Pressure Vessels Market

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Pressure Vessels Market by Type (Boilers, Reactors, Separators), Material, Heat Source (Fired Pressure Vessel and Unfired Pressure Vessel), Application (Storage Vessels and Processing Vessels), End-User Industry and Region - Global Forecast to 2028

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Report Code: EP 4288 Jun, 2023, by marketsandmarkets.com

[204 Pages Report] The global Pressure vessels market is estimated to grow from USD 50.3 billion in 2023 to USD 62.7 billion by 2028; it is expected to record a CAGR of 4.5% during the forecast period. The increasing global energy demand, driven by population growth, urbanization, and industrialization, is a significant driver for the pressure vessel market. Pressure vessels are integral components of power generation systems, including fossil fuel power plants, nuclear power plants, and renewable energy installations, such as geothermal power plants.

Pressure Vessels Market

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Pressure Vessels Market

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Pressure Vessels Market Dynamics

Driver: Growing chemical production world-wide

The chemical and petrochemical industry is a significant consumer of pressure vessels. As this industry continues to grow, driven by factors like increasing demand for chemicals and plastics, pressure vessels are required for various processing operations, including chemical reactions, distillation, mixing, and storage of chemicals. This shift is driven by the need for innovative and customized chemicals that offer enhanced functionalities and meet specific requirements.

Moreover, stricter safety regulations and quality standards imposed by governments and industry bodies further drive the demand for reliable and compliant pressure vessels in the chemical sector. Industries must ensure that pressure vessels meet the necessary standards to ensure the safety of workers, communities, and the environment.

Restraint: High manufacturing and maintenance costs

Pressure vessels require specialized design and engineering to meet stringent safety standards and regulatory requirements. Designing a pressure vessel involves complex calculations, material selection, and ensuring structural integrity. These design complexities can contribute to higher manufacturing costs. These products are constructed using high-strength materials such as stainless steel, carbon steel, or alloy metals. These materials have excellent mechanical properties and can withstand high pressures and temperatures. However, they tend to be more expensive compared to standard structural materials. Once the pressure vessels are manufactured, they need to undergo rigorous inspection and testing procedures to ensure their safety and compliance with regulatory standards. These inspections involve non-destructive testing techniques and may require third-party certification, which adds to the overall manufacturing costs.

Opportunities: Increase in the nuclear power generation worldwide

As existing nuclear power plants age, there is a need for replacement and refurbishment of certain components, including pressure vessels. Over time, pressure vessels may experience wear, corrosion, or fatigue, and their replacement or refurbishment becomes necessary. The increase in nuclear power generation can drive the need for such replacements or refurbishments, creating opportunities for the pressure vessel market.

Challenges: Stringent standards in manufacturing of pressure vessels

Stringent standards play a crucial role in the manufacturing of pressure vessels to ensure their safety, reliability, and compliance with regulatory requirements. Standards majorly concentrate on parameters such as Design Codes and Standards, Material Selection and Specifications, Design and Engineering Calculations, Fabrication and Welding Procedures, Inspection and Testing Requirements, Certification and Compliance, Compliance with Regulatory Authorities.

Pressure Vessels Market Ecosystem

Prominent companies in this market include well-established, financially stable manufacturers of Pressure vessels  systems and components. These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this market include Bharat Heavy Electricals Limited (India), Mitsubishi Hitachi Power Systems (Japan), IHI Coproration (Japan), Babcock & Wilcox (US), LARSEN & TOURBO LIMITED (India).

Pressure Vessels Market

The boilers segment, by type, is expected to be the largest market during the forecast period.

This report segments the pressure vessels market based on types into five types: boilers, seperators, reactors, and other which include heat exchangers, and flash drums. Pressure vessels are an integral part of boilers used in power plants. They contain water or steam under high pressure, which is heated to generate steam that drives turbines for electricity generation. The trends such as growing chemical production, new technologies such as super critical boilers are pushing the demand for this segment.

By Heat Source, the unfired pressure vessels segment is expected to be the fastest during the forecast period

This report segments the pressure vessels market based on components into heat source segments: fired pressure vessels and unfired pressure vessels. Unfired pressure vessels are utilized in a wide range of industries, including chemical processing, pharmaceuticals, food and beverage, power generation, and many more. They are designed to store or process liquids, gases, or vapors without the need for direct firing or heating elements. These vessels are constructed to withstand high-pressure conditions, ensuring the safety of personnel and equipment

“Asia Pacific”: The largest in the pressure vessels market”

Asia Pacific is expected to largest region in the pressure vessel market between 2023–2028, followed by the North America, Europe. The Asia Pacific region is witnessing robust industrial growth, including sectors such as oil and gas, chemical and petrochemical, power generation, food and beverage, pharmaceuticals, and more. These industries require pressure vessels for various processing, storage, and transportation applications, thereby driving the demand for pressure vessels in the region.

Pressure Vessels Market Size, and Share

Key Market Players

The pressure vessel market is dominated by a few major players that have a wide regional presence. The major players in the pressure vessels market are Bharat Heavy Electricals Limited (India), Mitsubishi Hitachi Power Systems (Japan), IHI Coproration (Japan), Babcock & Wilcox (US), LKARSEN & TOURBO LIMITED (India). Between 2018 and 2022, Strategies such as product launches, contracts, agreements, partnerships, collaborations, alliances, acquisitions, and expansions are followed by these companies to capture a larger share of the pressure vessel market.

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Scope of the Report

Report Metric

Details

Market size available for years

2021–2028

Base year considered

2022

Forecast period

2023–2028

Forecast units

Value (USD Million/Billion)

Segments covered

Pressure vessels market by type, heat source, application, end-user industry, and region.

Geographies covered

Asia Pacific, North America, Europe, South America, and Middle East & Africa.

Companies covered

Babcock & Wilcox Enterprises (US), General Electric (US), LARSEN & TOURBO LIMITED (India), Mitsubishi Hitachi Power Systems (Japan), Hitachi Zosen Corporation (Japan), IHI Corporation (Japan), Bharat Heavy Electricals Limited (India), Buhman Mecatec (Japan), Dongfang Turbine Co., Ltd (China), Samuel, Son & Co. (Canada), Westinghouse Electric Company (US), Halvorsen Company (US), Pressure Vessels (India) (India), Kelvion Holding GmBh (Germany), VI Flow (Sweden), Ergil (US), Gladwin Tank (US), Robinson Pipe & Vessel (US), Halliburton (US), Alfa Laval (Sweden)

This research report categorizes the pressure vessel market by component, power source, application, and region.

On the basis of by type, the pressure vessels market has been segmented as follows:
  • Boilers
  • Seperators
  • Reactors
  • Other types
On the basis of heat source, the pressure vessel market has been segmented as follows:
  • Fired Pressure Vessels
  • Unfired Pressure Vessels
On the basis of application, the pressure vessel market has been segmented as follows:
  • Storage Vessels
  • Processing Vessels
On the basis of end-user Industry, the pressure vessel market has been segmented as follows:
  • Power
  • Oil & Gas
  • Food & Beverages
  • Pharmaceuticals
  • Chemicals
  • Others
On the basis of region, the pressure vessel market has been segmented as follows:
  • Asia Pacific
  • Europe
  • North America
  • Middle East & Africa
  • South America

Recent Developments

  • In December 2022, Bharat Heavy Electricals Limited (BHEL) has entered into a long-term Technology License Agreement (TLA) with Sumitomo SHI FW, Finland (SFW) for design, engineering, manufacturing, erection, commissioning and sale of subcritical as well as supercritical Circulating Fluidised Bed Combustion (CFBC) Boilers in India and in overseas territories except select countries.
  • In May 2021, IHI Corporation (IHI) has decided to enter the Small Modular Reactor (SMR) market by investing in NuScale Power, LLC (NuScale), a U.S.-based developer of SMR technology, with JGC Holdings Corporation.
  • In February 2021, The industry has experienced sweeping changes in the market demand for coal-fired power generation that have led to a sharp contraction in new plant construction. Addressing the market situation, Mitsubishi Power which is a parent company of Mitsubishi Hitachi Power Systems will consolidate the boiler manufacturing function of new construction and after-sales service, as well as the new facility design and the construction function, at the Nagasaki Works. At the Kure Works, management resources will be shifted to the boiler design and engineering services business and Air Quality Control System (AQCS) business, with the objective of strengthening competitiveness in both businesses.
  • In January 2023, LARSEN & TOUBRO LIMITED announced the signing of a Memorandum of Understanding (MoU) with the Norway-based H2Carrier (H2C) to co-operate towards developing floating green ammonia projects for industrial-scale applications with an aim to decarbonise the global economy. H2C has proven expertise in developing and integrating Power-to-X (PtX) projects based on affordable, often stranded, non-commercial renewable power. Under the terms of the MoU, L&T will become a partner for EPCIC of the topsides for H2C’s floating process plants.

