“Grand View Research, Inc.”

The global pressure device market size was estimated at USD 175.4 billion in 2020 and is projected to register a compound annual growth rate (CAGR) of 5.2% from 2021 to 2027.

Sourcing prospects

Pressure vessels are a type of container designed to store and transport liquids and gases under various pressures and temperatures. Petrochemical, oil and gas, chemical and food processing are the main industries where these vessels are used. Pressure vessels are broadly classified based on their geometry and purpose.

The ship types per objective are:

• Storage vessels

• Heat exchangers

• Boilers

• Processing vessels

Ship types by geometry are:

• Spherical pressure vessels

• Cylindrical pressure vessels

• Conical pressure vessel

Below are the key factors that are important to consider when buying pressure vessels:

• Selection of materials

• Depending on the application, the key factor involved when selecting a vessel is the material. Prices vary depending on the material used, which ranges from carbon and low alloy steels, nickel alloys, stainless steel and aluminum.

• Design

• This factor is often consulted with the buyer during the manufacture of the vessel. Suppliers take into account the maximum pressure and temperature according to customers’ use to avoid catastrophic failure

• Industry standards

• The main industry standards and specifications followed when purchasing vessels are:

o U, R, S and UM stamps

ASME Section 8

o TÜV

oISO 9001:2015 certification

o EC, DESP and CRN

• Pressure tests

• One of the critical factors is to test the tanks to confirm the capacities and performance of the tanks under extreme conditions. Tests performed include (but are not limited to) hydraulic testing, ferrite testing, PMI, etc.

Demand Outlook

The global pressure devices market size was estimated at USD 175.4 billion in 2020 and is projected to register a compound annual growth rate (CAGR) of 5.2% from 2021 to 2027. This growth can be attributed to growth significant in the chemical and petrochemical industry. as well as the increasing adoption of supercritical power generation technology.

The industrial sector in the United States is very diverse due to the technological innovations in the country. Increased investment in exploration and production activities by oil and gas companies in the United States is expected to drive demand for products, primarily for storage purposes in the oil and gas industry.

Steel led the market and accounted for more than 30% of the global share in 2020. Carbon steel and stainless steel remained the preferred material choice due to their low prices, high resistance to corrosion, excellent tensile strength, resistance to vibration and shock, easy recycling and ability to withstand wet conditions or high temperatures.

Cost Drivers

Vendor selection currently depends on design capabilities. For cost-effective and seamless vessel manufacturing, organizations partner with vendors with 3D design capability. 3D modeling software should improve the design with ASME sections and several other codes, including wing and seismic compliance. Apart from 3D software, the use of easy-to-manufacture superalloys is used to create vessels designed for high-temperature applications, these materials are also cost-effective in nature.

Grab your copy or request a free sample of “Pressure Vessels Industry Procurement Intelligence Report, published by Grand View Researchfor in-depth details on vendor ranking and selection, sourcing, and pricing criteria and strategies.

Additional services provided by Grand View Research Pipeline:

Cost analysis

Breakdown of costs by components for better negotiation for the customer, highlights the main cost drivers in the market with future price fluctuations for different materials (eg: steel, aluminum, etc.) used in the production process

Comparative rate analysis

Provide cost transparency for the different products/services purchased by the customer. A typical report involves 2-3 case scenarios helping clients select the best fit engagement with the supplier

Salary Benchmarking

Determining and forecasting salaries for a specific skill set in order to make a decision on outsourcing versus in-house.

Supplier Newsletter

A typical newsletter study capturing the latest information for specific vendors related to: mergers and acquisitions, technological innovations, expansion, litigation, bankruptcy, etc.

Introducing Pipeline by Grand View Research:

A smart and efficient supply chain is essential to the growth of any organization. Pipeline Division at Grand View Research provides detailed insights into every aspect of the supply chain, helping to make effective sourcing decisions.

Our services include (but are 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 ownership

• Vendor Intelligence: Detailed insights into the vendor landscape and identification of vendors that dominate, emerge, bask, and specialize

Sourcing / Procurement Intelligence – best practices followed in the industry, identification of standard KPIs and SLAs, peer analysis, negotiation strategies to be used with best-suited suppliers and countries for sourcing to minimize chain disruptions supply

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Company Name: Grand View Research, Inc.
Contact: Sherry James, Corporate Sales Specialist – US
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Website: https://www.grandviewresearch.com/pipeline/pressure-vessels-market-procurement-intelligence-report