Pressure Vessel Market by End-User Industry (Chemicals, Oil & Gas, Power, & Others), by Type (Boilers, Nuclear Reactors, Separators, & Others), by Material (Steel Alloys, Other Alloys, & Composites), & by Region (Asia-Pacific, North America, Europe, the Middle East & Africa, and South America) - Global Forecast to 2021

The pressure vessel market is expected to reach USD 184.87 Billion by 2021, at a CAGR of 5.38% from 2016 to 2021. Pressure vessels are helping industries in storing high pressure gases/liquids and find application in various industries such as oil refineries, chemicals, and power sector. The pressure vessel market has been segmented on the basis of end-user industry, type, material, and region. In the pressure vessel market, by material, the steel alloys segment is expected to lead during the forecast period. Increasing demand for electricity and growing investments in the power sector are likely to drive the demand for pressure vessels.

The years considered for the study are:

• Base Year – 2015
• Estimated Year – 2016
• Projected Year – 2021
• Forecast Period – 2016 to 2021

Research Methodology

The pressure vessel market valuation for various segments has been arrived at by using pressure vessel implementations in various regions and planned investments of operators. Finally, the market size has been arrived at by consolidating markets for individual regions. Industry experts have also been contacted for validating the key findings of the report, in order to estimate the market size appropriately. Individual responses and viewpoints have been carefully studied and incorporated in the report. The market size has also been validated by both the top-down and bottom-up estimation approaches. In the top-down approach, regional and segmental markets have been derived from the parent market, considering the share of the segments. On the other hand, in the bottom-up approach, individual segment/regional market has been added to arrive at the final parent market.

The figure below shows the breakdown of the primaries on the basis of company type, designation, and region, conducted during the research study.

To know about the assumptions considered for the study, download the pdf brochure

Market Ecosystem:

The pressure vessel market starts with raw material suppliers, which include steel, other alloys, composite materials, and welding equipment. In the later stage, suppliers of pressure vessels use these raw materials to fabricate the pressure vessels. Fabricated vessels are then offered to different industries such as oil & gas, power generation, chemicals, mining, and water & wastewater sectors.

Target Audience:

• Pressure vessel Manufacturers - These include Mitsubishi Heavy Industries, Ltd. (Japan), Babcock and Wilcox Enterprises, Inc. (U.S.), Doosan Heavy Industries & Construction (South Korea), Bharat Heavy Electricals Limited (India), and Larsen & Toubro Limited (India)
• End-User Industries– These include chemicals, oil & gas, power, and other sectors
• State and national regulatory authorities
• International certification agencies
• Government and industry associations
• State- or government-owned corporations

Scope of the Report:

The report segments the market on the basis of end-user industry, type, material, and region.

• By End-user Industry
  • Chemicals
  • Oil & gas
  • Power
  • Others
• By Type
  • Boilers
  • Nuclear Reactors
  • Separators
  • Others
• By Material
  • Steel Alloys
  • Other Alloys
  • Composites
• By Region
  • Asia-Pacific
  • North America
  • Europe
  • Middle East
  • South America

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the client's specific needs. The following customization options are available for the report:

• Company Information
  • Detailed analysis and profiling of additional market players (Up to 5)
  • Product benchmarking for companies operating in the market

Table of Contents

1 Introduction (Page No. - 14)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
            1.3.1 Markets Covered
            1.3.2 Years Considered for the Study
    1.4 Currency and Pricing
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 17)
    2.1 Research Data
    2.2 Secondary Data
            2.2.1 Key Data From Secondary Sources
    2.3 Primary Data
            2.3.1 Key Data From Primary Sources
            2.3.2 Key Industry Insights
    2.4 Breakdown of Primaries
    2.5 Market Size Estimation
            2.5.1 Bottom-Up Approach
            2.5.2 Top-Down Approach
    2.6 Market Breakdown & Data Triangulation
    2.7 Research Assumptions & Limitations
            2.7.1 Assumptions
            2.7.2 Limitations

3 Executive Summary (Page No. - 26)
    3.1 Historical Backdrop, Evolution, & Current Scenario
    3.2 Future Outlook
    3.3 Conclusion

4 Premium Insights (Page No. - 31)
    4.1 Asia-Pacific is Expected to Hold the Largest Market Share During the Forecast Period
    4.2 Pressure Vessel Market, By End-User Industry
    4.3 Pressure Vessel Market, By Material
    4.4 North America Pressure Vessel Market

5 Technical Overview (Page No. - 36)
    5.1 Introduction
    5.2 Design Codes
    5.3 Construction Materials
            5.3.1 Steel
                     5.3.1.1 Carbon Steel
                     5.3.1.2 Stainless Steel
                     5.3.1.3 Chromium–Molybdenum Alloys
            5.3.2 Other Alloys
                     5.3.2.1 Gray Cast Iron
                     5.3.2.2 Ductile Iron
            5.3.3 Composites
    5.4 Occupational Hazard & Safety
            5.4.1 Introduction
            5.4.2 Testing Methods Employed
                     5.4.2.1 Visual Examination (VT)
                     5.4.2.2 Liquid Penetrant Test (PT)
                     5.4.2.3 Magnetic Particle Test (MT)
                     5.4.2.4 Gamma and X-Ray Radiography (RT)
                     5.4.2.5 Ultrasonic Test (UT)

6 Market Overview (Page No. - 40)
    6.1 Introduction
    6.2 Pressure Vessel: Market Segmentation
            6.2.1 By Type
            6.2.2 By Material
            6.2.3 By End-User Industry
            6.2.4 By Region
    6.3 Market Dynamics
            6.3.1 Drivers
                     6.3.1.1 Rapid Growth in the Middle East Chemical Industry
                     6.3.1.2 Changing Trends in the Energy Industry
                     6.3.1.3 Growing Power Generation Capacity
            6.3.2 Restraints
                     6.3.2.1 Mining Industry Slowdown
                     6.3.2.2 Declining Upstream Oil & Gas Industry
            6.3.3 Opportunities
                     6.3.3.1 Emerging Manufacturing Industry in the Middle East
            6.3.4 Challenges
                     6.3.4.1 Stagnant Industrial Growth in Developed Economies Such as North America & Europe
    6.4 Supply Chain Analysis
    6.5 Porter’s Five Forces Analysis
            6.5.1 Threat of New Entrants
            6.5.2 Threat of Substitutes
            6.5.3 Bargaining Power of Suppliers
            6.5.4 Bargaining Power of Buyers
            6.5.5 Intensity of Rivalry

7 Pressure Vessel Market, By Material (Page No. - 50)
    7.1 Introduction
    7.2 Steel Alloys
    7.3 Other Alloys
    7.4 Composites

8 Pressure Vessel Market, By Type (Page No. - 55)
    8.1 Introduction
    8.2 Boilers
    8.3 Nuclear Reactors
    8.4 Separators
    8.5 Others

9 Pressure Vessel Market, By End-User Industry (Page No. - 61)
    9.1 Introduction
    9.2 Oil & Gas
    9.3 Chemicals
    9.4 Power Generation
    9.5 Others

10 Pressure Vessel Market, By Region (Page No. - 67)
     10.1 Introduction
     10.2 Asia-Pacific
                10.2.1 China
                10.2.2 India
                10.2.3 Japan
                10.2.4 Malaysia
                10.2.5 South Korea
                10.2.6 Australia
                10.2.7 Indonesia
                10.2.8 Rest of Asia-Pacific
     10.3 North America
                10.3.1 U.S.
                10.3.2 Canada
                10.3.3 Mexico
     10.4 Europe
                10.4.1 U.K.
                10.4.2 Germany
                10.4.3 France
                10.4.4 Italy
                10.4.5 Spain
                10.4.6 The Netherlands
                10.4.7 Norway
                10.4.8 Rest of Europe
     10.5 Middle East & Africa
                10.5.1 Saudi Arabia
                10.5.2 UAE
                10.5.3 Qatar
                10.5.4 Kuwait
                10.5.5 South Africa
                10.5.6 Egypt
                10.5.7 Nigeria
                10.5.8 Algeria
                10.5.9 Rest of Middle East & Africa
     10.6 South America
                10.6.1 Brazil
                10.6.2 Venezuela
                10.6.3 Argentina
                10.6.4 Chile
                10.6.5 Rest of South America

11 Competitive Landscape (Page No. - 101)
     11.1 Overview
     11.2 Development Share Analysis, 2015
     11.3 Competitive Situation & Trends
     11.4 Contracts & Agreements
     11.5 Expansions
     11.6 New Product Developments
     11.7 Mergers & Acquisitions

12 Company Profiles (Page No. - 109)
(Company at A Glance, Recent Financials, Products & Services, Strategies & Insights, & Recent Developments)*
     12.1 Introduction
     12.2 Babcock and Wilcox Enterprises, Inc.
     12.3 Doosan Heavy Industries & Construction
     12.4 Mitsubishi Heavy Industries, Ltd.
     12.5 Bharat Heavy Electricals Limited
     12.6 Larsen & Toubro Limited
     12.7 Dongfang Electric Machinery Co., Ltd.
     12.8 General Electric
     12.9 Halvorsen
     12.10 IHI Corporation
     12.11 Pressure Vessels (India)
     12.12 Samuel Pressure Vessel Group
     12.13 Westinghouse Electric Company LLC.