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TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 27)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
    1.3 INCLUSIONS AND EXCLUSIONS 
           1.3.1 PRESSURE VESSELS MARKET, BY TYPE
           1.3.2 PRESSURE VESSEL MARKET, BY HEAT SOURCE
           1.3.3 PRESSURE VESSEL MARKET, BY APPLICATION
           1.3.4 PRESSURE VESSEL MARKET, BY END-USER INDUSTRY
    1.4 MARKET SCOPE 
           1.4.1 MARKETS COVERED
           1.4.2 REGIONAL SCOPE
           1.4.3 YEARS CONSIDERED
    1.5 CURRENCY CONSIDERED 
    1.6 LIMITATIONS 
    1.7 STAKEHOLDERS 
    1.8 SUMMARY OF CHANGES 
 
2 RESEARCH METHODOLOGY (Page No. - 33)
    2.1 RESEARCH DATA 
           FIGURE 1 PRESSURE VESSELS MARKET: RESEARCH DESIGN
    2.2 MARKET BREAKDOWN AND DATA TRIANGULATION 
           FIGURE 2 DATA TRIANGULATION METHODOLOGY
           2.2.1 SECONDARY DATA
                    2.2.1.1 Key data from secondary sources
           2.2.2 PRIMARY DATA
                    2.2.2.1 Key data from primary sources
                    2.2.2.2 Breakdown of primaries
    2.3 STUDY SCOPE 
           FIGURE 3 MAIN METRICS CONSIDERED TO ANALYZE AND ASSESS PRESSURE VESSEL DEMAND
    2.4 MARKET SIZE ESTIMATION 
           2.4.1 BOTTOM-UP APPROACH
                    FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
           2.4.2 TOP-DOWN APPROACH
                    FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
           2.4.3 DEMAND-SIDE ANALYSIS
                    2.4.3.1 Regional analysis
                    2.4.3.2 Country-level analysis
                    2.4.3.3 Assumptions for demand-side analysis
                    2.4.3.4 Calculations for demand-side analysis
                    2.4.3.5 Supply-side analysis
                               FIGURE 6 KEY STEPS CONSIDERED TO ASSESS PRESSURE VESSEL SUPPLY
                               FIGURE 7 PRESSURE VESSELS MARKET: SUPPLY-SIDE ANALYSIS
                    2.4.3.6 Calculations for supply-side analysis
                    2.4.3.7 Assumptions for supply-side analysis
                               FIGURE 8 COMPANY MARKET SHARE ANALYSIS, 2022
           2.4.4 MARKET SIZE FORECAST
    2.5 RISK ASSESSMENT 
    2.6 RECESSION IMPACT 
 
3 EXECUTIVE SUMMARY (Page No. - 47)
    TABLE 1 SNAPSHOT OF PRESSURE VESSELS MARKET, 2023 VS. 2028 
    FIGURE 9 ASIA PACIFIC ACCOUNTED FOR LARGEST SHARE OF MARKET IN 2022 
    FIGURE 10 BOILERS TO HOLD LARGEST SHARE OF PRESSURE VESSEL MARKET, BY TYPE, THROUGHOUT FORECAST PERIOD 
    FIGURE 11 PROCESSING VESSELS TO LEAD MARKET, BY APPLICATION, DURING FORECAST PERIOD 
    FIGURE 12 FIRED PRESSURE VESSELS TO CAPTURE LARGER SHARE OF MARKET, BY HEAT SOURCE, THROUGHOUT FORECAST PERIOD 
    FIGURE 13 POWER INDUSTRY TO HOLD LARGEST SHARE OF PRESSURE VESSEL MARKET DURING FORECAST PERIOD 
 
