Pressure Vessels Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Boiler, Reactor, Separator), Material Type (Steel Alloys, Composites), Application (Storage vessels, Processing Vessels), Heat Source (Fired, Un-fired), End User (Power, Oil & Gas, Food & Beverages, Pharmaceuticals, Chemicals), By Region, Competition, 2018-2028
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Infrastructure | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationPressure Vessels Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Boiler, Reactor, Separator), Material Type (Steel Alloys, Composites), Application (Storage vessels, Processing Vessels), Heat Source (Fired, Un-fired), End User (Power, Oil & Gas, Food & Beverages, Pharmaceuticals, Chemicals), By Region, Competition, 2018-2028
| Forecast Period | 2018-2028 |
| Market Size (2022) | USD 51.10 Billion |
| CAGR (2024-2028) | 4.26% |
| Fastest Growing Segment | Steel Alloys |
| Largest Market | Asia Pacific |
Market Overview
Global Pressure Vessels Market was valued at USD 51.10 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 4.26% through 2028. Pressure vessels are engineered containers designed to safely store, contain, or transport pressurized fluids, gases, or substances under internal pressures significantly different from the ambient environment. These vessels are critical components in various industries, including manufacturing, petrochemicals, energy, and aerospace. Pressure vessels are built to withstand high internal pressures while ensuring the safety of personnel and the surrounding environment. They come in various shapes and sizes, including cylindrical, spherical, and more complex designs, depending on their intended use. The construction materials used in pressure vessels vary, with common choices being steel alloys, stainless steel, and composite materials. The selection of materials depends on factors such as the application's pressure and temperature requirements, corrosion resistance, and regulatory compliance. Pressure vessels are subject to rigorous design, manufacturing, inspection, and testing standards to ensure their structural integrity and reliability. They play a crucial role in processes involving the containment of pressurized substances, including the storage of compressed gases, the generation of steam for power generation, and chemical reactions at elevated pressures. Proper design, maintenance, and adherence to safety standards are essential for the safe operation of pressure vessels in industrial settings.
Key Market Drivers
Expanding Chemical Industry
The global pressure vessels market is being driven by the expanding chemical industry. Pressure vessels play a critical role in chemical manufacturing processes, where they are used for various purposes such as storing and transporting chemicals, facilitating chemical reactions, and maintaining specific pressure and temperature conditions. With the increasing demand for chemicals for applications like pharmaceuticals, petrochemicals, and specialty chemicals, the need for pressure vessels continues to grow. Additionally, stringent safety regulations in the chemical sector necessitate the use of reliable and high-quality pressure vessels, further boosting market demand. As the chemical industry expands to meet global demand, the pressure vessels market is poised for substantial growth.
Growth in Energy and Power Generation
The energy and power generation sector is a significant driver of the global pressure vessels market. Pressure vessels are essential components in power plants, both conventional and renewable, where they are used for steam generation, heat exchange, and energy storage. As the world shifts toward cleaner energy sources, there is a growing emphasis on renewable energy technologies such as solar thermal power plants and nuclear reactors, all of which rely on pressure vessels for efficient operation. Additionally, the expansion of natural gas and LNG infrastructure worldwide requires the use of pressure vessels for storage and transportation. The need for reliable and efficient pressure vessels to support these energy initiatives fuels market growth.
Advancements in Petrochemical Industry
The petrochemical industry is a major driver of the global pressure vessels market. Pressure vessels are critical in the production of petrochemicals, including the refining and processing of crude oil and natural gas. As the petrochemical industry advances with new technologies and processes, the demand for specialized pressure vessels with higher capacities and improved materials grows. Moreover, the shale gas revolution has significantly increased the demand for pressure vessels in the United States and other regions involved in shale gas exploration and production. As the petrochemical industry continues to innovate and expand its operations, the pressure vessels market experiences substantial growth.
Infrastructure Development in Emerging Economies
Emerging economies are experiencing rapid infrastructure development, including the construction of power plants, refineries, and chemical processing facilities. This development requires a substantial investment in pressure vessels to support various industrial processes and applications. Pressure vessels are crucial for these emerging economies to meet their growing energy needs, achieve self-sufficiency in chemical production, and enhance their industrial capabilities. The urbanization and industrialization of these regions drive the demand for pressure vessels and provide a significant growth opportunity for manufacturers in the market.
