The global pressure vessels market to grow at a CAGR of 5.19% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global pressure vessels market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of pressure vessels. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is development in petrochemical and chemical industry in India. Chemical manufacturing requires a complex series of processes from cooling, condensing, and heating for separation and evaporation in the industry. All these applications need a pressure vessel installed. The Indian petrochemical and chemical industry have been growing tremendously due to the increased demand from process, manufacturing, and agricultural industry. Heat exchangers in these plants are required for transferring fluids from one process to another in the chemical industry.
According to the report, one of the major drivers for this market is amplified demand for water and wastewater treatment. Pressure vessels help in optimizing the temperature of water and increases the energy efficiency of water treatment plant. Therefore, an increase in such plants is expected to fuel the demand for global pressure vessels market.