4 PREMIUM INSIGHTS (Page No. - 51)
    4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN PRESSURE VESSELS MARKET 
           FIGURE 14 GROWING CHEMICAL PRODUCTION AND TECHNOLOGICAL ADVANCEMENTS AND MATERIAL INNOVATIONS WORLDWIDE TO ACCELERATE MARKET GROWTH
    4.2 ASIA PACIFIC: PRESSURE VESSEL MARKET, BY END-USER INDUSTRY AND COUNTRY 
           FIGURE 15 POWER INDUSTRY AND CHINA HELD LARGEST SHARES OF MARKET IN ASIA PACIFIC IN 2022
    4.3 PRESSURE VESSELS MARKET, BY TYPE 
           FIGURE 16 BOILERS TO DOMINATE MARKET IN 2028
    4.4 PRESSURE VESSEL MARKET, BY APPLICATION 
           FIGURE 17 PROCESSING VESSELS TO LEAD MARKET IN 2028
    4.5 PRESSURE VESSEL MARKET, BY HEAT SOURCE 
           FIGURE 18 FIRED PRESSURE VESSELS TO COMMAND MARKET IN 2028
    4.6 PRESSURE VESSEL MARKET, BY END-USER INDUSTRY 
           FIGURE 19 POWER INDUSTRY TO BE LARGEST STAKEHOLDER OF PRESSURE VESSEL MARKET IN 2028
 
5 MARKET OVERVIEW (Page No. - 55)
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
           FIGURE 20 PRESSURE VESSELS MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.2.1 DRIVERS
                    5.2.1.1 Growing chemical production industry
                               FIGURE 21 GLOBAL CHEMICAL PRODUCTION SALES, 2015 TO 2021
                    5.2.1.2 Thriving oil & gas industry
                               FIGURE 22 OIL DEMAND TREND, BY REGION, 2019 TO 2026
           5.2.2 RESTRAINTS
                    5.2.2.1 High manufacturing and maintenance costs
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Increasing focus on nuclear power generation
                               TABLE 2 NEW REACTORS UNDER CONSTRUCTION (AS OF DECEMBER 31, 2021)
                    5.2.3.2 Evolving technologies such as hydrogen storage systems
           5.2.4 CHALLENGES
                    5.2.4.1 Stringent manufacturing standards and quality guidelines to be followed by pressure vessel manufacturers
                    5.2.4.2 Volatile prices of raw materials
                               FIGURE 23 GLOBAL NOMINAL PRICES FOR ALUMINUM AND COPPER,  2019–2022 (USD/MT)
    5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 
           5.3.1 REVENUE SHIFTS AND NEW REVENUE POCKETS FOR PRESSURE VESSEL MANUFACTURERS
                    FIGURE 24 REVENUE SHIFTS FOR PRESSURE VESSEL MANUFACTURERS
    5.4 MARKET MAPPING 
           TABLE 3 PRESSURE VESSEL MARKET: ECOSYSTEM ANALYSIS
                    FIGURE 25 MARKET MAP/ECOSYSTEM ANALYSIS
    5.5 VALUE CHAIN ANALYSIS 
           FIGURE 26 PRESSURE VESSELS MARKET: VALUE CHAIN ANALYSIS
           5.5.1 RAW MATERIAL PROVIDERS/SUPPLIERS
           5.5.2 COMPONENT MANUFACTURERS
           5.5.3 PRESSURE VESSEL MANUFACTURERS/ASSEMBLERS
           5.5.4 DISTRIBUTORS/END USERS
           5.5.5 POST-SALES SERVICE PROVIDERS
    5.6 AVERAGE SELLING PRICE (ASP) ANALYSIS 
           FIGURE 27 AVERAGE SELLING PRICE OF PRESSURE VESSELS, BY TYPE
           TABLE 4 AVERAGE SELLING PRICE OF PRESSURE VESSELS, BY TYPE, 2021 VS. 2028 (USD)
           TABLE 5 AVERAGE SELLING PRICE OF PRESSURE VESSELS, BY REGION, 2021 VS. 2028 (USD)
           FIGURE 28 PRICING ANALYSIS, BY REGION, 2021 VS. 2028 (USD)
    5.7 TECHNOLOGY ANALYSIS 
           5.7.1 HYDROGEN STORAGE SYSTEMS
    5.8 TARIFF AND REGULATORY LANDSCAPE 
           5.8.1 TARIFF FOR PRESSURE VESSEL COMPONENTS CLASSIFIED UNDER HS CODE 8402
           5.8.2 TARIFF FOR PRESSURE VESSEL COMPONENTS CLASSIFIED UNDER HS CODE 8401
           5.8.3 TARIFF FOR PRESSURE VESSEL COMPONENTS CLASSIFIED UNDER HS CODE 8507
           5.8.4 TARIFF FOR PRESSURE VESSEL COMPONENTS CLASSIFIED UNDER HS CODE 841950
           5.8.5 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 6 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 7 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 8 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 9 GLOBAL: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           5.8.6 CODES AND REGULATIONS RELATED TO PRESSURE VESSELS
                    TABLE 10 PRESSURE VESSELS MARKET: CODES AND REGULATIONS
    5.9 PATENT ANALYSIS 
           TABLE 11 PRESSURE VESSEL MARKET: INNOVATION AND PATENT REGISTRATION
    5.10 TRADE ANALYSIS 
           5.10.1 EXPORT SCENARIO
                    TABLE 12 EXPORT SCENARIO FOR HS CODE 8401, BY COUNTRY, 2020–2022 (USD THOUSAND)
           5.10.2 IMPORT SCENARIO
                    TABLE 13 IMPORT SCENARIO FOR HS CODE 8401, BY COUNTRY, 2020–2022 (USD THOUSAND)
    5.11 CASE STUDY ANALYSIS 
           5.11.1 SCIENTISTS FROM IMPERIAL COLLEGE USED NUCLEAR FUEL CLADDING TECHNIQUE TO ENHANCE FUEL EFFICIENCY AND IMPROVE REACTOR SAFETY STANDARDS
           5.11.2 BABCOCK WANSON DEPLOYED BOILERS AT BEDFORD HOSPITAL FOR PRECISE CONTROL OVER STEAM OUTPUT AND QUALITY
    5.12 KEY CONFERENCES AND EVENTS, 2023–2024 
                    TABLE 14 PRESSURE VESSEL MARKET: LIST OF CONFERENCES AND EVENTS
    5.13 PORTER’S FIVE FORCES ANALYSIS 
                    FIGURE 29 PRESSURE VESSELS MARKET: PORTER’S FIVE FORCES ANALYSIS
                    TABLE 15 PRESSURE VESSEL MARKET: PORTER’S FIVE FORCES ANALYSIS
           5.13.1 THREAT OF NEW ENTRANTS
           5.13.2 BARGAINING POWER OF SUPPLIERS
           5.13.3 BARGAINING POWER OF BUYERS
           5.13.4 THREAT OF SUBSTITUTES
           5.13.5 INTENSITY OF COMPETITIVE RIVALRY
    5.14 KEY STAKEHOLDERS AND BUYING CRITERIA 
           5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 30 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY END-USER INDUSTRY
                    TABLE 16 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY END-USER INDUSTRY (%)
           5.14.2 MAJOR BUYING CRITERIA
                    FIGURE 31 KEY BUYING CRITERIA FOR END-USER INDUSTRIES
                    TABLE 17 KEY BUYING CRITERIA, BY END-USER INDUSTRY
 
