LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement intelligence advisory firm, has announced the release of their ‘Pressure Vessel Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the heavy industry. This report breaks down the data and analysis behind the procurement of pressure vessel and acts as an all-inclusive guide for making smart purchasing decisions.
“The demand for the category is driven by the increasing demand for energy and growth of major end-user industries such as chemical and water treatment plants,” says SpendEdge procurement analyst Bhuvaneshwari Udayakumar. “In Europe, countries such as the UK, Germany, and Switzerland are the major consumers of this category,” added Bhuvaneshwari.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Pressure Vessel Market:
- Growing use of CFD software for designing and developing pressure vessels
- Increasing adoption of IoT
- Increasing trend of M&A among category suppliers
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Growing use of CFD software for designing and developing pressure vessels
A significant challenge lies in designing pressure vessels in accordance with the unique requirements of the buyers. The suppliers have been manufacturing custom pressure vessel by rapid prototyping. The use of CFD software also helps the supplier design customized pressure vessels in a timely fashion.
Increasing adoption of IoT
Pressure vessels operate in harsh environments which makes them vulnerable to issues such as thermostat failures, overheating, and leakage. With the help of IoT solutions, organizations can reduce the need for hiring costly labor for maintenance and repair of the pressure vessel.
Increasing trend of M&A among category suppliers
Globally, prominent suppliers are actively engaging in M&A to attain economies of scale, reduce the tax burden, and achieve synergy in operations. This also allows suppliers to sustain their profit margins and provide maintenance and support services.
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