Pune, 7, Dec, 2022: The report analysed by Maximize Market Research, the global engineering equipment market research firm. Pressure Vessel Market covers an extensive competitive and pricing analysis in the report. The Asia-Pacific region is expected to witness significant growth according to the report. During the Forecast period, the report expects the market to grow from USD 43.02 Billion in 2021 to USD 63.22 Billion in 2029 at a CAGR of 4.93 percent.
Pressure Vessel Market Scope and Research Methodology
The report is an analysis of the Pressure Vessel Market by region, segment and competitive landscape. For a thorough understanding of the global factors affecting the Pressure Vessel Market, the report presents drivers, challenges, restraints and opportunities prevailing in the Pressure Vessel Market. Key insights such as the market share and market presentation are presented in the report with the help of easy-to-understand figures and tables. The report covers the current trends prevailing in the market along with estimations about future trends to help understand investors identify investment pockets and opportunities in the Pressure Vessel Market.
The report is equipped with a competitive analysis of the Pressure Vessel Market. Key players and new entrants in the Pressure Vessel Market are listed together. These are analysed by region, revenue, financial status, portfolio, technological advancements adopted, social media presence, mergers and acquisitions, joint ventures and strategic alliances. The analysis aids new entrants understand the Pressure Vessel Market for growth prospects and future business outlooks. A detailed study is also conducted on various government schemes, policies and subsidies that make the Pressure Vessel Market a lucrative option with growth opportunities.
Porter’s Five Forces analysis provides a deeper understanding of the industry to tweak your strategy according to the current market scenario, increase the profit margin and stay a step ahead of the competitors in the market. The five forces that were analysed in the market include the competitive landscape, supply and demand side of the market with the degree of power held by them, threat to entry and threat of substitution. SWOT analysis was conducted to provide the strengths and weaknesses of the Pressure Vessel Market while PESTLE was employed to understand the potential impact of the micro-economic factors affecting the Pressure Vessel Market. Such analysis presents relevant information required for strategic business planning, product development and workforce planning. Thus the report provides a detailed overview of the Pressure Vessel Market.
The bottom-up approach was employed to validate the market size in terms of value and volume by different segments of the product. Data was collected using both primary and secondary data collection methods. Surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs and marketing professionals were included in the primary methods. Secondary data was collected from a list of sources for maximum reliability of the inferences. This includes official databases of various organisations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases. The analysis presents relevant information required for strategic business planning, product development and workforce planning. Thus the report provides a detailed overview of the Pressure Vessel Market.
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Pressure Vessel Market Overview
A pressure vessel is enclosed contained that contains gases or liquids at a pressure that is significantly higher or lower than the ambient pressure. Compressed gas cylinders, compressors, vacuum chambers, autoclaves, heat exchangers and laboratory vessels are designed specifically for this purpose. Industries that extensively use pressure vessels include oil and gas, petrochemical and food processing industries.
Pressure Vessel Market Dynamics
Developing countries like India, Brazil and China are witnessing an increase in demand for LPG and the food industry. In these economies, the usage of LPG tanks in automobiles has increased significantly. Similarly, the increasing population is equivalent to increased food production. This has increased the adoption of pressure vessels by food processing industries. The composites industry is also witnessing rapid growth. These factors combined are expected to drive the growth of the Pressure Vessel Market over the forecast period.
Concerns regarding carbon emissions have been increasing along with efforts to reduce the carbon footprint. This has resulted in a shift from conventional energy sources like fossil fuels to renewable energy sources or ones that have low emissions like CNG, and RNG. This shift is expected to increase demand for Pressure Vessel Market over the forecast period.
Pressure Vessel Market Regional Insights
During the forecast period, the Asia-Pacific region is expected to witness the fastest growth over the forecast period. This growth is attributed to the growth in the automobile industry, especially for cars with alternative fuel sources. Other factors contributing to growth include the growth in other user-end industries such as the food processing and chemical industry. Government initiatives are also boosting the demand for the Pressure Vessel Market’s regional growth. Extensive research and development are also expected to increase the demand for the Pressure Vessel Market in the region.
Pressure Vessel Market Segmentation:
By Product:
- Boiler
- Nuclear Reactor
- Separator
By Material:
- Steel Alloy
- Other Alloy
- Composite
By End-Use:
- Oil & Gas
- Chemical
- Power Generation Chemicals & Petrochemicals
- Other
Pressure Vessel Market Key Competitors include:
- Larsen & Toubro Ltd.
- Shanghai Electric
- Mitsubishi Heavy Industries, Ltd.
- Doosan Heavy Industries & Construction
- Bharat Heavy Electricals Ltd
- Babcock and Wilcox Enterprises,Inc.
- Dongfang Electric Machinery Co., Ltd.
- General Electric Company
- IHI Corporation
- Samuel Pressure Vessel Group
- Westinghouse Electric Company LLC.
- CB&I
- IHI Corporation
- Kobelco
- Springs Fabrication
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Key questions answered in the Pressure Vessel Market are:
- What is a Pressure Vessel?
- What is the current growth rate of the Pressure Vessel Market?
- What is the growth rate of Pressure Vessel Market for the forecast period?
- What is the nature of competition in Pressure Vessel industry in developed and developing economies?
- Who are the key players in the Pressure Vessel Market?
- Who are the market leaders in Pressure Vessel in Europe?
- Who are the market leaders in Pressure Vessel in USA and Canada?
- Who are the market leaders in Pressure Vessel in India, China, Japan and South Korea?
- What are the factors affecting growth in the Pressure Vessel Market?
- Who held the largest market share in Pressure Vessel Market?
- What are the factors for the growth of Asia-Pacific region in Pressure Vessel Market?
- What are the major challenges that impede Pressure Vessel Market growth?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Product, Material, End-Use and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading engineering equipment research firm, has also published the following reports:
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Spiral Heat Exchanger Market –The Spiral Heat Exchanger Market size is expected to reach USD 620.78 million by 2029 at a CAGR of 3.81 percent during the forecast period. The Spiral Heat Exchanger Market is expected to be driven by enhanced performance of heat exchangers compared to traditional alternatives.
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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