Requirements for membrane pressure vessel for end-user industries and technology advancements are driving the global membrane pressure vessel market
At a compound annual growth rate of 6%, the size of the worldwide Membrane Pressure Vessel market is projected to reach $59.5 Billion in 2030.
Covid-19 Impact & Market Status
Covid-19 had a drastic impact on global membrane pressure vessel market as it slowed down the growth of the market. However, some industries like pharma and industries doing essential manufacturing activities continued their operations during the pandemic. Some manufacturing activities impacted due to the lockdowns, raw material shortages, reduced demand, and other aspects. All these, factors increased the costs of raw materials and directly impacted the end markets. Nevertheless, this impact was for short period of time. But now since the effect of pandemic has reduced substantially and manufacturing, retailing, business, and other operations have returned to a normal state and gaining momentum worldwide, the global membrane pressure vessel market is expected to grow steadily.
FRP Membrane Pressure Vessels Accounted For Highest Market Revenue
The global membrane pressure vessel market is classified into fiberglass reinforced plastic (FRP), stainless steel, and PVC on the basis of application. Among these, the FRP membrane pressure vessels accounted for highest market revenue and are expected to experience more demand in the forecast years 2022-2029. The FRP are strongest, longest, and most stable vessels. Moreover, they are corrosion resistive and are suitable for many applications. These factors have encouraged further adoption of membrane pressure vessels.
Industrial Segment Accounted For Highest Market Share
The global membrane pressure vessel market is classified into commercial and industrial on the basis of Application. Among these, the industrial segment accounted for highest market share due to increasing projects of water purification and sewage treatment plants.
North America Poised for Rapid Market Progress
The Membrane Pressure Vessel market in the United States is anticipated to reach US$ million in 2021 and increase at a CAGR of about percent over the forecast period. China accounts for a percent of the worldwide Membrane Pressure Vessel market, which is expected to reach US$ million by 2028. In terms of the Europe Membrane Pressure Vessel market, Germany is expected to reach US$ million by 2028, growing at a CAGR of percent over that time. Other important markets in APAC, such as Japan and South Korea, are expected to increase at a rate of % and % over the next five years, respectively. Pentair Codeline, ROPV, Changzhou Kangpu FRP Pressure Vessel Co., Ltd., and Wave Cyber are among the leading Membrane Pressure Vessel manufacturers in the world. In terms of revenue, the two largest corporations in the world will account for about a quarter of all revenue in 2021.
Owing to benefits such as excellent and reliable internal quality, excellent insulation performance, Outstanding corrosion resistance, safe and reliable internal structure, corrosion resistance and tightness, reliable end plate function, the membrane pressure vessel is experiencing rapid adoption as opposed to traditional purification systems thus fostering remarkable progress in global membrane pressure vessel market.
The key factors such as technology advancements, growing awareness, increasing number of businesses, municipalities, and industries turning to excellent, reliable, and cost-effective solutions for their filtration needs is fostering the global membrane pressure vessel market.
The advantage such automated design, long term reliability, cost effectiveness, accurate monitoring, reliability, better insulation performance, and other advantages encourage further adoption of membrane pressure vessel. These factors collectively influence thumping growth of global membrane pressure vessel market. The global membrane pressure vessel market is expected to reach close to USD 53.3 million by 2029 with an annualized growth rate of 4.5 percent over the forecast period 2022-2029.
Membrane pressure vessel is a device that contains reverse osmosis membrane elements. These vessels are used in water purification systems, sewage water treatment plants and for both industrial and commercial purposes. The factors such as rising energy and chemical costs for conventional systems, technology developments steadily decreasing the costs of RO systems and membranes, and the efficiency of RO systems and membranes as opposed to traditional purification methods is driving the demand of membrane pressure vessel.
The membrane pressure vessel requires lesser maintenance than conventional systems and also requires less resources. The membrane pressure vessels have lower costs as compared to other systems thus require low initial capital investment. Thus the demand for membrane pressure vessel is increased.
The market is developing because to changes in power generating technology, rising demand for petrochemicals and chemicals, which leads to refinery building, and the growing fertiliser sector.
However, the higher capital investments and frequent maintenance incurring more costs is hampering the global membrane pressure vessel market. Furthermore, rising energy and chemical costs for conventional systems, technology developments steadily decreasing the costs of RO systems and membranes, and the efficiency of RO systems and membranes as opposed to traditional purification methods is driving the demand of membrane pressure vessel is anticipated to be a growth opportunity to the global membrane pressure vessel market.
The major players in global membrane pressure vessel market are Kelvion, Westinghouse Electric Company, Samuel, Dongfang Turbine, Doosan Mecatec, Bharat Heavy Electricals, Hitachi Zosen, Mitsubishi Hitachi Power Systems, IHI, Larsen & Toubro, General Electric, and Babcock & Wilcox Enterprises among others. These companies are internationally recognized for their quality manufacturing. Their standards are focused on key principles such as customer focus, process approach, and continuous improvement.
Latest Innovation in the Global Membrane Pressure Vessel Market: A Snapshot
- Babcock & Wilcox Construction Co. LLC, a Babcock & Wilcox company, was awarded a contract to install retrofit boiler equipment at a US coal-fired power station in January 2020. Babcock & Wilcox Construction Co. LLC would oversee removing and installing various boiler parts as part of the contract, allowing the facility to keep running smoothly.
Membrane Pressure Vessel Market Scope
|Revenue forecast in 2028
|USD 53.3 million
|CAGR of 4.5% during 2021-2028
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and South Africa
|Key Players Profiled
|Kelvion, Westinghouse Electric Company, Samuel, Dongfang Turbine, Doosan Mecatec, Bharat Heavy Electricals, Hitachi Zosen, Mitsubishi Hitachi Power Systems, IHI, Larsen & Toubro, General Electric, and Babcock.
Key Segments of the Global Membrane Pressure Vessel Market
Type Overview, 2019-2029 (USD Million)
- Fiberglass Reinforced Plastic (FRP)
- Stainless Steel
Application Overview, 2019-2029 (USD Million)
Regional Overview, 2019-2029 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa