Pressure Vessel Market Size, Share, Key Trends, Emerging Opportunities, Strategies, Outlook and Forecast to 2024

Pressure Vessel Market Size, Share, Emerging Opportunities,
Strategies, Drivers, Outlook and Forecast to 2024
The global pressure vessel market is expected to reach USD 225.84 billion by 2024, according to a new report by
Grand View Research, Inc. Increasing investment in energy sector is anticipated to be the major driving factor for
the industry growth.
These vessels are containers designed to hold liquids or gases at high pressure. They have wide applications across
various industries including chemicals, oil & 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.
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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.
Further key findings from the report suggest:
Steel alloy dominated the market with an approximate share of 40% in 2015 and is expected to continue its
dominance owing to easy availability of steel and superior qualities. The composite materials sector is anticipated
to witness the highest growth over the forecast period. Some composite based vessels are expected to offer better
performance than steel, which is expected to increase its preference in the near future.
Boilers are...