Pressure Vessel
PUBLISHED: 2024 ID: SMRC26316
SHARE
SHARE

Pressure Vessel

Pressure Vessel Market Forecasts to 2030 - Global Analysis By Product (Boilers, Drums, Heat Exchangers, Separators, Towers, Fired Pressure Vessels and Unfired Pressure Vessels), Material (Zirconium, Hastelloy, Titanium, Nickel Alloys, Tantalum, Steel Alloys and Other Materials), Application (Gas Storage, Processing Vessel, Special Gas Pressure Vessels and Other Applications), End User and By Geography

4.3 (65 reviews)
4.3 (65 reviews)
Published: 2024 ID: SMRC26316

This report covers the impact of COVID-19 on this global market
Loading...

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

Table of Contents

"1 Executive Summary    
     
2 Preface    
 2.1 Abstract   
 2.2 Stake Holders   
 2.3 Research Scope   
 2.4 Research Methodology   
  2.4.1 Data Mining  
  2.4.2 Data Analysis  
  2.4.3 Data Validation  
  2.4.4 Research Approach  
 2.5 Research Sources   
  2.5.1 Primary Research Sources  
  2.5.2 Secondary Research Sources  
  2.5.3 Assumptions  
     
3 Market Trend Analysis    
 3.1 Introduction   
 3.2 Drivers   
 3.3 Restraints   
 3.4 Opportunities   
 3.5 Threats   
 3.6 Product Analysis   
 3.7 Application Analysis   
 3.8 End User Analysis   
 3.9 Emerging Markets   
 3.10 Impact of Covid-19   
     
4 Porters Five Force Analysis    
 4.1 Bargaining power of suppliers   
 4.2 Bargaining power of buyers   
 4.3 Threat of substitutes   
 4.4 Threat of new entrants   
 4.5 Competitive rivalry   
     
5 Global Pressure Vessel Market, By Product    
 5.1 Introduction   
 5.2 Boilers   
 5.3 Drums   
 5.4 Heat Exchangers   
 5.5 Separators   
 5.6 Towers   
 5.7 Fired Pressure Vessels   
 5.8 Unfired Pressure Vessels   
     
6 Global Pressure Vessel Market, By Material    
 6.1 Introduction   
 6.2 Zirconium   
 6.3 Hastelloy   
 6.4 Titanium   
 6.5 Nickel Alloys   
 6.6 Tantalum   
 6.7 Steel Alloys   
 6.8 Other Materials   
     
7 Global Pressure Vessel Market, By Application    
 7.1 Introduction   
 7.2 Gas Storage   
 7.3 Processing Vessel   
 7.4 Special Gas Pressure Vessels   
 7.5 Other Applications   
     
8 Global Pressure Vessel Market, By End User    
 8.1 Introduction   
 8.2 Power Generation   
 8.3 Chemicals   
 8.4 Fertilizers   
 8.5 Food and Beverages   
 8.6 Other End Users   
     
9 Global Pressure Vessel Market, By Geography    
 9.1 Introduction   
 9.2 North America   
  9.2.1 US  
  9.2.2 Canada  
  9.2.3 Mexico  
 9.3 Europe   
  9.3.1 Germany  
  9.3.2 UK  
  9.3.3 Italy  
  9.3.4 France  
  9.3.5 Spain  
  9.3.6 Rest of Europe  
 9.4 Asia Pacific   
  9.4.1 Japan  
  9.4.2 China  
  9.4.3 India  
  9.4.4 Australia  
  9.4.5 New Zealand  
  9.4.6 South Korea  
  9.4.7 Rest of Asia Pacific  
 9.5 South America   
  9.5.1 Argentina  
  9.5.2 Brazil  
  9.5.3 Chile  
  9.5.4 Rest of South America  
 9.6 Middle East & Africa   
  9.6.1 Saudi Arabia  
  9.6.2 UAE  
  9.6.3 Qatar  
  9.6.4 South Africa  
  9.6.5 Rest of Middle East & Africa  
     
10 Key Developments    
 10.1 Agreements, Partnerships, Collaborations and Joint Ventures   
 10.2 Acquisitions & Mergers   
 10.3 New Product Launch   
 10.4 Expansions   
 10.5 Other Key Strategies   
     
11 Company Profiling    
 11.1 Abbott Pressure Vessels   
 11.2 Babcock & Wilcox Enterprises   
 11.3 Bharat Heavy Electricals Limited   
 11.4 Dongfang Turbine Co., Ltd   
 11.5 Doosan Corporation   
 11.6 General Electric   
 11.7 Halvorsen Company   
 11.8 Hitachi Zosen   
 11.9 IHI Corporation   
 11.10 Kelvion Holdings GmbH   
 11.11 Larsen & Toubro   
 11.12 Mitsubishi Hitachi Power Systems   
 11.13 Westinghouse Electric Company   
     