*Details on Company at A Glance, Recent Financials, Products & Services, Strategies & Insights, & Recent Developments Might Not Be Captured in Case of Unlisted Companies.

13 Appendix (Page No. - 143)
     13.1 Insights of Industry Experts
     13.2 Discussion Guide
     13.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     13.4 Introducing RT: Real-Time Market Intelligence
     13.5 Available Customizations
     13.6 Related Reports

List of Tables (73 Tables)

Table 1 List of Pressure Vessel Codes
Table 2 Pressure Vessel Market Size, By Material, 2014–2021 (USD Billion)
Table 3 Steel Alloys: Pressure Vessel Market Size, By Region,2014–2021 (USD Billion)
Table 4 Other Alloys: Pressure Vessel Market Size, By Region,2014–2021 (USD Billion)
Table 5 Composites: Pressure Vessel Market Size, By Region,2014–2021 (USD Billion)
Table 6 Pressure Vessel Market Size, By Type, 2014–2021, (USD Billion)
Table 7 Boilers: Pressure Vessel Market Size, By Region,2014–2021 (USD Billion)
Table 8 Nuclear Reactors: Pressure Vessel Market Size, By Region,2013-2020 (USD Billion)
Table 9 Separators: Pressure Vessel Market Size, By Region,2014–2021 (USD Billion )
Table 10 Others: Pressure Vessel Market Size, By Region,2014–2021 (USD Billion)
Table 11 Pressure Vessel Market Size, By End-User Industry,2014–2021 (USD Billion)
Table 12 Oil & Gas: Pressure Vessel Market Size, By Region,2014–2021 (USD Billion)
Table 13 Chemicals: Pressure Vessel Market Size, By Region,2014–2021 (USD Billion)
Table 14 Power Generation: Pressure Vessel Market Size, By Region,2014–2021 (USD Billion)
Table 15 Others: Pressure Vessel Market Size, By Region,2014–2021 (USD Billion)
Table 16 Pressure Vessel Market Size, By Region, 2014–2021 (USD Billion)
Table 17 Asia-Pacific: Market Size, By Country,2014–2021 (USD Billion)
Table 18 Asia-Pacific: Market Size, By End-User Industry,2014–2021 (USD Billion)
Table 19 Asia-Pacific: Market Size, By Material,2014–2021 (USD Billion)
Table 20 Asia-Pacific: Market Size, By Type,2014–2021 (USD Billion)
Table 21 China:Market Size, By Material,2014–2021 (USD Billion)
Table 22 India: Market Size, By Material,2014–2021 (USD Billion)
Table 23 Japan: Market Size, By Material,2014–2021 (USD Billion)
Table 24 Malaysia: Market Size, By Material,2014–2021 (USD Billion)
Table 25 South Korea:Market Size, By Material,2014–2021 (USD Billion)
Table 26 Australia: Market Size, By Material,2014–2021 (USD Billion)
Table 27 Indonesia:Market Size, By Material,2014–2021 (USD Billion)
Table 28 Rest of Asia-Pacific:Market Size, By Material,2014–2021 (USD Billion)
Table 29 North America: Pressure Vessel Market Size, By Country,2014–2021 (USD Billion)
Table 30 North America: Pressure Vessel Market Size, By End-User Industry, 2014–2021 (USD Billion)
Table 31 North America: Pressure Vessel Market Size, By Type,2014–2021 (USD Billion)
