Pressure Vessel Market

New Revenue Pockets - Pressure Vessel Market

The global pressure vessel market size is projected to reach USD 53.3 billion by 2025 from an estimated USD 42.7 billion in 2020, at a CAGR of 4.5% during the forecast period. Rising demand for LNG across regions is creating demand opportunities for pressure vessels. Also, the increasing number of air separation units projects are driving the pressure vessel market. However, pressure vessels are feasible for large scale applications only.

Asia Pacific is estimated to be the largest market for pressure vessels during the forecast period. The pressure vessel market in this region is expected to be driven primarily by the demand for pressure vessels such as boilers, heat exchangers, and separators from the upcoming construction of industrial facilities. China is the largest market for industrial equipment in Asia Pacific as the country has the highest demand for chemicals, power, and other industrial products. The country is the leader in thermal power plants and aims to develop more power plants using advanced technologies. Thus, it brings opportunities for the pressure vessel market.

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Unfired pressure vessels are expected to grow at the highest CAGR during the forecast period. Unfired pressure vessels can act as heat exchangers that can be used to cool and heat fluid when combined with another fluid. These usually consist of several adjacent chambers and tube bundles. As countries in Europe and North America are focusing on decreasing their primary energy consumption from fossil fuels, the demand for unfired pressure vessels is estimated to surge in the coming years. Unfired pressure vessels are expected to witness heightened demand in the coming years due to an increasing focus on heat recovery prompted by stringent emission norms.

Related Reports:

Pressure Vessel Market by Type (Boiler, Reactor and Separator) Material (Steel Alloys and Composites) Heat Source (Fired and Unfired), End User (Power, Chemicals & Petrochemicals, Oil & Gas and Fertilizers) and Region-Global Forecast to 2025

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Report Code
EP 4288
RI Published ON
5/21/2020
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