According to the research report titled ‘Global High-Pressure Vessel Market Size study with COVID Impact, By Product Type (Titanium, Steel, Stainless Steel, Nickel Material, Zirconium, Composite Material) By Application (Petrochemical Chemical, Coal Chemical, Nuclear Power, Non-ferrous Metal, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global high-pressure vessel market accounted for USD 166.5 billion in the year 2019 and is expected to grow with a CAGR of 5.38% between 2020 and 2027.
 

Increasing access to electricity, rapid urbanization, and surging per capita income have impelled the demand for energy, which in turn is a major factor driving the growth of high-pressure vessel market.
 

For those uninitiated, a pressure vessel is a container designed to stock gases and liquids at high pressure. It offers various properties such as excellent tensile strength, corrosion resistance, and can retain the structural characteristics in high pressure. Pressure vessels are primarily made up of materials which can withstand extreme pressure such as polymer and carbon fiber.
 

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Increasing focus towards adopting renewable sources of energy is also aiding the market expansion. However, decreasing mining activities may act as a restraining factor towards the growth of worldwide high-pressure vessel market. In fact, South African mining company Anglo American plc has declared to reduce the capital expenditure by USD 1 billion for the year 2020.
 

As per product type, global high-pressure vessel industry is bifurcated into composite material, zirconium, nickel material, stainless steel, steel, and titanium. The application scope of the market comprises of non-ferrous metal, nuclear power, coal chemical, petrochemical, chemical, and others.
 

Regionally, worldwide high-pressure vessel market is segmented into Latin America, Europe, North America, Asia-Pacific, and rest of the world. The report states that Asia-Pacific is poised to account for a considerable market share by the end of the forecast duration. Rapid expansion of oil & gas as well as chemical industries along with increasing development of nuclear powerhouses are favoring the market outlook in Asia-Pacific.
 

Meanwhile, Middle East & Africa high-pressure vessel industry is predicted to expand significantly in the upcoming years, primarily driven by increasing investments in power infrastructure and booming oil & gas sector. Latin America is also expected to emerge as a lucrative growth avenue for the overall market, owing to rapid industrialization and urbanization.

Berghof Products + Instruments GmbH, PremEx Solutions, LLP Group SA, Autoclave Engineers, Parr Instrument Co., Hexagon Purus GmbH, Mersen, Bharat Heavy Electricals Ltd., Doosan Heavy Industries & Construction Co. Ltd., Mitsubishi Heavy Industries Ltd., and Larsen & Toubro Ltd. are the key participants in global high-pressure vessel market.