6 MATERIALS USED IN CONSTRUCTION OF PRESSURE VESSELS (Page No. - 83)
    6.1 INTRODUCTION 
    6.2 PRESSURE VESSEL MATERIALS 
           6.2.1 TITANIUM
           6.2.2 NICKEL ALLOYS
           6.2.3 ALUMINUM
           6.2.4 OTHER PRESSURE VESSEL MATERIALS
    6.3 CLADDING MATERIALS 
           6.3.1 TITANIUM
           6.3.2 STAINLESS STEEL
           6.3.3 TANTALUM
           6.3.4 NICKEL ALLOYS
           6.3.5 ZIRCONIUM
 
7 PRESSURE VESSELS MARKET, BY APPLICATION (Page No. - 86)
    7.1 INTRODUCTION 
           FIGURE 32 MARKET, BY APPLICATION, 2022
           TABLE 18 PRESSURE VESSELS MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
    7.2 STORAGE VESSELS 
           7.2.1 HIGH STORAGE CAPACITY AND FLEXIBILITY IN TRANSPORTATION TO STIMULATE DEMAND FOR STORAGE VESSELS
                    TABLE 19 STORAGE VESSELS: MARKET, BY REGION,  2021–2028 (USD MILLION)
    7.3 PROCESSING VESSELS 
           7.3.1 ADVANCEMENTS IN DESIGNING AND MANUFACTURING PROCESSES TO ACCELERATE DEMAND FOR PROCESS VESSELS
                    TABLE 20 PROCESSING VESSELS: MARKET, BY REGION,  2021–2028 (USD MILLION)
 