List of Tables     
1 Global Pressure Vessel Market Outlook, By Region (2022-2030) ($MN)    
2 Global Pressure Vessel Market Outlook, By Product (2022-2030) ($MN)    
3 Global Pressure Vessel Market Outlook, By Boilers (2022-2030) ($MN)    
4 Global Pressure Vessel Market Outlook, By Drums (2022-2030) ($MN)    
5 Global Pressure Vessel Market Outlook, By Heat Exchangers (2022-2030) ($MN)    
6 Global Pressure Vessel Market Outlook, By Separators (2022-2030) ($MN)    
7 Global Pressure Vessel Market Outlook, By Towers (2022-2030) ($MN)    
8 Global Pressure Vessel Market Outlook, By Fired Pressure Vessels (2022-2030) ($MN)    
9 Global Pressure Vessel Market Outlook, By Unfired Pressure Vessels (2022-2030) ($MN)    
10 Global Pressure Vessel Market Outlook, By Material (2022-2030) ($MN)    
11 Global Pressure Vessel Market Outlook, By Zirconium (2022-2030) ($MN)    
12 Global Pressure Vessel Market Outlook, By Hastelloy (2022-2030) ($MN)    
13 Global Pressure Vessel Market Outlook, By Titanium (2022-2030) ($MN)    
14 Global Pressure Vessel Market Outlook, By Nickel Alloys (2022-2030) ($MN)    
15 Global Pressure Vessel Market Outlook, By Tantalum (2022-2030) ($MN)    
16 Global Pressure Vessel Market Outlook, By Steel Alloys (2022-2030) ($MN)    
17 Global Pressure Vessel Market Outlook, By Other Materials (2022-2030) ($MN)    
18 Global Pressure Vessel Market Outlook, By Application (2022-2030) ($MN)    
19 Global Pressure Vessel Market Outlook, By Gas Storage (2022-2030) ($MN)    
20 Global Pressure Vessel Market Outlook, By Processing Vessel (2022-2030) ($MN)    
21 Global Pressure Vessel Market Outlook, By Special Gas Pressure Vessels (2022-2030) ($MN)    
22 Global Pressure Vessel Market Outlook, By Other Applications (2022-2030) ($MN)    
23 Global Pressure Vessel Market Outlook, By End User (2022-2030) ($MN)    
24 Global Pressure Vessel Market Outlook, By Power Generation (2022-2030) ($MN)    
25 Global Pressure Vessel Market Outlook, By Chemicals (2022-2030) ($MN)    
26 Global Pressure Vessel Market Outlook, By Fertilizers (2022-2030) ($MN)    
27 Global Pressure Vessel Market Outlook, By Food and Beverages (2022-2030) ($MN)    
28 Global Pressure Vessel Market Outlook, By Other End Users (2022-2030) ($MN)    
     
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.     

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

Frequently Asked Questions

In case of any queries regarding this report, you can contact the customer service by filing the “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929

Yes, the samples are available for all the published reports. You can request them by filling the “Request Sample” option available in this page.

Yes, you can request a sample with your specific requirements. All the customized samples will be provided as per the requirement with the real data masked.

All our reports are available in Digital PDF format. In case if you require them in any other formats, such as PPT, Excel etc you can submit a request through “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929

We offer a free 15% customization with every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.

We have 3 different licensing options available in electronic format.

  • Single User Licence: Allows one person, typically the buyer, to have access to the ordered product. The ordered product cannot be distributed to anyone else.
  • 2-5 User Licence: Allows the ordered product to be shared among a maximum of 5 people within your organisation.
  • Corporate License: Allows the product to be shared among all employees of your organisation regardless of their geographical location.

All our reports are typically be emailed to you as an attachment.

To order any available report you need to register on our website. The payment can be made either through CCAvenue or PayPal payments gateways which accept all international cards.

We extend our support to 6 months post sale. A post sale customization is also provided to cover your unmet needs in the report.

Request Customization

We provide a free 15% customization on every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.

Note: This customization is absolutely free until it falls under the 15% bracket. If your requirement exceeds this a feasibility check will be performed. Post that, a quote will be provided along with the timelines.

WHY CHOOSE US ?

Assured Quality

Assured Quality

Best in class reports with high standard of research integrity

24X7 Research Support

24X7 Research Support

Continuous support to ensure the best customer experience.

Free Customization

Free Customization

Adding more values to your product of interest.

Safe and Secure Access

Safe & Secure Access

Providing a secured environment for all online transactions.

Trusted by 600+ Brands

Trusted by 600+ Brands

Serving the most reputed brands across the world.

Testimonials