Growth in the global pressure vessel (PV) market is expected to be driven by the increasing upstream and downstream activities in the oil and gas industry and also the growing demand for electricity and power generation capacity additions
The global pressure vessel market is expected to reach $184.87 billion by 2021, growing at a compound annual growth rate (CAGR) of 5.38 per cent from 2016 to 2021, according to a new report.
This growth is attributed to growing demand for electricity and power generation capacity additions. Increasing upstream and downstream activities in the oil and gas industry is the major factor expected to drive the pressure vessel market, said a report by Markets and Markets.
Pressure vessels are containers designed to hold liquids or gases at high pressure. They have wide applications across various industries including chemicals, oil and gas, petrochemicals, power in the form of compressed air receivers, distillation towers, hot water storage tanks, nuclear reactor vessels, and natural gas storage systems.
They form an integral part of industry infrastructure for safe handling of gases and liquids. Increasing investment to build high performance-infrastructure for oil exploration activities is expected to drive the industry. The tanks are also used to store propane which is a by-product of liquefied gas processing.
Their application as boilers in thermal energy production is further anticipated to augment the industry volume in near future. These boilers are also used for the domestic hot water system. Many companies need water in the purest form and use fractional distillation. Overall product usage in distillation towers is anticipated to provide great opportunities for overall industry growth, the report said.
In addition, they find their applications in the hydraulic and pneumatic reservoir under pressure, rail vehicle airbrake reservoir, and in storage vessels for liquefied gases, such as ammonia, chlorine, and liquid petroleum gas (LPG).
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 and gas, power generation, chemicals, mining, and water and wastewater Wsectors.
The pressure vessel market is segmented on the basis of end-user industry, type, material, and region. By end-user industry, the market is split as per: chemicals, oil and gas, power and others. By type, it is divided into: boilers, nuclear reactors, separators and others. By material: steel alloys, other alloys composites and by region: Asia-Pacific, North America, Europe, Middle East and South America.
