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Pressure Vessel Market Research Report Information By Material (Steel Alloys, Other alloys, Composites), By Product (Boilers, Nuclear reactors, Separators, and Others), By Application (Oil & Gas, Chemicals, Power generation, and Others), and By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

ID: MRFR/E&P/2352-HCR | 111 Pages | Author: Priya Nagrale| April 2024

Global Pressure Vessel Market Overview:

The pressure Vessel Market Size was recorded at USD 45.2 billion in 2022. The Pressure Vessel market industry is projected to grow from USD 47.9 Billion in 2023 to USD 76.3 billion by 2032, projecting a compound annual growth rate of 6.0% during the forecast period (2023 - 2032). The growing need for energy around the globe is one of the major market drivers promoting market growth.

Pressure Vessel Market

Source: MRFR Database, Secondary Research, Primary Research, and Analyst Review

Pressure Vessel Market Trends

  • The growing need for energy is driving the market growth

Rising demand for highly efficient pressure vessels with less power consumption and less corrosive substances is a major factor driving Market CAGR. Additionally, market players are heavily investing and establishing their production plants in these countries due to the great availability of raw materials and fewer expenses of labor charges. A growing number of manufacturing and construction projects have also increased pressure vessel demand.

Additionally, Governments in various countries across the globe are actively looking for opportunities to invest and actively renovate old industrial plants with new innovative technologies. Industry participants are increasingly integrating modern technologies such as sensors into their product segment to give customers various features and improve brand visibility. This has enabled pressure vessel manufacturers to incorporate remote monitoring systems that give real-time data and enable their users to identify potential risks so that industry professionals can make more informed decisions.

There are several sizes of pressure vessels available currently in the market. However, industrialists must always check and investigate the pump's parameters and method of controlling waterworks. In addition to that, pressure vessels are also available according to the volume of water consumption as freshwater sources are depleting gradually; industry professionals should always look for pressure systems that either consume less volume of water or establish a wastewater treatment from which water can be derived and introduced into pressure system for meeting its demand for water supply. Major market players are also incorporating sensors and other advanced tools for monitoring and calculating significant pressure differences. Thus, driving the Pressure Vessel market revenue.

Pressure Vessel Market Segment Insights:

Pressure Vessel Material Insights

The Pressure Vessel market segmentation, based on material, includes Steel alloys, other alloys, and Composites. The composites segment dominated the market. Rising demand in emerging economies is a crucial factor driving this segment's growth. The glass fiber and carbon fiber composite industries were earlier seen only in countries of North America and Europe. For example, demand for glass fiber and carbon fiber composites in the aerospace and transportation sectors of countries such as India has increased due to increasing consumer demand for low-cost and lightweight vehicles.

The steel alloys segment will also record the highest CAGR during the forecast period. It will provide greater formability and strength, enhance corrosion resistance and find great use in power projects.

Pressure Vessel Product Insights

The Pressure Vessel market segmentation, based on product, includes Boilers, Nuclear reactors, Separators, and Others. The boilers category dominated the market. The rising demand from residential and commercial units is a major factor driving this segment's revenue growth. Unlike conventional heating systems, boilers utilize a process termed radiant heating to heat objects efficiently within a space. In addition, it may also utilize radiators, baseboard heaters, or in-floor piping to spread warmth throughout a space. High energy efficiency and portability are two significant factors that have increased the adaptability of boilers among homeowners.

Pressure Vessel Application Insights

The Pressure Vessel market segmentation, based on Application, includes Oil & Gas, Chemicals, Power generation, and others. The chemicals category generated the most income. Rising demand for highly customized and efficient heat exchangers that offer long-term usage is a crucial factor driving market growth in this industry. In addition, the physical-chemical properties of gases and solids vary extremely. Therefore, a high-performance pressure vessel such as a shell & tube heat exchanger is crucial and beneficial as it aids in efficiently heating and cooling such fluids having corrosive properties.

Figure 1: Pressure Vessel Market, by Material, 2022 & 2032 (USD billion)

Pressure Vessel Market, by Material, 2022 & 2032

Source: MRFR Database, Secondary Research, Primary Research, and Analyst Review

Pressure Vessel Regional Insights

By Region, the study states market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Pressure Vessel market will dominate this market. The rising demand for high-energy pressure vessels due to an increase in the number of industrial activities is the major factor driving market revenue growth.

Further, the main countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Pressure Vessel Market Share By Region 2022 (%)

Pressure Vessel Market Share By Region 2022

Source: MRFR Database, Secondary Research, Primary Research, and Analyst Review

Europe's Pressure Vessel market accounts for the second-largest market share due to rising concern over emissions of industrial pollutants such as sulfur dioxide, metal dust, and others have notably prompted industry professionals to adopt high-performance pressure vessels that have reduced emissions. Further, the German Pressure Vessel market held the largest market share, and the UK Pressure Vessel market was the fastest-growing market in the European Region.

The Asia-Pacific Pressure Vessel Market is expected to grow at the fastest CAGR from 2022 to 2032. This is due to the growing operations of nuclear powers and the growing demand from the chemical industries. Moreover, China’s Pressure Vessel market held the largest market share, and the Indian Pressure Vessel market was the fastest-growing market in the Asia-Pacific region.

