Global Pressure Vessels Market Size By Type (Boilers, Separators), By End-Use (Oil & Gas, Chemicals & Petrochemical), By Material (Steel Alloys ,Composites), By Geographic Scope And Forecast.

Pressure Vessels Market Size And Forecast

Pressure Vessels Market size was valued at around USD 24.08 Billion in 2022 and is anticipated to reach around USD 35.87 Billion by 2030, growing at a CAGR of 5.18% from 2023 to 2030.

Many reasons, such as rising energy consumption, quick industrialization, and rising environmental and safety regulations concerns, are driving the pressure vessels market. The need for pressure vessels is also anticipated to increase owing to the expansion of renewable energy projects and the requirement for gas storage, including hydrogen and other gases. Global Pressure Vessels Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Pressure Vessels Market Definition

Pressure vessels are used to store liquid or gas and are leak-proof containers. Pressure vessels of different shapes and sizes have been developed for a range of applications. Spherical, conical, and cylindrical forms are often advised. Two heads and a lengthy cylinder are the standard structure of these vessels. Internal pressures within pressure vessels can be greater or lower than atmospheric pressure, and these systems’ operating temperatures can change.

When retaining air in a scuba tank, for example, pressure vessels are made to function by achieving the level of pressure needed to make that application work. Using release gauges and valves, they can transmit pressure directly, or indirectly by transferring heat. Temperatures are frequently over 400°C (750°F), and potential pressure ranges from 15 psi to around 150,000 psi. The capacity of a pressure tank ranges from 75 liters (20 gallons) to several thousand liters.

Global Pressure Vessels Market Overview

One of the main factors supporting the market’s growth is a significant increase in the requirement for energy due to rising urbanization and increasing dependence on smart gadgets. Many physical and chemical activities that take place at high temperatures and pressures need to be received in pressure vessels. As a result, the use of these vessels in the global oil and gas sector has increased significantly. Pressure vessels are also widely used in the chemical industry because they make it easier to combine, divide, and remove product directions. They also provide advantages including resistance to corrosion and cross-contamination.

Leading companies are also creating sophisticated pressure vessels, such as pressure boilers, to deal with the changing nature and demand of the industry. This is leading to a positive market outlook together with the rising use of supercritical power production technologies. In addition, the rising demand for customized vessels is providing market participants throughout the world with prosperous expansion potential. Some significant aspects that are projected to influence the market include the expanding cooling and heating equipment market, the booming chemical and petrochemical sector, and significant expenditures in exploration and production by top oil and gas corporations.

Global Pressure Vessels MarketSegmentation Analysis

The Global Pressure Vessels Market is segmented based on Type, End-use, Material, and Geography.

Pressure Vessels Market, By Type

• Boilers
• Separators
• Reactors
• Others

Based on On Type, the market is segmented into Boilers, Separators, Reactors, and Others. The boilers segment is expected to hold the largest market share owing to the growing demand from residential and commercial units, being the primary reason fueling this region’s revenue development. Boilers, as opposed to typical heating systems, use a technique called radiant heating to effectively warm things within a space. To distribute heat throughout a room, it may also make use of radiators, baseboard heaters, or in-floor pipes. Boilers are more adaptable among homes owing to two important factorshigh energy efficiency and mobility.

Pressure Vessels Market, By End-Use

• Oil & Gas
• Chemicals & Petrochemical
• Power Generation
• Pharmaceuticals
• Food & Beverage
• Others

Based on End-Use, the market is segmented into Oil & Gas, Chemicals & Petrochemicals, Power Generation, Pharmaceuticals, Food & Beverage and Others. Due to the rising demand for chemicals and chemical products across a variety of end-use applications, the chemical and petrochemical end-use category dominates the market share in the forecasted period. The expanding number of chemical facilities in various economies around the globe is one of the major factors impacting product demand. Throughout the projected period, the expansion of oil and gas projects in various economies is anticipated to favorably affect market growth. Shale gas usage is anticipated to increase in both the industrial and energy sectors, and shale gas exploration activities are anticipated to increase as a consequence of technological developments in exploration activities.

Pressure Vessels Market, By Material

• Steel Alloys
• Composites
• Others

Based on Material, the market is segmented into Steel Alloys, Composites, and Others. As stainless steel and carbon steel are the favored materials for manufacturers owing to their qualities such as high resistance to corrosion, quick recyclability, cheap pricing, resistance to shocks & vibrations, great tensile strength, and ability to handle high temperatures or humid conditions, the category of steel alloys maintains the biggest market share.

Owing to the advantages that nickel and nickel alloys have over other materials, including their resistance to oxidation and carburization, heat resistance, dependability, and sustainability in severe settings, they have experienced strong growth throughout the forecasted period. Incoloy, Hastelloy, Carpenter Alloy 60, and Monel are just a few examples of different kinds of nickel alloys. Nuclear reactors are mostly made of nickel and nickel alloys.

Pressure Vessels Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Geography, The Global Pressure Vessels Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The region of Asia Pacific holds the largest market share as the use of pressure vessels has increased significantly in this region, which serves as the center for power generation. Also, the expansion of nuclear power facilities and the rise in demand for pressure vessels from the chemical and oil & gas sectors have promoted the expansion of the Pressure Vessels Industry in this region. The Asia Pacific region’s ongoing industrial and urban expansion will ensure a steady need for power. Owing to the pressure vessels’ requirement in the bulk of power production processes, this would increase the demand for the market in the forecasted period.

Key Players

The major players in the market are Babcock & Wilcox Enterprises Inc., WCR Inc., IHI Corp., Tinita Engineering Pvt. Ltd., Pressure Vessels (India), Xylem Inc., Halvorsen Company, General Electric, Larsen & Toubro Ltd., Alloy Products Corp., Bharat Heavy Electricals Ltd., Samuel Son & Co., Doosan Heavy Industries & Construction, Abbott & Co (Newark) Ltd., Mitsubishi Heavy Industries Ltd., and Others.

Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

Key Developments

• In March 2023, Haydale, a global provider of technological solutions and a maker of functionaliZed graphene-enhanced nanomaterials, extended its partnership with Viritech, a developer of high-performance hydrogen powertrain solutions for the automobile sector. Together, the two businesses would develop hydrogen pressure vessel solutions for the automotive sector, first concentrating on commercial vehicles. Viritech and Haydale are working to create the world’s most effective vehicle storage system for gaseous hydrogen by concentrating on Type V, linerless pressure vessels. The automotive, aerospace, and maritime industries, as well as the growing market for fuel cell vans, might all benefit from this technology.
• Hexagon Purus ASA, a Norwegian manufacturer of high-pressure hydrogen type 4 cylinders, battery packs, and vehicle systems integration for fuel cell and battery electric cars, acquired Wystrach GmbH in September 2021 for USD 44.36 million. The deal enhanced Hexagon Purus’ position as the leading supplier of zero-emission mobility solutions worldwide. Wystrach is a German company that offers high-pressure systems for transporting and storing gases like hydrogen.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the global pressure vessels market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the global Pressure Vessels Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

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