Pressure Vessel Market Analysis and Global Forecast 2024-2034

Pressure Vessel Market Overview

The Pressure Vessel Market size accounted for USD 50.31 Billion in 2023 and is estimated to account for 52.01 Billion in 2024. The Market is expected to reach USD 85.41 Billion by 2034 growing at a compound annual growth rate (CAGR) of 4.51% from 2024 to 2034. The Pressure Vessel Market refers to the global industry involved in the design, manufacture, and distribution of pressure vessels, which are containers designed to hold gases or liquids at high pressures. These vessels are used in various industries, including oil and gas, chemical processing, power generation, and pharmaceuticals. The market is driven by factors such as increasing energy demand, the expansion of industries that rely on pressure systems, and the need for efficient and safe storage solutions for gases and liquids under pressure.

The pressure vessel market is influenced by factors such as global economic growth, energy demand, technological advancements, and regulatory requirements.

Global Pressure Vessel Market Synopsis

Pressure Vessel Market Dynamics

The major factors that have impacted the growth of Pressure Vessel Market are as follows:

Drivers:

Ø  Advances in Petrochemical and Chemical Processing

The growth of the petrochemical and chemical industries increases the need for reactors, storage tanks, and separators, which are essential components of chemical processing systems. Innovations in materials, such as the use of composites and alloys that can withstand higher pressures and temperatures, have increased the durability and efficiency of pressure vessels, driving their adoption. The rise of renewable energy, particularly in areas such as hydrogen energy and bioenergy, is creating new demand for pressure vessels used in energy storage and processing applications.

Restraint:

• Perception of Material Costs and Availability and Risk of Failure

Pressure vessels often require specialized materials, such as high-grade steel or advanced composites, to withstand high pressures and temperatures. Fluctuations in the cost or availability of these materials can affect production costs and profitability. Pressure vessels, if not properly designed or maintained, can lead to catastrophic failures, which pose significant risks to human life and property. This inherent risk can make potential buyers cautious, slowing down investments.

Opportunity:

⮚     Advancements in Materials

Innovations in advanced materials, such as composites, stainless steel, and high-performance alloys, are offering opportunities for manufacturers to develop more durable, lightweight, and efficient pressure vessels that can withstand extreme conditions, expanding their use in various applications. Pressure vessels are increasingly used in waste management processes for industrial gases and liquids. As industries focus on sustainability and environmental regulations tighten, there is a rising demand for efficient and safe waste management solutions, opening a niche market for pressure vessels.

Pressure Vessel Market Segment Overview

By Material

Based on Material, the market is segmented based on Steel alloys, Composites and Others. Composite materials segment dominant the market. This segment benefits from advancements in material science that offer enhanced strength, corrosion resistance, and reduced weight compared to traditional steel vessels. Composites are increasingly preferred in applications where weight reduction is crucial, such as in aerospace and renewable energy sectors, driving their market share upward.

By End User

Based on End User, the market segment has been divided into Power, Oil & Gas, Chemicals & Petrochemicals, Fertilizers and Others. The chemicals and petrochemicals segment dominant the market. Pressure vessels are critical for numerous processes in petrochemical and chemical plants, including reactions, separations, and storage of volatile and corrosive substances. They are used in reactors, distillation columns, separators, and storage tanks to handle materials under high pressure and temperature conditions​.

By Type

Based on Type, the market segment has been divided into Boilers, Reactors, Separators and Others. The boilers segment dominant the market. The boilers are essential in numerous industries for generating steam and hot water for power generation, heating, and industrial processes. Their versatility in applications across sectors such as power generation, chemical manufacturing, and oil and gas makes them a dominant segment within the pressure vessel market​.

Global Pressure Vessel Market Regional Analysis

Based on region, the global Pressure Vessel Market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America is projected to dominate the use of the Pressure Vessel Market followed by the Asia-Pacific and Europe regions.

Pressure Vessel North America Market

North America holds a dominant position in the Pressure Vessel Market. The presence of a well-established oil & gas industry, growing investments in shale gas exploration, and advancements in chemical processing industries drive the demand for pressure vessels and the growing trend of replacing aging infrastructure, as well as the rising adoption of renewable energy projects like hydrogen energy, present opportunities for modern pressure vessel solutions.

Pressure Vessel Asia-Pacific Market

The Asia-Pacific region has indeed emerged as the fastest-growing market for the Pressure Vessel Market industry. Rapid industrialization, urbanization, and rising energy demands are key growth factors in emerging economies like China and India. Expansion in the chemical, petrochemical, and power generation sectors also supports market growth and it has significant infrastructure development, coupled with investments in nuclear and renewable energy projects and creates high demand for pressure vessels across multiple sectors.

Competitive Landscape

The global Pressure Vessel Market is highly competitive, with numerous players offering a wide range of software solutions. The competitive landscape is characterized by the presence of established companies, as well as emerging startups and niche players. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as product launches, and strategic alliances.

Prominent Players:

• Babcock & Wilcox Enterprises
• General elctric
• L&T
• IHI corporation
• Mitsubishi
• Hitachi
• BHEL
• Doosan Mecatec
• Samuel son and co.
• Westinghouse electric

Key Development

In August 2024, Singareni Collieries Company Limited (SCCL), India’s state-owned mining business, inaugurated an experimental 20 kW power plant in the Manuguru region of Bhadradri Kothagudem district in Telangana.

In February 2024: Miura, a steam system solutions provider, launched the unique Miura Care Program, a complete preventative boiler maintenance program developed in collaboration with Hartford Steam Boiler (HSB).

Scope of the Report

Global Pressure Vessel Market, by Material

• Steel alloys
• Composites
• Others

Global Pressure Vessel Market, by End User

• Power
• Oil & Gas
• Chemicals & Petrochemicals
• Fertilizers
• Others

Global Pressure Vessel Market, by Type

• Boilers
• Reactors
• Separators
• Others

Global Pressure Vessel Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2034: USD 85.41 Billion
CAGR (2024-2034)	4.51%
Base year	2022
Forecast Period	2024-2034
Historical Data	2021 (2017 to 2020 On Demand)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Material, End User, Type
Geographies Covered	North America, Europe, Asia-Pacific, South America, Middle East, Africa
Key Vendors	Babcock & Wilcox Enterprises, General elctric, L&T, IHI corporation, Mitsubishi, Hitachi, BHEL, Doosan Mecatec, Samuel son and co. and Westinghouse electric.
Key Market Opportunities	·       Advancements in Materials ·       Industrial Waste Management
Key Market Drivers	·       Advances in Petrochemical and Chemical Processing ·       Technological Advancements

 

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Pressure Vessel Market trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities in the future
• Pressure Vessel Market historical market size for the year 2021, and forecast from 2023 to 2033
• Pressure Vessel Market share analysis at each product level
• Competitor analysis with detailed insight into its product segment, Government & Defense strength, and strategies adopted.
• Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
• To identify and understand the various factors involved in the global Pressure Vessel Market affected by the pandemic
• To provide a detailed insight into the major companies operating in the market. The profiling will include the Government & Defense health of the company’s past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.