Pressure Vessel Market is Likely to Grow at a CAGR of 4.7% Over the Next Five Years

Stratview Research has launched a new research report on Pressure Vessel Market by Material report segments the market in five ways to provide a 360-degree holistic view.
The forecast of the market has been segmented by-

• by Material Type: (Steel Alloys, Composites and Other Alloys)
• by Type: (Boilers, Nuclear Reactors and Others)
• by End-User Industry: (Oil & Gas, Chemicals and Others)
•  by Region          
  • North America
  • Europe
  • Asia – Pacific
  • Rest of the World

 
The objective of this report is to identify the Trend, Forecast, Competitive Analysis, and Growth Opportunity of Pressure Vessel Market.
Years considered for this report -

• base year 2019
• trend period 2013 - 2018
• forecast period 2019 - 2024

 
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The Pressure Vessel Market: Highlights
The global pressure vessel market is likely to witness an impressive CAGR of 4.7% during the forecast period. Rapid industrialization and enormous demand for electricity are the prime factors that proliferate the pressure vessel market globally. Significant investment towards renewable energy in Asia-pacific and North America to meet growing demand for power supply is expected to boost the demand for pressure vessels in the coming five years.
 
Based on the type, the pressure vessel market is segmented as boilers, nuclear reactors, separators, and others. Boilers are expected to remain the largest segment of the market during the forecast period, owing to a huge demand for boilers in power generation plants to produce electricity. Asia-Pacific is expected to contribute immensely towards the growth of the boilers segment, owing to a rapid industrialization and significant economic development in the emerging Asian economies mainly in China and India.
 
Based on the end-use industry type, the pressure vessel market is segmented into oil & gas, chemical, power generation, and others. Power plant is projected to remain the largest segment of the market, driven by an incessant increase in the demean for power due to increasing population. The chemicals segment is estimated to witness the highest growth in the coming years, driven by an increased demand for specialty chemicals. The oil & gas segment is also likely to generate a healthy demand for pressure vessels in the coming five years. 
 
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In terms of regions, Asia-Pacific is expected to lead the market for pressure vessels during the forecast period. The surge in the demand for electricity to meet requirements of expanding industrial, commercial, and residential sectors is the key factor behind the extraordinary growth of the region. Europe and North America are the other two major markets with substantial growth opportunities, owing to ongoing economic recovery in both of the markets.
 
Some of the major pressure vessel manufacturers are Babcock and Wilcox Enterprises, Inc., Doosan Heavy Industries & Construction Co., Ltd., Mitsubishi Heavy Industries, Ltd., Bharat Heavy Electricals Limited, Larsen & Toubro Limited, Dongfang Electric Machinery Co., Ltd., General Electric Company, IHI Corporation, Samuel Pressure Vessel Group, and Westinghouse Electric Company LLC.
 
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors.

 
Research Methodology
This report studies the market, keeping in mind the interest of all the stakeholders across the value chain. The rich quality of insights is outcome of -

• Extensive secondary research,
• Rigorous primary interviews with more than 10 industry stakeholders across the value chain.
• Validation and triangulation of data with Stratview Research’s internal database and statistical tools.
• More than 1000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.

 
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