Pressure Vessel

According to Stratistics MRC, the Global Pressure Vessel Market is accounted for $61.99 billion in 2024 and is expected to reach $102.26 billion by 2030 growing at a CAGR of 8.7% during the forecast period. A pressure vessel is a container designed to hold gases or liquids at a significantly different pressure than the surrounding environment. The primary function of a pressure vessel is to safely contain substances under pressure, preventing leaks or ruptures that could lead to hazardous situations. They undergo rigorous design, fabrication, and inspection processes to ensure they meet stringent safety standards and regulations. Materials used in their construction must possess high strength and corrosion resistance to withstand the internal pressure and environmental conditions.

According to the United Nations Industrial Development Organization (UNIDO), global manufacturing output has been steadily increasing. In 2022, global manufacturing value added reached US$ 16.38 Trillion, representing steady growth rate of 15.38% compared to the previous year.

Market Dynamics: 

Driver: 

Increasing focus on workplace safety

As industries across the globe prioritize the well-being of their workforce, the demand for high-quality pressure vessels has surged. These vessels play a pivotal role in numerous sectors, including oil and gas, chemical processing, and power generation, where containing volatile substances under high pressure is imperative. With stricter regulations and standards governing workplace safety, companies are compelled to invest in reliable pressure vessels that adhere to stringent safety protocols.

Restraint:

Cost of compliance

Strict regulatory requirements, often varying across regions and industries, impose substantial financial burdens on manufacturers. Compliance entails extensive testing, certification, and documentation processes to ensure safety standards are met, driving up production costs. These expenses are particularly burdensome for smaller manufacturers and enterprises with limited resources, hindering their ability to compete effectively in the market. However, the complexity of compliance procedures adds administrative overhead, leading to delays in product launches and increased time-to-market.

Opportunity:

Increase in nuclear power generation worldwide

Nuclear power plants rely heavily on pressure vessels to contain and control the extreme pressures and temperatures involved in the nuclear fission process. As countries seek to diversify their energy sources and reduce reliance on fossil fuels, there has been a resurgence in nuclear power plant construction and upgrades. This surge in nuclear energy projects has directly translated into a growing demand for pressure vessels to support reactor vessels, steam generators, and other critical components within these facilities.

Threat:

Substitution threats

Substitution threats pose a significant challenge to the Pressure Vessel Market by offering alternative solutions that compete with traditional pressure vessel technologies. With advancements in materials science and engineering, industries are exploring alternative methods for containing high-pressure substances, such as composite materials or modular systems. However, innovations in energy storage technologies, such as battery systems or compressed air energy storage, further intensify the competition by providing viable alternatives for storing energy without the need for traditional pressure vessels.

Covid-19 Impact: 

Initially, the market experienced disruptions in the supply chain due to lockdowns and restrictions on movement, leading to delays in production and delivery of pressure vessels. Many manufacturing facilities were forced to shut down temporarily to comply with safety regulations, further exacerbating these delays. However, the uncertainty surrounding the economy and reduced investments in industrial projects led to a decline in demand for pressure vessels, especially in sectors like oil and gas, chemical processing, and power generation.

The Drums segment is expected to be the largest during the forecast period

Drums segment is expected to be the largest during the forecast period by catering to diverse industrial needs and ensuring operational efficiency. Drums, typically made from materials like steel or composite alloys, serve as essential components in various applications such as chemical processing, oil and gas refining, and pharmaceutical manufacturing. Their ability to store and transport liquids, gases, and solids under high pressure or at extreme temperatures makes them indispensable in modern industries.

The Special Gas Pressure Vessels segment is expected to have the highest CAGR during the forecast period

Special Gas Pressure Vessels segment is expected to have the highest CAGR during the forecast period due to its tailored solutions for storing and transporting various gases safely and efficiently. These specialized vessels are designed to withstand high pressures and corrosive environments, ensuring the integrity of the stored gases. Advancements in materials technology and manufacturing processes have enabled the development of pressure vessels that are lighter, more durable, and cost-effective, further fueling market growth. The Special Gas Pressure Vessels segment thus plays a crucial role in expanding the application scope of pressure vessels across diverse industries, driving innovation, and meeting the evolving demands of modern industrial processes

Region with largest share:

Asia Pacific region commanded the largest share of the Pressure Vessel Market throughout the extrapolated period. These supercritical power generation technologies, characterized by higher efficiency and lower emissions, are increasingly favored for power generation across the region, driven by a growing demand for clean and sustainable energy solutions. Supercritical power plants utilize pressure vessels to contain high-pressure steam, essential for efficient energy conversion processes. Additionally, stringent environmental regulations and a shift towards renewable energy sources are further bolstering the market growth, as industries seek to modernize and optimize their operations.

Region with highest CAGR:

Asia Pacific region is poised to witness profitable growth over the projection period. Stringent safety standards and regulations imposed by governments ensure the quality and reliability of pressure vessels, fostering trust among consumers and industries across the region. These regulations also promote technological advancements and innovation in pressure vessel design and manufacturing processes to meet the specified standards throughout the region. Moreover, government initiatives aimed at promoting sustainable practices and reducing environmental impact are driving the regional adoption of eco-friendly materials and manufacturing techniques within the pressure vessel industry.

Key players in the market

Some of the key players in Pressure Vessel market include Abbott Pressure Vessels, Babcock & Wilcox Enterprises, Bharat Heavy Electricals Limited, Dongfang Turbine Co., Ltd, Doosan Corporation, General Electric, Halvorsen Company, Hitachi Zosen, IHI Corporation, Kelvion Holdings GmbH, Larsen & Toubro, Mitsubishi Hitachi Power Systems and Westinghouse Electric Company.

Key Developments:

In June 2023, Larsen & Toubro expanded its advanced manufacturing capacity in Saudi Arabia by opening a brand-new, cutting-edge Heavy Wall Pressure Vessel facility that replicates the company’s capabilities in India.

In November 2022, the Russian state atomic energy corporation Rosatom announced that the second unit of Bangladesh's first nuclear power plant had completed its reactor pressure vessel installation.

In October 2022, Winsert acquired Alloy Cast Products, Inc. Winsert's metal forming skills are expected to be improved through the expertise, techniques, and alloy portfolio of Alloy Cast Products. The acquisition will make it possible to offer more goods and services to the current and potential clients of the two businesses. Meanwhile, the customers of Alloy Cast Products will continue to get their high-caliber goods from the company.

In September 2022, Samuel, Son & Co. acquired RAMP Inc. The acquisition will enable Samuel, Son & Co. to address difficult manufacturing challenges such as new product launches, cycle time and yield optimization, and increased operator safety

Products Covered:
• Boilers
• Drums
• Heat Exchangers
• Separators
• Towers
• Fired Pressure Vessels
• Unfired Pressure Vessels 

Materials Covered:
• Zirconium
• Hastelloy
• Titanium
• Nickel Alloys
• Tantalum
• Steel Alloys
• Other Materials

Applications Covered:
• Gas Storage
• Processing Vessel
• Special Gas Pressure Vessels
• Other Applications

End Users Covered:
• Power Generation
• Chemicals
• Fertilizers
• Food and Beverages
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances