The pressure vessel market will touch USD 68.2 billion by 2030, propelling at a rate of 4.60% in the years to come. This is because of the increasing global thermal energy requirement, growing chemical manufacturing, and budding need for clean energy all over the world.
Steel alloys will grow the fastest at a rate of about 6%, by the end of this decade. One of the common alloys of steel is chromium. Chromium, a key constituent of stainless steel, has a steadying effect and brings about greater production of carbide, turning the alloy steel stronger and tougher.
Steel is also considerably more receptive to heat treatment and significantly more resistant to corrosion, as a result of the existence of chromium.
The power category had a considerable share of revenue in the recent past. The requirement for pressure vessels in the power industry has a lot to do with their ability of capturing dangerous gases.
Moreover, extra gas requires to be kept at oil refineries and metalworks. Reactor pressure vessels are exclusive pressure vessels employed in the industry of nuclear power.
The most damaging pressure boundary in a nuclear power plant is the RPV, a pressure vessel containing the coolant of the nuclear reactor, reactor core, and core shroud needs high reliability to stand high pressures, high temperatures and neutron irradiation.
Chemicals are essential for clothes, healthcare, food, comfort, and ease in daily life. The chemical sector is also an essential part of the economic landscape of the world. Chemicals are put to use in approximately 96% of all manufactured goods, and they can’t be substituted with other materials.
In excess of 80% of chemicals are sold to other companies and through a number of transformations in diverse value chains before they are taken into use by the final consumers.
It is stated by a market research professional at P&S Intelligence, APAC pressure vessel market played the dominant part with a share, of 38%, in 2022, and the situation will remain the same by the end of this decade as well. This is mainly because of the increasing chemical and power industries in the whole of the region.
Additionally, the region is driven by the growing requirement for power. For example, the growth rate of India's power requirement will roughly double in about half a decade.
As per the plan, India would surge its capacity of power generation by 165.3 gigawatts in the span of 5 years ending in March 2027, with bulk of this capacity obtained from the renewable energy sources.
With the growing requirement for thermal energy, all over the world, the requirement for pressure vessel will grow considerably in the years to come.
