by The global pressure vessels market size is estimated at USD 24.31 billion in 2024 and is projected to surge around USD 53.23 billion by 2034 with a CAGR of 8.15%.
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Key Takeaways
- Asia Pacific dominated the global market, securing a 36% market share in 2023.
- The boiler segment led the product category with a 60% revenue share in 2023.
- The cargo handling segment is projected to experience the fastest CAGR of 7% during the forecast period.
- The steel segment held a 30% market share in 2023 based on material type.
- The chemical & petrochemical segment accounted for the largest revenue share of 41% in 2023 under the end-use category.
Market Dynamics
Market Drivers
The growing demand for pressure vessels in industries such as oil & gas, chemical, and power generation is a major driver of market growth. Increasing energy consumption, coupled with the rising adoption of nuclear energy, is fueling the need for high-quality pressure vessels. Technological advancements in materials, such as composite and stainless steel, are enhancing durability and efficiency. Additionally, stricter safety regulations and quality standards are pushing manufacturers to develop more advanced and reliable pressure vessels.
Market Opportunities
The increasing investments in renewable energy and hydrogen storage solutions present lucrative opportunities for the pressure vessels market. The shift toward clean energy, such as hydrogen fuel, requires advanced storage systems, boosting demand for pressure vessels. Emerging markets in Asia Pacific and the Middle East, where industrialization is rapidly expanding, offer significant growth potential. Furthermore, the adoption of smart monitoring and automation technologies in pressure vessel manufacturing is opening new avenues for innovation and efficiency improvements.
Market Challenges
High manufacturing costs and stringent regulatory compliance remain key challenges in the pressure vessels market. The complexity of designing and fabricating pressure vessels that comply with international safety standards can lead to extended production timelines. Additionally, fluctuating raw material prices, especially for steel and alloys, impact production costs. The risk of corrosion and material fatigue poses durability concerns, necessitating frequent maintenance and replacement, which can further increase operational expenses for end-users.
Regional Insights
Asia Pacific dominates the global pressure vessels market due to rapid industrialization and increasing investments in energy infrastructure. China and India are leading the region’s growth, driven by rising demand from the power and chemical sectors. North America remains a strong player, with the U.S. contributing significantly due to its well-established oil & gas and petrochemical industries. Europe is focusing on advanced pressure vessel technologies and sustainable energy solutions. Meanwhile, the Middle East and Africa are witnessing rising demand due to expanding oil refinery operations and energy diversification efforts.
Pressure Vessels Market Companies
- Babcock & Wilcox Enterprises, Inc.
- IHI Corp.
- Mitsubishi Hitachi Power Systems, Ltd.
- Pressure Vessels (India)
- Alloy Products Corp.
- Samuel, Son & Co.
- Doosan Heavy Industries & Construction.
- Abbott & Co (Newark) Ltd.
- Larsen & Toubro Ltd.
- Bharat Heavy Electricals Ltd.
- Tinita Engineering Pvt. Ltd.
- Mersen, Xylem Inc.
- WCR Inc.
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2023 to 2032. This report contains market breakdown and its revenue estimation by classifying it on the basis of product, material, end-use, and region:
By Product
- Nuclear Reactor
- Boiler
- Separator
- Others
By Material
- Titanium
- Hastelloy
- Tantalum
- Steel
- Duplex Steel
- Stainless Steel
- Super Duplex Steel
- Carbon Steel
- Others
- Nickel & Nickel Alloys
- Others
By End-Use
- Chemicals & Petrochemicals
- Power Generation
- Oil & Gas
- Others
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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