Comprehensive Analysis of Pressure Vessels Procurement: Trends and Forecasts 2023-2030

 Pressure Vessels Category Overview

The global pressure vessels category is anticipated to grow at a CAGR of 3.8% from 2023 to 2030. Growth of the category can be attributed to rising industrialization, growing energy demand, rising adoption of supercritical power generation technologies, rise of chemical & petrochemical sectors, and stringent government regulations & policies for safely transfer of gases and chemicals. The product offered in the category witnesses significant application in chemical & petrochemical sector.Pressure vessels are required for a variety of processing operations in the sector, such as chemical storage, mixing, distillation, and chemical reactions.The demand for novel, tailored compounds that fulfil certain needs and provide improved functionality is what is causing this change. However, high cost involved in the manufacturing and maintenance of pressure vessels as it requires specialized design & engineering would hinder the growth of the global category.

 

Order your copy of the Pressure Vessels Procurement Intelligence Report, 2023 - 2030 , published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis

 

Key technologies that are transforming the manufacturing of pressure vessels include artificial intelligence (AI), 3D printing, robotics & automation, industry internet of things (IIoT), and augmented reality (AR). AI’s ability to evaluate enormous volumes of data in real-time is one of the most important advantages for manufacturing.AI algorithms can swiftly process and analyze data to detect patterns and trends, assisting manufacturers in understanding how production processes are operating. This is made possible by Industrial Internet of Things (IIoT) devices and sensors that gather data from machines, equipment, and production lines. 3D printing (also known as additive manufacturing), on the other hand, has altered the way businesses design, prototype, and produce goods. It enables manufacturers to cut production time & costs and developcomplicated geometries in a single step. In addition, it also enables manufacturers in producing spare parts as needed, which lowers the requirement for big inventories and boosts supply chain effectiveness.

 

Pressure Vessels Procurement Intelligence Report Scope

The Pressure Vessels category is expected to have pricing growth outlook of 5% – 10% (annual) from 2023 to 2030, with below pricing models.

• Cost-plus pricing
• Fixed pricing

 

Supplier Selection Scope

• Cost and pricing
• Past engagements
• Productivity
• Geographical presence

 

Supplier Selection Criteria

• Geographic Service Provision
• Years In Service
• Certifications
• Type Of Product (Boiler / Separator / Reactor / Others)
• Application (Storage Vessel / Processing Vessel / Others)
• Product Heat Source (Fired / Unfired)
• Pressure Handling Capability
• Technical Support
• Regulatory Compliance
• Others

Pressure Vessels Procurement Intelligence Report Coverage

Grand View Research will cover the following aspects in the report:

• Market Intelligence along with emerging technology and regulatory landscape
• Market estimates and forecasts from 2023 to 2030
• Growth opportunities, trends, and driver analysis
• Supply chain analysis, supplier analysis with supplier ranking and positioning matrix, supplier’s recent developments
• Porter’s 5 forces
• Pricing and cost analysis, price trends, commodity price forecasting, cost structures, pricing model analysis, supply and demand analysis
• Engagement and operating models, KPI, and SLA elements
• LCC/BCC analysis and negotiation strategies
• Peer benchmarking and product analysis
• Market report in PDF, Excel, and PPT and online dashboard versions 

 

Request for Sample Copy of the Pressure Vessels Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

 

Pressure Vessels Procurement Cost and Supplier Intelligence

The category for pressure vessels exhibits a fragmented landscape, with the presence of large number of global and regional small-scale and large-scale market players. Players in the industry are making significant investments in research & developments to enhance their product portfolio which will support the growth of global category. In addition, they are adopting a wide range of strategic initiatives to increase their market share, such as introduction of new products, mergers and acquisitions, contract-based agreements, and joint ventures. Furthermore, in order to reduce operational expenses and benefit their client, the players are opting the strategy of manufacturing locally. The category possesses low threat of new entrants as manufacturing pressure vessels require significant initial investments, team of skilled workforce, and constant pressure of increased raw material prices as the raw materials are commodities which are typically volatile to market conditions.

 

Cost of raw materials (steel, aluminium, nickel, titanium, etc.), labor costs, energy costs, and transportation costs are the key components of this category. Prices of raw materials, particularly steel or aluminium directly impacts the price of pressure vessels since the prices of these commodities are volatile and keeps on fluctuating, thus influencing the cost of production. In addition, besides the price of raw materials, the cost of production also gets affected by factors such as location of the manufacturing facility, quality control measures, regulatory compliance, design complexity, and size. To arrive at a cost estimate that complies with project specifications and safety regulations, manufacturers and project planners carefully weigh these elements and collaborate closely with skilled engineers and fabricators. The price for smaller vessels range between USD 9,500 - USD 39,500, whereas the price for larger vessels range between USD 99,500 - USD 999,500.

 

Asia-Pacific region dominates the global pressure vessels category, holding over 37.1% of global market share. The region is witnessing significant growth owing to the substantial investments being made by the business enterprises and the governments in refining and power sector which makes high demand for product offered in the category. In addition, nations such as India and China have several upcoming and ongoing projects that require the usage of industry products. For instance, the growth rate for the demand of power in India is anticipated to be doubled in the next 4 - 5 years. Closing the gap between the region's consumption and demand for energy is the driving force behind these projects. Assessing if a supplier can offer the vessel made by the required material to meet the end-use application, evaluating if the design of the vessel offered by a specific supplier can withstand rigorous usage, reviewing the documents to ensure that the product adheres to the quality standards set be certification authorities, and comparing the prices offered by multiple suppliers are some of the best sourcing practices considered in this category.

 

Key Companies Profiled

Äager GmbH, Alfa Laval Corporate AB, ANDRITZ AG, Babcock & Wilcox Enterprises, Inc., Doosan Enerbility Co., Ltd., Frames Group B.V., GEA Group AG, General Electric Company, Hitachi Zosen Corporation, IHI Plant Services Corporation, Larsen & Toubro Limited, and Samuel, Son & Co., Ltd.

 

Brief about Pipeline by Grand View Research:

A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.

 

Our services include (not limited to):

• Market Intelligence involving – market size and forecast, growth factors, and driving trends
• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions