Pressure Vessels Market

Pressure Vessels Market

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Aamir

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Aamir Ansari

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Swapnil Hedau

Pressure Vessels Market

The global pressure vessels market size was USD 25 Billion in 2023 and is projected to reach USD 39 Billion by 2032, expanding at a CAGR of 5% during 2024–2032. The market growth is attributed to the rising energy demand across the globe, driven by industrialization and population growth.

The rapid expansion of the chemical industry is expected to propel the market in the coming years. Pressure vessels offer valuable properties such as resistance to cross-contamination and corrosion, making them essential in the chemical industry. Additionally, new materials and alloys, including advanced ceramics, composites, and nanomaterials, are being used to enhance the strength, durability, and corrosion resistance of pressure vessels.

Pressure Vessels Market Outlook

The pressure vessel market is becoming increasingly regulated with a focus on safety and compliance with international standards, such as ASME and API. The American Society of Mechanical Engineers (ASME) published the boiler and pressure vessel code, which is widely adopted in the US and other countries. Moreover, the American Petroleum Institute (API) publishes standards for the design, fabrication, and inspection of pressure vessels used in the oil & gas industry.

  • In June 2023, Larsen & Toubro expanded its advanced manufacturing capacity in Saudi Arabia by inaugurating a state-of-the-art Heavy Wall Pressure Vessel facility, mirroring its capabilities in India. This expansion aligns with Aramco’s IKTVA initiative and Saudi Vision 2030, both of which aim to boost local content.

Impact of AI on the Pressure Vessels Market

The use of digital technologies, such as IoT, AI, and data analytics, is becoming increasingly important in the pressure vessel market. This enables real-time monitoring, predictive maintenance, and improved efficiency. AI is used to stimulate and optimize the design of pressure vessels, reducing the need for physical prototypes and improving their performance. AI-powered inspection and testing tools help identify potential issues with pressure vessels, reducing the need for manual inspections and improving overall safety.  

Pressure Vessels Market Dynamics

Pressure Vessels Market Dynamics

Major Drivers

Increasing demand for energy and power generation is driving the need for pressure vessels in various industries, such as oil & gas, power generation, and chemical processing, which significantly drives the market. Pressure vessels are an integral part of power generation systems. Furthermore, the increasing focus on sustainability and environmental protection is boosting the demand for pressure vessels that are designed to reduce emissions and minimize environmental impact.

Existing Restraints

High initial costs required for designing, manufacturing, and testing pressure vessels are a significant barrier for new entrants to enter the market. The maintenance cost associated with pressure vessels is high. Moreover, the limited availability of raw materials, such as steel, used to manufacture pressure vessels restrains the market.

Emerging Opportunities

Growing demand for pharmaceuticals and biotech products is driving the need for pressure vessels that withstand high pressures and temperatures. Additionally, the increasing demand for customized and specialized pressure vessels is boosting the demand for advanced pressure vessels that meet specific customer requirements. These factors create immense opportunities in the market.

Scope of the Pressure Vessels Market Report

 The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics are included in the report. 

Attributes

Details

Report Title

Pressure Vessels Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2023

Historic Data

2017 -2022

Forecast Period

2024–2032

Segmentation

Type (Boilers, Reactors, Separators, and Others), Material (Titanium, Hastelloy, Tantalum, Steel, Nickel & Nickel Alloys, and Others), and End-use Industry (Chemicals & Petrochemicals, Oil & Gas, Power Generation, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast

Key Players Covered in the Report

Babcock & Wilcox Enterprises Inc; Bharat Heavy Electricals Limited; Dongfang Turbine Co. Ltd; Doosan Mecatec Co. Ltd; General Electric; Hitachi Zosen Corporation; IHI Corporation; Larsen & Toubro Ltd; and Samuel Son & Co


Regional Outlook

In terms of region, the pressure vessels market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.

Asia Pacific dominated the market in 2023, due to the increasing need for power at a rapid pace, driven by urbanization and industrialization, which boosted the demand for pressure vessels in various industries. The expansion of the oil & gas industry is another major factor boosting the demand for pressure vessels in the region, with many countries investing in offshore and onshore oil & gas exploration and production. The increasing number of refineries and petrochemical plants further bolstered the market in the region.