Focus on Renewable Energy Projects
The global focus on renewable energy projects, including solar thermal power plants and concentrated solar power (CSP) facilities, is driving the demand for pressure vessels. In CSP applications, pressure vessels are used to store and transfer high-temperature heat generated by solar collectors, enabling continuous power generation even when the sun is not shining. As countries strive to reduce their carbon footprint and transition to cleaner energy sources, the demand for pressure vessels in renewable energy projects is expected to rise. This driver aligns with global efforts to combat climate change and transition to sustainable energy solutions.
Increasing Adoption of Nuclear Power
The increasing adoption of nuclear power as a clean and efficient energy source is another driver for the global pressure vessels market. Nuclear power plants rely on pressure vessels for containing and controlling nuclear reactions. As concerns about carbon emissions and climate change grow, nuclear power is gaining renewed attention as a low-emission energy source. This resurgence in nuclear energy projects worldwide is boosting the demand for pressure vessels designed to meet the stringent safety and performance requirements of the nuclear industry. As more countries invest in nuclear power to diversify their energy portfolios, the pressure vessels market is poised for substantial growth.
Government Policies are Likely to Propel the Market
Pressure Equipment Directive (PED) in the European Union
The Pressure Equipment Directive (PED) is a comprehensive regulatory framework in the European Union (EU) that governs the design, manufacturing, and conformity assessment of pressure equipment, including pressure vessels. It sets out essential safety requirements for pressure vessels to ensure their safe operation. The PED mandates conformity assessment procedures, such as CE marking and third-party inspections, to verify compliance with safety standards. This directive promotes product safety and harmonization across the EU, facilitating the free movement of pressure vessels within the single market. The PED encourages innovation and competitiveness in the pressure vessels market by providing a clear regulatory framework that manufacturers must follow. It ensures that pressure vessels used in various industrial sectors, including energy, chemicals, and manufacturing, meet rigorous safety standards. Additionally, the PED promotes environmental protection and energy efficiency by addressing issues related to materials and energy consumption.
ASME Boiler and Pressure Vessel Code in the United States
In the United States, the ASME Boiler and Pressure Vessel Code (BPVC) is a widely recognized set of standards and regulations governing the design, construction, and inspection of pressure vessels. The ASME BPVC is used as a basis for the design and fabrication of pressure vessels in various industries, including power generation, oil and gas, and petrochemicals. It provides comprehensive guidelines for ensuring the safety and reliability of pressure vessels. Government agencies, such as the Occupational Safety and Health Administration (OSHA), incorporate ASME standards into their regulations to ensure workplace safety. The ASME BPVC plays a crucial role in aligning industry practices with safety objectives and protecting workers and the environment. Government support for adherence to the ASME BPVC enhances public safety and confidence in the use of pressure vessels in critical applications.
China Pressure Vessel Safety Regulations
China has implemented a set of regulations governing the safety of pressure vessels, known as the "Pressure Vessel Safety Regulations." These regulations establish safety requirements, inspection procedures, and quality control standards for the manufacturing, installation, and operation of pressure vessels within China. Compliance with these regulations is mandatory for manufacturers, operators, and users of pressure vessels in the country. The Chinese government places a strong emphasis on safety in industrial processes, and the Pressure Vessel Safety Regulations are a critical component of ensuring the safe use of pressure vessels across various industries, including chemicals, energy, and manufacturing. The government conducts regular inspections and enforces compliance with these regulations to mitigate risks associated with pressure vessel operation.
API Standards for Pressure Vessels in the Oil and Gas Industry
In the global oil and gas industry, pressure vessels play a pivotal role in various operations, from refining to petrochemical processes. The American Petroleum Institute (API) has developed a series of standards, such as API 510 and API 570, that govern the inspection, maintenance, and repair of pressure vessels used in the oil and gas sector. These standards are often incorporated into government regulations and industry best practices. Government policies in oil-producing countries frequently reference API standards to ensure the safe operation of pressure vessels within the sector. These policies require companies to comply with API standards during the design, fabrication, and maintenance of pressure vessels, thus contributing to the safety and environmental protection goals of the industry.
Pressure Systems Safety Regulations (PSSR) in the United Kingdom
The United Kingdom's Pressure Systems Safety Regulations (PSSR) mandate safety measures and risk assessments for pressure systems, including pressure vessels. These regulations require periodic examinations and inspections of pressure systems to ensure their safety and integrity. PSSR also places responsibilities on duty holders and competent persons to assess, control, and mitigate risks associated with pressure vessels. The UK government's commitment to safety through regulations like PSSR reflects its dedication to protecting workers, the public, and the environment. These regulations promote best practices in the design, operation, and maintenance of pressure vessels across various industries, contributing to overall safety and risk reduction.
