The global pressure vessel market is expected to reach USD 56.87 Billion by 2027, according to a new report by Reports and Data. Pressure vessels are close containers that are designed for the purpose of holding volatile liquids, semi-solids, and volatile liquids at different pressures, and these are an indispensable part of in the processing and manufacturing stages of various end-user industries. The chemical firms, including petrochemicals, fertilizers, and organic chemicals, require pressure vessels such as boilers to provide heat and pressure. Steam generated by boiler finds usage in the processes of a chemical production plant and has several uses, including its use in various chemical reactions where steam is used as feed. Circulating fluidized bed (CFB) boilers are the most commonly used boiler, occupying over 35.0% of the boiler market in the chemical industry. The major benefit of the CFB is the offering of ease of firing an extensive range of coal from 9500 to 25000 kJ per Kg.
Surging demand for energy across the globe is driving the growth of the market. According to the forecasts of the U.S. Energy Information Administration (EIA), the energy consumption across the globe is expected to rise by about 50.0% between the year 2018 and 2050. A significant proportion of this rise is consumption is from countries, which are not a member OECD (Organization for Economic Cooperation and Development), and is emphasized in areas where robust economic growth is fuelling the demand, specifically in the Asia Pacific region. Pressure vessels play a crucial role in power generation in the power plants. For instance, Reactor Pressure Vessels (RPVs) find application in nuclear power plants that need high reliability to bear high pressure and temperature and neutron irradiation.
The level of safety standards of a pressure vessel is greatly affected by factors including operating pressure and temperature, and kind of substances used, among others. For instance, if the vessel is meant to contain toxic chemical substances under high pressure, and it has to function in an extreme environment, then its safety standards would be much higher as compared to a simple boiler. American Society of Mechanical Engineers (ASME) is one such organization that governs the operational functionality and quality of pressure vessels.
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Key participants include:
General Electric, Hitachi Zosen, Larsen & Toubro, Mitsubishi Hitachi Power Systems, Doosan Mecatec, Samuel Son & Co., IHI Corporation, Babcock & Wilcox Enterprises, Bharat Heavy Electrical Limited, and Halvorsen Company, among others.
COVID-19 pandemic is having a significant impact on the global market. Demand for a pressure vessel is suffering severe shocks across various end-use markets, worldwide supply chains are upset, and the competitive order of manufacturers/producers has witnessed a change. The shortage of demand has fast-tracked the global pressure vessel industry into an oversupply situation. The chemical and oil & gas sectors are among the hardest hit end-markets, with the need for chemicals experiencing a considerable fall in demand. The outbreak of COVID-19 has led to uncertainty in the oil market worldwide. In 2020, worldwide oil demand is anticipated to shrink after the 2009 recession. Further, with the disruption of the supply chain, chemical companies have commenced to partly ramp up or relocate the manufacturing of critical chemical supplies.
Further key findings from the report suggest
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For the purpose of this report, Reports and Data have segmented the global pressure vessel market on the basis of material, product, heat source, industry vertical, and region:
Material Outlook (Revenue, USD Million; 2017-2027)
Product Outlook (Revenue, USD Million; 2017-2027)
Heat Source Outlook (Revenue, USD Million; 2017-2027)
Industry Vertical Outlook (Revenue, USD Million; 2017-2027)
Regional Outlook (Revenue, USD Million; 2017-2027)
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