Impact of COVID-19 on Pressure Vessel Market: Implications on Business
Pressure vessels are used to store liquids and gases at high pressure. The particular parameters of pressure vessels differ according to regional regulations and the application, but the primary requirement of pressure vessels is the ability to withstand the high internal pressure. Pressure vessels in the past were much more accident prone than modern designs, which are constructed with the help of intensive R&D and the support of stringent government regulations. The increasing demand from the oil and gas and chemical industries is a major driver propelling the global pressure vessels market at present.
The report sheds light on all aspects of the global pressure vessels market. The competitive dynamics of the market are examined in the report with the help of analytical business profiles of key players. The major drivers and restraints affecting the pressure vessels market’s trajectory are analyzed to illustrate their impact on the market both qualitatively and quantitatively. The major trends picking up speed in the pressure vessels market at present are also discussed in the report to brief the readers about the potential impact they could have on the market in the coming years.
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Global Pressure Vessel Market: Drivers and Restraints
The major driver for the global pressure vessels market is the rising need for energy around the world. Boilers, which are the dominant type of pressure vessel in the global market, are used in several energy generation procedures, which is expected to sustain their demand in the coming years.
The increasing attention paid by governments all over the world to the renewable energy sector has also benefitted the pressure vessels market massively. Due to the mounting scarcity of natural fuels, which are an exhaustible resource, renewable sources of energy such as solar power have risen to the fore in the global energy scenario, benefitting the global pressure vessels market.
The rising demand from the chemicals industry is also a major driver for the global pressure vessels market. Chemicals that can react violently with atmospheric compounds need to be transported and stored in pressure vessels. The expanding chemicals industry is thus a major driver for the global pressure vessels market. The customizability of pressure vessels is another key driver for the global pressure vessel market.
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On the other hand, the drop in mining activities has restrained the pressure vessels market to a degree. Pressure vessels need large amounts of metals, since they need to provide a barrier thick enough to contain even highly reactive and potentially destructive materials. Thus, the reduction in the extraction of metals has hurt the pressure vessels industry.
Global Pressure Vessel Market: Geographical Dynamics
The largest regional market for pressure vessels at present is Asia Pacific. The rapid expansion of the power sector in the region, the increasing utilization of nuclear power, and the increasing demand from the region’s chemicals industry are the major drivers for the global pressure vessels market. The expected expansion of urban and industrial infrastructure in the region in the coming years will ensure steady demand for electricity. This will drive the demand for pressure vessels in the region, as they are essential in most conventional power generation procedures.
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The major companies in the global pressure vessels market are Mitsubishi Heavy Industries, Ltd., Bharat Heavy Electricals Ltd., Doosan Heavy Industries & Construction, and Larsen & Toubro Ltd. Intensive R&D into expanding the capabilities of pressure vessels is the prime opportunity for players in the global pressure vessels market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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