USD 45.46 billion
Pressure Vessels Market Size, Share, Growth Analysis, By Material(Steel Alloys, Other alloys, Composites), By Product(Boilers, Nuclear reactors, Separators, and Others), By Application(Oil and gas, Chemicals, Power generation, and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10B2076 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
92
|Figures:
76
Pressure Vessels Market Insights
Global Pressure Vessels Market size was valued at USD 45.46 billion in 2022 and is poised to grow from USD 48.24 billion in 2023 to USD 77.46 billion by 2031, growing at a CAGR of 6.1% in the forecast period (2024-2031).
The global pressure vessels market is registering a good pace of growth, reason being industrial expansion and stringent safety regulations. According to the United Nations Industrial Development Organization (UNIDO), the gross manufacturing output worldwide was US$ 16.38 trillion in 2022, with 15.38% year-on-year growth compared to the preceding year.
The significant rise of vessels, particularly in the oil and gas, chemical processing, power generation, and pharmaceutical industries where these vessels are relied heavily for the safe storage and transportation of liquids and gases under high pressures or temperatures, brings to light the dynamic industrial landscape worldwide. On the other hand, the market has a regulatory framework strongly established by governments and regulatory bodies. Hence, by way of example, ASME Boiler and Pressure Vessel Code compliance is mandatory for manufacturers in the USA.
Likewise in the European Union, the Pressure Equipment Directive (PED), increases the standards while Canada follows the National Board Inspection Code (NBIC). These rules make pressure vessels safe and fit for specific uses. Sticking to regulatory norms creates a rivalry in the market encouraging manufacturers to keep raising their performance levels and innovating to this end. Regulatory oversight through inspections and audits keeps the industry uniform by maintaining certain standards which ensures product quality and safety.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Boilers
Fastest Growth
Nuclear reactors
Growth Rate
6.1% CAGR
Global Pressure Vessels Market ($ Bn)
Country Share for North America Region (%)
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Pressure Vessels Market Segmental Analysis
The global pressure vessels market is segmented on the basis of Material, Product, Application, and region. Based on Material the market is segmented as Steel Alloys, Other alloys, Composites. On the basis of Product the market is segmented as Boilers, Nuclear reactors, Separators, and Others. On the basis of Application the market is segmented as Oil & Gas, Chemicals, Power generation, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Product
Boilers remain a dominating product in the market, driven primarily by the constant demand for steam generation in various industries. Their versatility and widespread use in power generation, manufacturing, and heating applications contribute to their market stronghold. With ongoing efforts to improve energy efficiency and reduce emissions, modern boiler designs are being adopted, ensuring their continued dominance.
However, the fastest-growing segment in the market is Nuclear reactors. This growth can be attributed to increasing global demand for clean and reliable energy sources. Nuclear reactors are gaining traction as nations seek to reduce carbon emissions and transition toward more sustainable power generation solutions. Stringent environmental regulations and a growing emphasis on decarbonization are driving investments in nuclear energy infrastructure, contributing to the rapid growth of this segment in the pressure vessel market.
Analysis by Application
The Oil & Gas sector continues to assert its dominance in the global pressure vessel market. Its supremacy is unshaken, driven by an extensive infrastructure network that spans refineries, pipelines, and offshore facilities. These vital components of the energy supply chain depend heavily on pressure vessels to safely store and transport volatile substances, ensuring the sector's uninterrupted operations. Moreover, the resilience of the Oil & Gas industry, coupled with the perpetual worldwide demand for oil and gas products, guarantees a consistent and unwavering need for pressure vessels.
However, the Power Generation sector emerges as the fastest-growing segment. This growth is driven by the expansion of renewable energy sources like solar and wind, which require high-pressure vessels for energy storage and distribution. Additionally, the shift towards cleaner energy sources and the upgrading of aging power plants with modern, efficient technologies contribute to the sector's rapid growth in the pressure vessel market.
Global Pressure Vessels Market By Product
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Pressure Vessels Market Regional Insights
In the global pressure vessel market, North America takes the lead with the largest market share. Its dominance can be credited to the region’s flourishing industrial sector, especially in the chemical, oil and gas, and energy fields. The key drivers of the demand for supreme quality pressure vessels sprouts from an increased emphasis on technological advancements and strict safety rules.
Even though North America currently rules the global pressure vessel market, Asia-Pacific is quickly developing into the fastest growing market segment. The region’s evolving industries, improved infrastructure development, and rise in energy demand are responsible for the market’s explosive growth. Several up-and-coming economies in the APAC region are tying in huge investments in sectors such as energy production and transportation, thus fueling the growing need for specialized pressure vessels. Additionally, supportive government initiatives and investments from other countries is also pushing the market growth upwards.
