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Global Pressure Vessel Market Analysis, Drivers, Restraints, Threats & Growth Forecast to 2030

The global pressure vessel market size was worth around USD 52.5 Billion in 2022 and is predicted to grow to around USD 78.1 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.1% between 2023 and 2030.

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➤ The market is growing because of the rising need for thermal energy.

The rise in worldwide thermal energy demand, which is leading to an increase in the use of pressure vessels, is the main factor propelling the expansion of the pressure vessel industry market. Thermal energy is the energy present in a system that regulates its temperature. In the manufacturing process, thermal power is produced by nuclear energy using various pressure vessels. One of the many barriers that prevent radioactive particles from entering the atmosphere is these containers.

➤ Metal components that corrode easily impede market expansion.

Due to the increasing demand for innovative products, pressure vessels are currently being accepted and used by manufacturing companies worldwide. An advanced airtight container that can withstand high pressure is called a pressure vessel. It is extremely important to major industries like the military, petrochemical, chemical, and civic sectors. It can also lessen hydraulic shocks in the system, which makes it an essential component of scientific research facilities.

➤ The development of technology offers a profitable opportunity.

Technological innovation is a trend that is becoming increasingly popular in the pressure vessel business. Integrating safer and smarter safety systems is becoming more and more important for the major businesses, both to improve design and analysis and to obtain a competitive edge in the market. In January 2021, for example, the Swedish sensor, software, and automated solutions provider Hexagon unveiled PV Elite 23, a complete solution for the design, analysis, and evaluation of vessels and heat exchangers.

➤ One of the biggest obstacles is the raw material price volatility.

The price fluctuation of raw materials is a significant obstacle to the expansion of the pressure vessel business worldwide. As per SteelMint, the cost of a tonne of hot rolled coil (HRC) was reduced by steel mills from Rs 60,900 on February 1 to Rs 59,800 on February 8. Prices have varied between above Rs 55,000/tonne and Rs 60,000/tonne over the last six to eight months.

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The Global Pressure Vessel Market is segmented based on product, application and region

Global Pressure Vessel Market: Product Segment Analysis

● Boiler
● Nuclear Reactor
● Separator
● Others

Global Pressure Vessel Market: Application Segment Analysis

● Chemicals & Petrochemicals
● Oil & Gas
● Power Generation
● Others

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The global Pressure Vessel market profiles key players such as:

● Babcock & Wilcox Enterprises Inc.
● IHI Corp.
● Pressure Vessels (India)
● Mitsubishi Hitachi Power Systems Ltd.
● Alloy Products Corp.
● Samuel
● Son & Co.
● Abbott & Co (Newark) Ltd.
● Doosan Heavy Industries & Construction
● Bharat Heavy Electricals Ltd.
● Mersen
● Larsen & Toubro Ltd.

???? Current Events:

• The Reactor Pressure Vessel (RPV) at Unit 2 of the Zhangzhou nuclear power station in the Chinese province of Fujian was hauled into place in April 2022. Zhangzhou 2, the second of two Hualong One portions being built at the site, is expected to open for business in 2024 or 2025, respectively.

• Boyd Corporation, a California-based pioneer in the development of engineered materials and thermal management technologies, recently disclosed the construction of a new industrial plant in Juarez, Mexico, in January 2021. This marks the launch of the business into the North American market. Modern automation systems that can produce a broad variety of materials, incorporate thermal management, and run on renewable energy sources are also a part of the industrial complex.

➤ Asia Pacific is anticipated to hold a dominant position in the market over the forecast period.

Throughout the projected period, the Asia Pacific region is anticipated to propel the expansion of the worldwide pressure vessel market. The region’s market revenue growth is primarily driven by the growing demand from major players in the power generation, automotive, oil and gas, chemical, and power generation sectors. In these industries, pressure vessels are commonly employed to perform a variety of physical and chemical processes at elevated temperatures and pressures. Pressure vessels are also used to control hazardous gases.

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