North America held a large share of the market in 2023 and the market in the region is expected to expand at a significant pace during the projection period, owing to the rising industrial activities, technological advancements, and stringent safety regulations. The rising demand for energy and a focus on both conventional and renewable energy sources propel the market. Furthermore, the growing development of power plants, including natural gas and nuclear facilities, necessitates the use of pressure vessels, thereby fueling the market in the region.

Pressure Vessels Market Region

Pressure Vessels Market Segment Analysis

Type Analysis

On the basis of type, the pressure vessels market is divided into boilers, reactors, separators, and others.

The boilers segment is projected to hold a large market share during the projected period, as it provides heat for industrial processes, such as chemical processing, food & beverages processing, and manufacturing. Industrial boilers are extensively used for power generation in thermal and nuclear power plants to generate steam that drives turbines. Moreover, boilers are used heavily in heating systems, such as buildings and water heating systems.

The reactors segment is expected to register a considerable CAGR in the coming years, due to the wide usage of chemical reactions in the production of various chemicals and petrochemicals. Reactors are essential for the synthesis of pharmaceutical products and are utilized in fermentation and other processing operations. The increasing demand for reactors in the chemicals and pharmaceutical industries is boosting the segment.

Pressure Vessels Market Type

Material Analysis

Based on material, the global market is categorized into titanium, hastelloy, tantalum, steel, nickel & nickel alloys, and others.

The titanium segment held a major share of the market in 2023, as it is a widely preferred material for pressure vessels due to its high strength-to-weight ratio, corrosion resistance, and biocompatibility. Pressure vessels made from titanium are heavily used in aerospace, chemical processing, and medical industries due to the growing demand for lightweight and durable materials. Moreover, the development of new titanium alloys improved the manufacturing techniques of pressure vessels.

The steel segment is anticipated to expand at a substantial CAGR during the forecast period, as pressure vessels made from steel offer excellent strength and durability. Steel pressure vessels are commonly used in the oil & gas, chemical processing, and power generation industries, due to their versatile nature. Moreover, technological innovations in steel alloys and manufacturing processes enhance performance and reduce the costs of steel pressure vessels, thereby fueling the segment.

Pressure Vessels Market Material

End-use Industry Analysis

Based on end-use industry, the pressure vessels market is segregated into chemicals & petrochemicals, oil & gas, power generation, and others.

The chemicals & petrochemicals segment held a key share of the market in 2023. The demand for pressure vessels in the chemicals & petrochemicals industry is driven by the need for efficient and safe processing of chemicals and petrochemicals. Furthermore, strict regulations regarding safety and emissions in chemical processing necessitate high-quality pressure vessels, thereby driving the segment.

The oil & gas segment is projected to register a substantial CAGR during the forecast period, owing to the growing need for efficient and safe processing of oil and gas. The development of advanced materials to handle the harsh conditions of oil and gas significantly boosts the manufacturing of durable pressure vessels. The rising exploration and production activities in offshore support vessels and unconventional resources and increased investment in refining and processing infrastructure further boost the segment.

Segments

The pressure vessels market has been segmented on the basis of

Type

  • Boilers
  • Reactors
  • Separators
  • Others

Material

  • Titanium
  • Hastelloy
  • Tantalum
  • Steel
  • Nickel & Nickel Alloys
  • Others

End-use Industry

  • Chemicals & Petrochemicals
  • Oil & Gas
  • Power Generation
  • Others

Region

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

Competitive Landscape

Key players competing in the global pressure vessel market are Babcock & Wilcox Enterprises Inc; Bharat Heavy Electricals Limited; Dongfang Turbine Co. Ltd; Doosan Mecatec Co. Ltd; General Electric; Hitachi Zosen Corporation; IHI Corporation; Larsen & Toubro Ltd; and Samuel Son & Co.
These players utilize development strategies including product launches and acquisitions to boost their presence across the globe. For instance,

  • In January 2021, Hexagon, a Sweden-based company specializing in sensor, software, and automation solutions, launched PV Elite 23. This comprehensive tool is designed to analyze and evaluate pressure vessels and heat exchangers.