For instance, On 19 January 2021, Boyd Corporation, a leading innovator of engineered material and thermal management technologies based in California, announced the construction of a new industrial facility in Juarez, Mexico which marks the company's expansion into North America.

Pressure Vessel Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Pressure Vessel market grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launching, contract-based agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Pressure Vessel industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Pressure Vessel industry to benefit clients and increase the market sector. In recent years, the Pressure Vessel industry has offered some of the most significant advantages to the pressure vessel market. Major players in the Pressure Vessel market, including Samuel Pressure Vessel Group. (U.S.A), Babcock and Wilcox Enterprises, Inc. (U.S.A), Bharat Heavy Electricals Limited. (India), Dongfang Electric Machinery Co., Ltd. (China) and others are attempting to raise market demand by investing in research and development operations.

Babcock & Wilcox Enterprises Inc. (B&W) is a provider of technologies, engineered solutions, and aftermarket services. Its solutions optimize businesses to align with market changes, reinforce customers' technology portfolios and allow secure growth across markets. The company's offerings include boilers, emissions control and cooling systems, ash & material handling, controls & monitoring, and associated parts. B&W also provides retrofit and upgrades, field technical services, and other services. It serves customers in the oil and gas, chemical, industrial, and power generation sectors across the Asia Pacific, Europe, the Americas, Africa, and other regions. The company has R&D, manufacturing, administrative, warehouse, and service facilities in China, Scotland, Mexico, the US, Canada, Denmark, Germany, and Italy. B&W is headquartered in Barberton, Ohio, the US.

Samuel Pressure Vessel Group is a leader in designing, distributing, and producing pressure vessel solutions. They offer a wide range of capabilities in fabricating stock, custom, and engineered-to-order vessel designs. Materials include carbon, stainless steel, and other high-alloy metals, Vessel fabrications range from 2" to 192" in diameter, up to 160,000+ pounds, and pressures from full vacuum to 3,000 PSI. At Samuel, we employ over 400 ASME-certified welders combined with in-house customer care and engineering teams. Whether you need an ongoing supply program for small standard vessels or have a one-time need for very large engineered-to-spec pressure vessels, our experienced team is ready to assist you.

Key Companies in the Pressure Vessel market include

  • Babcock and Wilcox Enterprises, Inc. (U.S.A)

  • Doosan Heavy Industries & Construction Co., Ltd. (South Korea)

  • Mitsubishi Heavy Industries Ltd. (Japan)

  • Bharat Heavy Electricals Limited. (India)

  • Larsen & Toubro Limited. (India)

  • Dongfang Electric Machinery Co., Ltd. (China)

  • General Electric Co (U.S.A), Halvorsen (Norway)

  • IHI Corporation (Japan)

  • Pressure Vessels (India)

  • Samuel Pressure Vessel Group. (U.S.A)

  • Westinghouse Electric Company LLC. (U.S.A) and others.

Pressure Vessel Industry Developments

April 2020: L&T received a contract from Wuhan Engineering Ltd., a heavy engineering, procurement & construction company, to supply key gasification equipment for its first coal gasification project in India.

October 2019: GE Hitachi Nuclear Energy (GEH) investigated the potential to construct a small modular reactor in Poland to invest in clean energy solutions.

August 2022: the Reactor Pressure Vessel was hoisted into place at unit 2 of the Zhangzhou nuclear power plant in China's Fujian state. Zhangzhou 2 is the second of two Hualong One units built at the site, scheduled to enter commercial operation in 2024 and 2025, respectively.

Pressure Vessel Market Segmentation

Pressure Vessel Material Outlook

  • Steel alloys

  • Other alloys

  • Composites

Pressure Vessel Product Outlook

  • Boilers

  • Nuclear reactors

  • Separators

  • Others

Pressure Vessel Application Outlook

  • Oil & Gas

  • Chemicals

  • Power generation

  • Others

Pressure Vessel Region Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Attribute/Metric Details
Market Size 2022 USD 45.2 billion
Market Size 2023 USD 47.9 billion
Market Size 2032 USD 76.3 billion
Compound Annual Growth Rate (CAGR) 6.0% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Growth Factors, Market Competitive Landscape, and Trends
Segments Covered Material, Product, Application, and Region
Geographies Covered North America, Asia Pacific, Europe, and the Rest of the World
Countries Covered The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Samuel Pressure Vessel Group. (U.S.A), Babcock and Wilcox Enterprises, Inc. (U.S.A), Bharat Heavy Electricals Limited. (India), Dongfang Electric Machinery Co., Ltd. (China).
Key Market Opportunities Investments in Research and Development
Key Market Dynamics The shift of attention toward renewable energy

Frequently Asked Questions (FAQ) :

The Pressure Vessel market size was recorded at USD 45.2 Billion in 2022.

The market is estimated to grow at a CAGR of 6.0% during the forecast period, 2023-2032.

North America held the largest share of the market

The key players in the market are Samuel Pressure Vessel Group. (U.S.A), Babcock and Wilcox Enterprises, Inc. (U.S.A), Bharat Heavy Electricals Limited. (India), and Dongfang Electric Machinery Co., Ltd. (China).

The Composites Pressure Vessel category dominated the market in 2022.

The Boilers had the largest share of the market.

The Chemicals have held the largest share in the market.

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