The pressure vessel market is expected to reach $184.87 billion by 2021, growing at a CAGR of 5.38 per cent from 2016 to 2021. Increasing upstream and downstream activities in the oil and gas industry is the major factor expected to drive the pressure vessel market, said a new report.
This growth is attributed to growing demand for electricity and power generation capacity additions, according to a report titled “Pressure vessel market by end-user industry – Global Forecast to 2021”, by MarketsandMarkets. Some of the leading pressure vessel manufacturers are Mitsubishi Heavy Industries, Ltd (Japan), Babcock and Wilcox Enterprises (US), Doosan Heavy Industries & Construction (South Korea), Bharat Heavy Electricals Limited (India), and Larsen & Toubro Limited (India). Most of these market players are present in Asia-Pacific and the US and have been actively participating in competitive developments.
The target audience for this sector are: End-user industries – these include chemicals, oil and gas, power, and other sectors; state and national regulatory authorities; international certification agencies; government and industry associations and state- or government-owned corporations. Chemicals end-user industry to register the highest growth.
The chemicals industry requires pressure vessels to store industrial liquids and other materials that are required in the production of their final products; sometimes they are also used to store the final product until shipped.
Additionally, the chemicals industry utilises pressure vessels to convert raw materials by mixing, blending, and heating to produce the final product. The chemicals segment is projected to witness the fastest growth during the forecast period. This growth is attributed to increased annual production growth in the global chemicals industry. This in turn would require deployment of pressure vessels.
Boilers are primarily employed in power plants for generating high pressure steam to produce electricity. It is estimated to be the largest segment, by type. Increasing demand for electricity in Asia-Pacific requires integrated equipment for power generation, which in turn, is likely to drive the pressure vessel market.
Asia-Pacific is the largest pressure vessel market, with China and India the largest markets in the region. Asia-Pacific is expected to grow at the highest rate from 2016 to 2021. Countries such as South Korea, Japan, and Malaysia also have high-growth prospects. Increasing focus on renewable power generation and modernisation of existing power infrastructure is likely to further boost the demand for pressure vessels in the Asian region.
