Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, The Global Pressure Vessels Market Size is Expected to Grow from USD 51.2 Billion in 2023 to USD 80.8 Billion by 2033, at a CAGR of 4.67% during the forecast period 2023-2033.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Pressure Vessels Market Size, Share, and COVID-19 Impact Analysis, By Material Type (Titanium, Nickel & Nickel Alloys, Tantalum, Steel, and Others), By Product Type (Boilers, Nuclear Reactors, Separators, and Others), By End-User (Chemicals & Petrochemicals, Oil & Gas, Power Generation, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
The pressure vessels market is a crucial industry for manufacturing and selling closed containers for holding gases or liquids at a significantly different pressure than ambient. These vessels are essential in industries like oil and gas, chemicals, power generation, and water and wastewater treatment, serving as components in crude oil refineries, natural gas processing plants, transportation plants, and nuclear power plants. The pressure vessels market is fueled by the growth of oil and gas industries, which require pressure vessels for applications in oil & gas, chemicals, and power generation. Rising energy demands, strict safety regulations, and investments in coal-fired and nuclear power generation facilities are driving the demand for pressure vessels, thereby driving market growth. The increasing industrialization and manufacturing activities in industries like oil and gas, chemical and petrochemicals, and power generation have led to a rise in demand for pressure vessels and essential equipment used in the storage, transport, and processing of substances under high pressure. Countries are investing in manufacturing facilities and promoting domestic production through initiatives like Make in India. Technological advancements have also increased pressure and temperature resistance, causing a surge in pressure vessel demand. However, government regulations are limiting global pressure vessel market growth, ensuring safety standards in industries like oil, gas, chemicals, and power generation.
The steel segment accounted for the highest share of 34.9% in 2023 and is expected to grow at a significant CAGR during the forecast period.
Based on the material type, the pressure vessels market is classified titanium, nickel & nickel alloys, tantalum, steel, and others. Among these, the steel segment accounted for the highest share of 34.9% in 2023 and is expected to grow at a significant CAGR during the forecast period. Steel is a versatile material with exceptional strength and resistance to corrosion. Its plasticity allows for complex shapes, allowing designers to optimize vessel designs. With a long history of safe usage, steel reduces design risks and validation costs. Its economies of scale make it the preferred choice for applications without stringent weight or temperature constraints.
The boilers segment accounted for 39.2% of the market share in 2023 and is expected to grow at a significant CAGR during the forecast period.
Based on the product type, the pressure vessel market is divided into boilers, nuclear reactors, separators, and others. Among these, the boilers segment accounted for the highest share of 39.2% in 2023 and is expected to grow at a significant CAGR during the forecast period. Boilers are versatile, high-pressure steam generators suitable for power generation, industrial heating, and sterilizer applications. Burning fossil fuels, they can be easily modulated to match thermal loads and are used in utilities, oil refineries, petrochemical plants, and district heating networks.
The chemicals & petrochemicals segment accounted greatest share of 31.8% in 2023 and is expected to grow at a significant CAGR during the forecast period.
Based on the end-user, the pressure vessels market is divided into chemicals & petrochemicals, oil & gas, power generation, and others. Among these, the chemicals & petrochemicals segment accounted for the highest share of 31.8% in 2023 and is expected to grow at a significant CAGR during the forecast period. Pressure vessels are crucial in chemical manufacturing processes, handling corrosive or volatile substances safely at elevated temperatures and pressures. Their containment capabilities ensure product purity and yield, while pressure accelerates reactions, boosting process efficiency. Even small improvements create economic incentives for manufacturers due to the massive scale of global chemical production, making pressure vessels essential in all facilities.
North America is estimated to hold the largest share of the pressure vessels market over the forecast period.
North America is estimated to hold the largest share of the pressure vessels market over the forecast period. There is a significant demand in the United States and Canada due to the robust chemical processing industries and the expanding oil and gas sectors. Large pressure vessel manufacturers have established production plants in several states to meet local demand. A consistent demand over time has been guaranteed by the existence of prominent end-use industries.
Asia Pacific is predicted to have the fastest CAGR growth in the pressure vessels market over the forecast period. The demand for pressure vessels is expected to rise due to investments in energy infrastructure and chemical processing plants. China and Southeast Asian nations are expanding their manufacturing capacities, with low-cost skilled labor making them attractive destinations for foreign companies. This is driving exports from developed markets to Asia Pacific.
Company Profiling
Major key players in the pressure vessels market include Doosan Corporation, IHI Corporation, Babcock & Wilcox Enterprises, Inc., Pressure Vessels (India), MITSUBISHI HEAVY INDUSTRIES, LTD., Samuel, Son & Co., Alloy Products Corp., Abbott Pressure Vessels, Bharat Heavy Electricals Limited, LARSEN & TOUBRO LIMITED, MERSEN PROPERTY, Xylem, Tinita Engg Pvt. Ltd, WCR Inc., and Others.
Recent Development
Key Target Audience
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the pressure vessels market based on the below-mentioned segments:
Global Pressure Vessels Market, By Material Type
Global Pressure Vessels Market, By Product Type
Global Pressure Vessels Market, By End-User
Global Pressure Vessels Market, By Regional Analysis
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