vessels Industry Set to Surge Significantly During 2024 - 2031 | Doosan Corporation, IHI Corporation
Pressure Vessels Industry
The pressure vessels market is estimated to be valued at USD 60.39 Bn in 2024 and is expected to reach USD 77.88 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
Market Dynamics:
The growth of the pressure vessels market is primarily driven by rising demand from the oil and gas industry. Pressure vessels play a vital role in upstream and downstream oil and gas operations as they are used for storing, transporting, and processing hydrocarbons and chemicals. Increasing investments in oil and gas exploration, production, transportation, and refining activities around the world are fueling the demand for pressure vessels. Additionally, growing demand for energy is also augmenting the production and transportation of oil and gas, thereby driving the need for pressure vessels. Furthermore, expanding chemical and petrochemical industry is another major factor boosting the market growth. Pressure vessels find extensive usage in chemical and petrochemical plants for manufacturing, processing, and storing various chemicals.
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Growing Renewable Energy Sector Provides New Market Opportunity
The increasing shift towards renewable energy sources across the world is opening new growth avenues for pressure vessels market. Pressure vessels play a vital role in concentrating solar power plants, geothermal power plants and hydrogen production plants. Concentrating solar power plants use pressure vessels to store thermal energy generated from solar collectors. Geothermal power plants require vessels to collect and store steam from underground reservoirs. Pressure vessels are necessary for storing hydrogen produced from water electrolysis in the renewable hydrogen sector. As governments worldwide allocate large funds and set ambitious targets to expand their renewable energy infrastructure, demand for specialized pressure vessels from these emerging applications is expected to rise considerably in the coming years. This presents a major market opportunity for pressure vessel manufacturers to tap into the growing renewable energy industry.
Automation and Digitalisation Will Modernize Pressure Vessel Manufacturing
One of the key trends that will transform pressure vessel manufacturing is increasing automation and digitalization of operations. Adopting advanced manufacturing technologies such as robotics, internet of things (IoT), additive manufacturing, analytics and artificial intelligence can streamline processes, enhance productivity, improve quality and reduce costs for vessel manufacturers. Automated non-destructive testing methods using ultrasound, x-rays, eddy currents etc. can validate vessel integrity more accurately than manual testing. IoT enabled sensors embedded in vessels during production can continuously monitor performance and generate big data for predictive maintenance. Additive manufacturing opens new design possibilities for lightweight components. Advanced analytics of performance data helps detect anomalies and predict failures to enable condition-based maintenance. Modern digital tools are allowing customization at mass production levels to address evolving application requirements. The integration of next-gen technologies in pressure vessel manufacturing will make it more sustainable, optimize assets utilization and strengthen competitive advantage.
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Top Companies Featured in This Report:
★ Doosan Corporation
★ IHI Corporation
★ Babcock & Wilcox Enterprises Inc.
★ Pressure Vessels (India)
★ MITSUBISHI HEAVY INDUSTRIES
★ LTD.
★ Samuel
★ Son & Co.
★ Alloy Products Corp.
★ Abbott Pressure Vessels
★ Bharat Heavy Electricals Limited
★ LARSEN & TOUBRO LIMITED
★ MERSEN PROPERTY
★ Xylem
★ Tinita Engg Pvt. Ltd
★ WCR Inc.
★ Teknoflow Green Equipments Pvt. Ltd.
★ Nano-Mag Technologies
★ Delpro Equipments Pvt. Ltd.
★ Shreno Engineering Limited
★ Jaysons Machinery & Equipments Pvt.Ltd.
★ Varadraj Industries
Market Segmentation:
By Product Type:
★ By Material Type: Titanium , Nickel & Nickel Alloys , Tantalum , Steel , and Others
★ By Product Type: Boiler , Nuclear Reactor , Separator , and Others
★ By End-User: Chemicals & Petrochemicals , Oil & Gas , Power Generation , and Others
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Insights from the Global Pressure Vessels Market Analysis:
Market Size Evaluation: Assessing the value and sales volume of the Pressure Vessels market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Pressure Vessels market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Pressure Vessels market.
Segment Analysis: Examining the market value and sales volume of Pressure Vessels by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Pressure Vessels market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Pressure Vessels sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: https://www.linkedin.com/in/alice-mutum-3b247b137 )
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