Global Pressure Vessel Market is Expected to Reach USD 184.87 Billion by 2021

Date: 2016-05-15

“The pressure vessel market is expected to reach USD 184.87 billion by 2021, at a CAGR of 5.38% from 2016 to 2021. Power generation capacity addition and change in energy trends are the reasons behind the boost in its demand. In addition, end-user industries are deploying pressure vessels for power generation and processing raw materials to produce the final product, primarily in the chemicals & petrochemicals industry. 

“Steel alloys the largest market, by material” 
The steel alloys segment within the pressure vessel market is estimated to be have the largest size in 2016. Steel alloys are considered as high strength steel and are extensively used in fabricating pressure vessels to hold high pressure gases/liquids. 

“Asia-Pacific the largest market”
Asia-Pacific is estimated to account for the largest market share, by value, in the pressure vessel market in 2016. It is one of the key markets for pressure vessel manufacturers and suppliers. In the Asian region, countries such as China and India are driving the market because of increasing investments in the energy sector, for enhancing power generating capacities, and investments in nuclear power plants. Additionally, the booming renewable sector and changing trends in energy demand have resulted in the increased demand for pressure vessels. All these factors are expected to boost the pressure vessel market in Asia-Pacific.  

List of companies profiled in the report include: 
• Mitsubishi Heavy Industries, Ltd. (Japan)
• Babcock and Wilcox Enterprises, Inc. (U.S.)
• Doosan Heavy Industries & Construction (South Korea)
• Bharat Heavy Electricals Limited (India)
• Larsen & Toubro Limited (India)
• Dongfang Electric Machinery Co., Ltd. (China)
• General Electric (U.S.)
• Halvorsen (U.S.)
• IHI Corporation (Japan)
• Pressure Vessels India (India)
• Samuel Pressure Vessel Group (U.S.)
• Westinghouse Electric Company LLC. (U.S.)

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