Table 32 North America: Pressure Vessel Market Size, By Material,2014–2021 (USD Billion)
Table 33 U.S.: Market Size, By Material, 2014–2021 (USD Billion)
Table 34 Canada:Market Size, By Material,2014–2021 (USD Billion)
Table 35 Mexico:Market Size, By Material,2014–2021 (USD Billion)
Table 36 Europe: Market Size, By Country,2013–2020 (USD Billion)
Table 37 Europe: Market Size, By End-User Industry,2014–2021 (USD Billion)
Table 38 Europe: Market Size, By Type, 2014–2021 (USD Billion)
Table 39 Europe: Market Size, By Material,2014–2021 (USD Billion)
Table 40 U.K.: Market Size, By Material, 2014–2021 (USD Billion)
Table 41 Germany: Market Size, By Material,2014–2021 (USD Billion)
Table 42 France: Market Size, By Material,2014–2021 (USD Billion)
Table 43 Italy: Market Size, By Material,2014–2021 (USD Billion)
Table 44 Spain: Market Size, By Material,2014–2021 (USD Billion)
Table 45 The Netherlands: Market Size, By Material,2014–2021 (USD Billion)
Table 46 Norway:Market Size, By Material,2014–2021 (USD Billion)
Table 47 Rest of Europe: Market Size, By Material,2014–2021 (USD Billion)
Table 48 Middle East & Africa: Market Size, By Country,2014–2021 (USD Billion)
Table 49 Middle East & Africa: Market Size, By End-User Industry, 2014–2021 (USD Billion)
Table 50 Middle East & Africa: Market Size, By Type,2014–2021 (USD Billion)
Table 51 Middle East & Africa: Market Size, By Material,2014–2021 (USD Billion)
Table 52 Saudi Arabia: Pressure Vessel Market Size, By Material,2014–2021 (USD Billion)
Table 53 UAE: Market Size, By Material, 2014–2021 (USD Billion)
Table 54 Qatar: Market Size, By Material,2014–2021 (USD Billion)
Table 55 Kuwait:Market Size, By Material,2014–2021 (USD Billion)
Table 56 South Africa: Market Size, By Material,2014–2021 (USD Billion)
Table 57 Egypt: Market Size, By Material,2014–2021 (USD Billion)
Table 58 Nigeria: Market Size, By Material,2014–2021 (USD Billion)
Table 59 Algeria: Market Size, By Material,2014–2021 (USD Billion)
Table 60 Rest of Middle East & Africa: Market Size, By Material, 2014–2021 (USD Billion)
Table 61 South America: Market Size, By Country,2014–2021 (USD Billion)
Table 62 South America: Market Size, By End-User Industry, 2014–2021 (USD Billion)
Table 63 South America: Market Size, By Type,2014–2021 (USD Billion)
Table 64 South America: Market Size, By Material,2014–2021 (USD Billion)
Table 65 Brazil: Market Size, By Material,2014–2021 (USD Billion)
Table 66 Venezuela: Market Size, By Material,2014–2021 (USD Billion)
Table 67 Argentina: Market Size, By Material,2014–2021 (USD Billion)
Table 68 Chile: Market Size, By Material,2014–2021 (USD Million)
Table 69 Rest of South America: Pressure Vessel Market Size, By Material, 2014–2021 (USD Billion)
Table 70 Contracts & Agreements, 2014–2015
Table 71 Expansions, 2015
Table 72 New Product Developments, 2014–2015
Table 73 Mergers & Acquisitions, 2014–2016
 
