-2 Market Trends

Growth Drivers

Global Increase in the Energy Consumption

Governments across the globe are in full support for taking in more and more renewable energy resources that is acting as a driving force for the global market. Unavailability of natural fuels, has encouraged the use of renewable sources of energy such as solar power that is going to benefit  the market in the future.  British Petroleum in its report Statistical Review 2020, 69th Edition stated that renewable source of energy, led by solar power and wind energy has increased tremendously, accounting for over 40% of the growth in primary energy in 2019. Also, the consumption of coal has fallen to an all-time low in the last 16 years in the global energy mix; this is the fourth time this has happened in the past six years.

Increasing Demand for Pressure Vessels From The Chemical And Oil And Gas Industries

Chemicals that may react violently with atmospheric elements need to be transported and stored in pressure vessels so that there is no leakage of any kind into the atmosphere. The chemical industry is expanding and as a result pressure vessels are required in large amount to store such highly reactive chemicals. On the other hand, there is a need to maintain a standard pressure for safety inside the vessel. This can be achieved through various methods such as providing an inbuilt safety valve also known as relief valve that keeps the pressure within the specified range during any operation. Such precautions ensure safety during transmission of chemicals making the process risk free. Moreover, accidental chemical spills or oil spills into the water, air and overall environment can be avoided as a result of using pressure vessels. Such factors are anticipated to drive the global pressure vessels market.

Challenges

Increasing Awareness for the Environment

There is a major drop in mining activities due to growing environmental concerns such as air pollution. The pressure vessels need loads of metal for building thick wall-like barriers to store highly reactive and potentially destructive materials. This further requires huge amount of mining activity that is a potential threat to the environment. Therefore, the decrease in the extraction of metals has resulted in a steady decline of the market. Also there is this concern regarding the accidental chemical spills in air/water during the use of pressure vessels that can cause a catastrophe inside the marine life, can pollute the air to dangerous levels harming the flora and fauna and can cause ecological damage. These liquid spills are anticipated to hamper the market growth upto a certain extent.