Pressure Vessels Market Key Players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Pressure Vessels Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Pressure Vessels Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Pressure Vessels Market - Supply Chain
  4.5. Global Pressure Vessels Market Forecast
     4.5.1. Pressure Vessels Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Pressure Vessels Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Pressure Vessels Market Absolute $ Opportunity
5. Global Pressure Vessels Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Pressure Vessels Market Size and Volume Forecast by Types
     5.3.1. Boilers
     5.3.2. Reactors
     5.3.3. Separators
     5.3.4. Others
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Pressure Vessels Market Analysis and Forecast by End Users
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by End Users
     6.2.2. Y-o-Y Growth Projections by End Users
  6.3. Pressure Vessels Market Size and Volume Forecast by End Users
     6.3.1. Chemicals & Petrochemicals
     6.3.2. Oil & Gas
     6.3.3. Power Generation
     6.3.4. Others
  6.4. Absolute $ Opportunity Assessment by End Users
  6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Pressure Vessels Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Pressure Vessels Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Pressure Vessels Demand Share Forecast, 2019-2026
8. North America Pressure Vessels Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Pressure Vessels Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Pressure Vessels Market Size and Volume Forecast by Types
     8.4.1. Boilers
     8.4.2. Reactors
     8.4.3. Separators
     8.4.4. Others
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Pressure Vessels Market Size and Volume Forecast by End Users
     8.7.1. Chemicals & Petrochemicals
     8.7.2. Oil & Gas
     8.7.3. Power Generation
     8.7.4. Others
  8.8. Basis Point Share (BPS) Analysis by End Users
  8.9. Y-o-Y Growth Projections by End Users
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Pressure Vessels Demand Share Forecast, 2019-2026
9. Latin America Pressure Vessels Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Pressure Vessels Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Pressure Vessels Market Size and Volume Forecast by Types
     9.4.1. Boilers
     9.4.2. Reactors
     9.4.3. Separators
     9.4.4. Others
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Pressure Vessels Market Size and Volume Forecast by End Users
     9.7.1. Chemicals & Petrochemicals
     9.7.2. Oil & Gas
     9.7.3. Power Generation
     9.7.4. Others
  9.8. Basis Point Share (BPS) Analysis by End Users
  9.9. Y-o-Y Growth Projections by End Users
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Pressure Vessels Demand Share Forecast, 2019-2026
10. Europe Pressure Vessels Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Pressure Vessels Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Pressure Vessels Market Size and Volume Forecast by Types
     10.4.1. Boilers
     10.4.2. Reactors
     10.4.3. Separators
     10.4.4. Others
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Pressure Vessels Market Size and Volume Forecast by End Users
     10.7.1. Chemicals & Petrochemicals
     10.7.2. Oil & Gas
     10.7.3. Power Generation
     10.7.4. Others
  10.8. Basis Point Share (BPS) Analysis by End Users
  10.9. Y-o-Y Growth Projections by End Users
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Pressure Vessels Demand Share Forecast, 2019-2026
11. Asia Pacific Pressure Vessels Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Pressure Vessels Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Pressure Vessels Market Size and Volume Forecast by Types
     11.4.1. Boilers
     11.4.2. Reactors
     11.4.3. Separators
     11.4.4. Others
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Pressure Vessels Market Size and Volume Forecast by End Users
     11.7.1. Chemicals & Petrochemicals
     11.7.2. Oil & Gas
     11.7.3. Power Generation
     11.7.4. Others
  11.8. Basis Point Share (BPS) Analysis by End Users
  11.9. Y-o-Y Growth Projections by End Users
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Pressure Vessels Demand Share Forecast, 2019-2026
12. Middle East & Africa Pressure Vessels Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Pressure Vessels Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Pressure Vessels Market Size and Volume Forecast by Types
     12.4.1. Boilers
     12.4.2. Reactors
     12.4.3. Separators
     12.4.4. Others
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Pressure Vessels Market Size and Volume Forecast by End Users
     12.7.1. Chemicals & Petrochemicals
     12.7.2. Oil & Gas
     12.7.3. Power Generation
     12.7.4. Others
  12.8. Basis Point Share (BPS) Analysis by End Users
  12.9. Y-o-Y Growth Projections by End Users
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Pressure Vessels Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Pressure Vessels Market: Market Share Analysis
  13.2. Pressure Vessels Distributors and Customers
  13.3. Pressure Vessels Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Babcock & Wilcox Enterprises Inc
     13.4.2. Bharat Heavy Electricals Limited
     13.4.3. Dongfang Turbine Co. Ltd
     13.4.4. Doosan Mecatec Co. Ltd
     13.4.5. General Electric
     13.4.6. Hitachi Zosen Corporation
     13.4.7. IHI Corporation
     13.4.8. Larsen & Toubro Ltd
     13.4.9. Samuel Son & Co

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