Pressure Vessel Market Will Reach USD 68.2 Billion by 2030, Says P&S Intelligence

NEW YORK, May 17, 2023 /PRNewswire/ -- The global pressure vessel market is projected to be valued at USD 68.2 billion by 2030, advancing at a CAGR of 4.60%, according to P&S Intelligence.

This can be ascribed to the growing worldwide thermal power demand, increasing chemical production, and rising requirement for clean power. 

Boilers Are Widely Integrated across Industries

In 2022, the boiler category had the largest market share, of 62%, credited to the construction of numerous refineries and renovation of older power plants.

By the end of 2023, the construction of at least nine refineries is expected to begin in Asia and the Middle East. With this, the globe's refining volume is projected to surge by approximately 3 million barrels per day (bpd).

Get the sample pages of this report: https://www.psmarketresearch.com/market-analysis/pressure-vessel-market/report-sample

Steel-Alloy Pressure Vessels Are Gaining Traction

In the coming few years, on the basis of material type, the steel alloy category is projected to advance at the highest CAGR, of approximately 6%.

The most-common alloy of iron is stainless steel. Its vital element, chromium, has a soothing impact and results in a higher production of carbide, thus making the steel rougher and tougher.

Steel is also significantly more reactive to heat treatment and more corrosion-resilient, credited to the existence of chromium.

Pressure Vessels Are Backbone of Power Sector

In 2022, the power category had a major industry share, on the basis of end user. Boilers are the backbone of conventional thermal and nuclear power plants, because it is inside them that water is boiled to produce high-pressure steam, which, ultimately, drives the turbine.

Moreover, reactor pressure vessels (RPVs) are widely utilized in the nuclear power industry to store the atomic reactor coolant, reactor core, and core shroud. Thus, RPVs must be able to endure high temperatures, neutron irradiation, and high pressures.

Browse detailed report on Pressure Vessel Market Size, Share, Growth, Development and Demand Forecast to 2030

Growing Chemical Industry Boosts Pressure Vessel Sales

Chemicals are essential for clothes, food, comfort, healthcare, and other aspects of the routine life. Around 96% of the manufactured goods contain some chemical, and they cannot be substituted by other resources.

The production process of certain chemicals requires the ingredients and raw materials to be stored under high heat or pressures, which makes pressure vessels an integral piece of machinery at chemical factories.

Sale of Pressure Vessels Continues To Boom in APAC

In 2022, the APAC region dominated the industry with a 38% revenue share. This can be credited to the burgeoning chemical and power industries in the region.

By March 2027, India aims to produce 165.3 GW more electricity than present, which reflects a massive rise in the need for pressure vessels at conventional thermal and nuclear–thermal power plants.

Browse More Reports Published by P&S

Distributed Control System Market Projection, Technological Innovation and Emerging Trends 2030

Environmental Remediation Market Growth, Development and Demand Forecast Report 2030

Offshore Pipeline Market Share, Growth, Development and Demand Forecast to 2030

Energy Storage Market Growth, Development and Demand Forecast Report 2030

Floating Solar Panels Market Projection, Technological Innovation And Emerging Trends 2030

About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

Contact:
Prajneesh Kumar
P&S Intelligence
Phone: +1-347-960-6455
Email: [email protected]
Web: https://www.psmarketresearch.com
Follow Us: LinkedIn Twitter

Logo: https://mma.prnewswire.com/media/1224988/P_and_S_Intelligence_Logo.jpg

SOURCE P&S Intelligence