Japanese High-Pressure Gas Safety Act
Japan's High-Pressure Gas Safety Act establishes safety standards and regulations for high-pressure gas equipment, including pressure vessels. This act ensures the safe handling and operation of high-pressure gas systems, promoting public safety and environmental protection. Compliance with the act's requirements, including periodic inspections and quality control measures, is mandatory for manufacturers and operators of high-pressure gas equipment, including pressure vessels. The Japanese government's commitment to regulating high-pressure gas equipment aligns with its goal of ensuring the safety of its citizens and the environment. By enforcing these regulations, the government contributes to the safe and reliable use of pressure vessels in various industrial applications within Japan.
Key Market Challenges
Stringent Regulatory Compliance
Technological Advancements and Material Innovation
Segmental Insights
Boiler Insights
The Boiler segment had the largest market share in 2022 and is expected to dominate the market during the forecast period.
Steel Alloys Insights
The steel alloys
Pressure vessel manufacturers must adhere to stringent regulatory standards and codes when selecting and using steel alloys. Regulatory bodies, such as the American Society of Mechanical Engineers (ASME) and the European Pressure Equipment Directive (PED), provide guidelines and certification requirements for pressure vessel materials. Manufacturers are required to demonstrate that the chosen steel alloys meet specified safety and quality standards. Material certification processes involve rigorous testing and documentation to verify the chemical composition, mechanical properties, and heat treatment of the steel alloys. Material certificates provide assurance to regulators, customers, and end-users that the pressure vessels are constructed using approved materials that comply with industry standards. The certification process adds complexity to the manufacturing process but is essential for ensuring the safety and reliability of pressure vessels.
Regional Insights
Asia Pacific is the largest market for pressure vessels in 2022. The growth of the market in Asia Pacific is attributed to the rising demand for pressure vessels in China and India. China is the largest market for pressure vessels in Asia Pacific, followed by India. The growth of the market in China is attributed to the growing demand for pressure vessels in the oil and gas, chemical, and power industries. The growth of the market in India is attributed to the growing demand for pressure vessels in the infrastructure and manufacturing industries.
North America is the second largest market for pressure vessels in 2022. The growth of the market in North America is attributed to the rising demand for pressure vessels in the United States and Canada. The United States is the largest market for pressure vessels in North America, followed by Canada. The growth of the market in the United States is attributed to the growing demand for pressure vessels in the oil and gas, chemical, and power industries. The growth of the market in Canada is attributed to the growing demand for pressure vessels in the oil and gas and mining industries.
Recent Developments
- In January 2022, Alfa Laval, a Swedish engineering company,announced an investment of USD 107 million to expand its manufacturing capacityfor pressure vessels in France. The investment will be used to build a new manufacturingplant and to upgrade the existing facilities. The expansion is expected tocreate over 100 new jobs.
- In February 2022, Chart Industries, a US-based manufacturer of pressure vessels,announced an investment of USD 50 million to expand its manufacturing capacityfor pressure vessels in the United States. The investment will be used to builda new manufacturing plant in Texas. The expansion is expected to create over200 new jobs.
- In March 2022, SPX Flow,a US-based manufacturer of pressure vessels, announced an investment of USD 30million to expand its manufacturing capacity for pressure vessels in China. Theinvestment will be used to build a new manufacturing plant in Shanghai. Theexpansion is expected to create over 100 new jobs.
- In April 2022, IMIPrecision Engineering, a UK-based manufacturer of pressure vessels, announcedan investment of USD 25 million to expand its manufacturing capacity forpressure vessels in the United Kingdom. The investment will be used to build anew manufacturing plant in Scotland. The expansion is expected to create over50 new jobs.
- In May 2022, MetsoOutotec, a Finnish engineering company, announced an investment of USD16million to expand its manufacturing capacity for pressure vessels in Finland.The investment will be used to build a new manufacturing plant in Tampere. Theexpansion is expected to create over 30 new jobs.
Key Market Players
- Alfa Laval AB
- Chart Industries, Inc.
- SPX Flow Inc
- Metso Outotec
- IMI Precision Engineering
- Cameron International Corporation
- Nooter/Eriksen, Inc.
- Hitachi Zosen Corporation
- The Weir Group
- Ebara Corporation
| By Type | By Material Type | By Application | By Heat Source | By End User | By Region |
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