Global Pressure Vessels Market By Region
- Largest
- Fastest
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Pressure Vessels Market Dynamics
Drivers
Technological Advancements
- Manufacturers are consistently investing in research and development to enhance the design, materials, and manufacturing processes of pressure vessels. This drive for innovation results in the creation of more efficient and durable vessels, meeting the increasing demand for high-performance solutions. Moreover, advancements in materials like composite materials and alloys allow for lighter yet stronger pressure vessels, improving their overall efficiency and reducing operational costs.
Restraints
Regulatory Compliance Challenges
- Although there has been a continuous growth in global pressure market, complying with the regulatory requirements has always been a challenge. To comply with the strict measures creates major challenges which also leads to implementation of complex rules and regulations that increases cost too. This becomes a big challenge for companies who are MNCs in nature who operate in different areas. And complying with the compliance consumes a lot of time and effort delaying results.
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Pressure Vessels Market Competitive Landscape
A diverse array of manufacturers and industry participants vying for a market share in the busting market defines the competitive scene of the global pressure vessel market. In order to retain their competitive advantage, these players partake in product innovation, strategic partnerships, mergers, and purchases. The market’s competitive nature is a direct result of the climbing demand for uber quality pressure vessels across several sectors like oil and gas, energy, and chemicals.
As the safe and effectiveness of the product still play a vital role in market growth, manufacturers are focusing on producing novel materials and concepts that are in line with the strict requirements and regulations.The growing emphasis placed on sustainability is also changing market practices, pushing businesses to bring forward pressure vessel solutions which are green and energy efficient. Overall, in the global pressure vessel market, the key to success lies with innovation, legal compliance, and evolving industry knowledge.
Top Player’s Company Profiles
- Babcock and Wilcox Enterprises, Inc. (US)
- 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 (US)
- Halvorsen (Norway)
- IHI Corporation (Japan)
- Pressure Vessels (India)
- Samuel Pressure Vessel Group (US)
- Westinghouse Electric Company LLC (US)
- Foster Wheeler AG (Switzerland)
- Thyssenkrupp AG (Germany)
- CBI (Chicago Bridge & Iron) (US)
- SPVG (South Korea)
- CIMC (China)
- Sumitomo Heavy Industries Ltd. (Japan)
- McDermott International, Inc. (US)
- Kelvion Holding GmbH (Germany)
Recent Developments
-
In April 2023, The International Association of Pressure Vessel Inspectors held their annual meeting in London. In the conference, several presentations on the latest developments in the departments of pressure vessel testing and inspection were introduced.
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In April 2023, A new standard for planning and producing pressure vessels to be used in the oil and gas industry was set by The American Petroleum Institute.
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In November 2022, The Russian state atomic energy corporation (Rosatom) announced the news about the investiture of the reactor pressure vessel for the first Nuclear Power Plant (NPP)’s second unit erected in Bangladesh.
Pressure Vessels Key Market Trends
- Sustainability and Green Pressure Vessels: Industries are on the lookout for new ways to reduce their carbon footprint in the wake of increasing concerns for the environment globally. Resulting from this trend stems the demand for pressure vessels that meet the inflexible safety regulations with the use of eco-friendly materials and designs. Pressure vessel producers are now focusing on finding novel components like lightweight materials and energy-efficient designs to lessen the negative impact on the environment. This shift towards sustainability aligns with broader efforts to create more environmentally responsible industrial practices and is expected to significantly influence market dynamics in the coming years.
Pressure Vessels Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to global Pressure vessels market analysis, the market presents a dynamic landscape characterized by a convergence of various factors. Key industry players are consistently engaged in research and development endeavors, striving to improve the efficiency and safety standards of these critical containers. A prominent trend within the market is the pursuit of sustainability and environmental responsibility, leading to innovations in materials and designs that reduce the carbon footprint of pressure vessels.
However, the market also faces notable challenges, chiefly in the form of stringent regulatory compliance requirements. Manufacturers must navigate a complex web of regulations to ensure the safety and reliability of pressure vessels, which can result in increased production costs and lead times.
Additionally, market growth is contingent on factors like industrialization rates in emerging economies, energy demands, and infrastructure development, which can vary widely across regions. As industries across the world continue to rely on pressure vessels for the storage and transport of gases and liquids under high pressure, the market's trajectory is intricately tied to the balance between innovation, regulatory compliance, and economic conditions. This evolving landscape necessitates adaptability and a keen awareness of market dynamics among industry participants.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 45.46 billion |
| Market size value in 2031 | USD 77.46 billion |
| Growth Rate | 6.1% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Pressure Vessels Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Pressure Vessels Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Pressure Vessels Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Pressure Vessels Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Pressure Vessels Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Pressure Vessels Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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