 
List of Figures (51 Figures)
 
Figure 1 Pressure Vessel: Market Segmentation
Figure 2 Pressure Vessel Market: Research Design
Figure 3 Breakdown of Primary Interviews: By Company Type, Designation, & Region
Figure 4 Market Size Estimation Methodology: Bottom-Up Approach
Figure 5 Market Size Estimation Methodology: Top-Down Approach
Figure 6 Data Triangulation Methodology
Figure 7 Asia-Pacific Accounted for the Largest Share (By Value) in the Pressure Vessel (PV) Market in 2015
Figure 8 Boilers Segment is Expected to Dominate the Pressure Vessel Market During the Forecast Period
Figure 9 Steel Alloys Market is Expected to Witness the Maximum Demand During the Forecast Period
Figure 10 Asia-Pacific is Expected to Dominate in this Market,2016–2021
Figure 11 Pressure Vessel (PV) Market Size, By End-User Industry, 2016–2021
Figure 12 Top Market Developments (2014–2016)
Figure 13 Attractive Market Opportunities in the Pressure Vessel Market,2016–2021
Figure 14 Asia-Pacific and Middle East & Africa are Expected to Grow at A High CAGR During the Forecast Period
Figure 15 Chemicals End-User Industry is Expected to Dominate the Pressure Vessel Market By 2021
Figure 16 Developing Countries to Grow Faster Than the Developed Ones During the Forecast Period
Figure 17 U.S. Accounted for the Largest Share (By Value) in the Pressure Vessel (PV) Market in 2015
Figure 18 Pressure Vessel Market Segmentation By Type, Material, End-User Industry, & Region
Figure 19 Market Dynamics: Pressure Vessel (PV) Market
Figure 20 Middle East: Chemical Industry Growth
Figure 21 Changing Energy Mix
Figure 22 Pressure Vessel Market: Supply Chain Analysis
Figure 23 Porter’s Five Forces Analysis: Pressure Vessel Market
Figure 24 Steel Alloys Segment is Expected to Dominate the Market With the Highest Growth Rate During the Forecast Period
Figure 25 Steel Alloys Market in Asia-Pacific is Projected to Be the Largest Market During the Forecast Period
Figure 26 Boilers Segment is Expected to Dominate the Pressure Vessel Market During the Forecast Period
Figure 27 Chemicals is the Largest Market for Pressure Vessel, 2016–2021
Figure 28 Chemicals End-User Industry, By Region, 2016 & 2021
Figure 29 Regional Snapshot (2015): Growing Markets Emerging as New Hot Spots
Figure 30 Pressure Vessel Market Size, By Region, 2016–2021 (USD Billion)
Figure 31 Asia-Pacific: Market Overview
Figure 32 North America: Market Overview
Figure 33 Companies Adopted Contracts & Agreements as the Key Growth Strategy, 2014–2016
Figure 34 Mitsubishi Heavy Industries, Ltd. Accounted for the Largest Development Share in this Market in 2015
Figure 35 Market Evaluation Framework
Figure 36 Battle for Market Share: Contracts & Agreements Was the Key Strategy, 2014–2016
Figure 37 Regional Revenue Mix of the Top Five Market Players
Figure 38 Babcock and Wilcox Enterprises, Inc.: Company Snapshot
Figure 39 Babcock and Wilcox Enterprises, Inc.: SWOT Analysis
Figure 40 Doosan Heavy Industries & Construction: Company Snapshot
Figure 41 Doosan Heavy Industries & Construction.: SWOT Analysis
Figure 42 Mitsubishi Heavy Industries, Ltd.: Company Snapshot
Figure 43 Mitsubishi Heavy Industries Ltd.: SWOT Analysis
Figure 44 Bharat Heavy Electricals Limited: Company Snapshot
Figure 45 Bharat Heavy Electricals Limited: SWOT Analysis
Figure 46 Larsen & Toubro Limited: Company Snapshot
Figure 47 Larsen & Toubro Limited: SWOT Analysis
Figure 48 Dongfang Electric Machinery Co., Ltd.: Company Snapshot
Figure 49 General Electric: Company Snapshot
Figure 50 IHI Corporation: Company Snapshot
Figure 51 Pressure Vessels (India): Company Snapshot

The pressure vessel market is expected to reach USD 184.87 Billion by 2021, at a CAGR of 5.38% from 2016 to 2021. The growth of this market is attributed to huge electricity demand and industrialization in different regions. Investments for renewable power generation in Asia-Pacific and North American countries have been planned to meet the rising power demand, which in turn are going to boost the demand for pressure vessels.

Among various end-user industries for which pressure vessels are employed, the chemicals segment is expected to be the largest market by 2021. Asia-Pacific and North America comprise fast growing markets for this segment.

Boilers are the largest segment among the type of pressure vessels. The boilers segment within the pressure vessel market is expected to have the highest growth from 2016 to 2021, given its increasing usage in the power generation sector. This market is expected to witness the maximum growth in the Asia-Pacific region.

Meanwhile, Asia-Pacific is expected to be the largest market for pressure vessel during the forecast period. With electricity demand going up in the region, substantial investments in the power sector have been made, which are expected to boost the demand for pressure vessels. The region has some key companies including Doosan Heavy Industries & Construction (South Korea), Bharat Heavy Electricals Limited (India), and Larsen & Toubro Limited (India) operating in this market.

At present, pressure vessel has high acceptance due to its unique properties and for being a highly customized product. However, factors such as mining industry slowdown and declining upstream oil & gas industry are restraining the growth of this market. There has been a stagnant growth in the global upstream oil & gas industry, resulting in countries shifting their focus and investments in other industries to diversify revenue stream. The slowdown in the mining as well as upstream oil & gas industries is expected to have a negative impact on the pressure vessel market.

Mitsubishi Heavy Industries, Ltd. (Japan), the leading company in the pressure vessel market, focuses on improving its competitive strength through continuous and considerably high R&D investment in developing its products as well as technologies in the energy and other core business segments. It also emphasizes on strategic joint ventures and partnerships for better and technologically advanced product line.

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