8 PRESSURE VESSELS MARKET, BY HEAT SOURCE (Page No. - 89)
    8.1 INTRODUCTION 
           FIGURE 33 MARKET, BY HEAT SOURCE, 2022
           TABLE 21 PRESSURE VESSELS MARKET, BY HEAT SOURCE, 2021–2028 (USD MILLION)
    8.2 FIRED PRESSURE VESSELS 
           8.2.1 INCREASING REQUIREMENT FOR FIRED PRESSURE VESSELS IN POWER PLANTS TO CONTRIBUTE TO MARKET GROWTH
                    TABLE 22 FIRED PRESSURE VESSELS: MARKET, BY REGION,  2021–2028 (USD MILLION)
    8.3 UNFIRED PRESSURE VESSELS 
           8.3.1 LOWER INITIAL INVESTMENTS AND REDUCED OPERATIONAL EXPENSES TO BOOST SEGMENTAL GROWTH
                    TABLE 23 UNFIRED PRESSURE VESSELS: MARKET, BY REGION,  2021–2028 (USD MILLION)
 
9 PRESSURE VESSELS MARKET, BY TYPE (Page No. - 93)
    9.1 INTRODUCTION 
           FIGURE 34 MARKET, BY TYPE, 2022
           TABLE 24 PRESSURE VESSELS MARKET, BY TYPE, 2021–2028 (USD MILLION)
    9.2 BOILERS 
           9.2.1 DEPENDENCE OF DEVELOPING COUNTRIES ON THERMAL POWER PLANTS TO PRODUCE ELECTRICITY TO STIMULATE SEGMENTAL GROWTH
                    TABLE 25 BOILERS: MARKET, BY REGION, 2021–2028 (USD MILLION)
    9.3 REACTORS 
           9.3.1 INVESTMENTS IN NUCLEAR POWER GENERATION TO DRIVE MARKET
                    TABLE 26 REACTORS: MARKET, BY REGION, 2021–2028 (USD MILLION)
    9.4 SEPARATORS 
           9.4.1 GROWING OIL & GAS OPERATIONS IN MIDDLE EAST AND  ASIA PACIFIC TO BOOST SEGMENTAL GROWTH
                    TABLE 27 SEPARATORS: MARKET, BY REGION, 2021–2028 (USD MILLION)
    9.5 OTHER TYPES 
           TABLE 28 OTHER TYPES: MARKET, BY REGION, 2021–2028 (USD MILLION)
 
10 PRESSURE VESSELS MARKET, BY END-USER INDUSTRY (Page No. - 98)
     10.1 INTRODUCTION 
               FIGURE 35 MARKET, BY END-USER INDUSTRY, 2022
               TABLE 29 PRESSURE VESSELS MARKET, BY END-USER INDUSTRY, 2021–2028 (USD MILLION)
     10.2 POWER 
             10.2.1 TECHNOLOGICAL ADVANCEMENTS IN POWER INDUSTRY TO DRIVE MARKET
                       TABLE 30 POWER: PRESSURE VESSEL MARKET, BY REGION, 2021–2028 (USD MILLION)
     10.3 OIL & GAS 
             10.3.1 DEVELOPMENT OF UNCONVENTIONAL RESOURCES TO CREATE OPPORTUNITIES FOR PRESSURE VESSEL PROVIDERS
                       TABLE 31 OIL & GAS: MARKET, BY REGION, 2021–2028 (USD MILLION)
     10.4 FOOD & BEVERAGE 
             10.4.1 FOCUS ON DOWNTIME REDUCTION AND PRODUCTION OPTIMIZATION TO INCREASE DEMAND FOR PRESSURE VESSELS
                       TABLE 32 FOOD & BEVERAGE: MARKET, BY REGION,  2021–2028 (USD MILLION)
     10.5 PHARMACEUTICAL 
             10.5.1 THRIVING PHRMA INDUSTRY IN ASIA PACIFIC, LATIN AMERICA, AND AFRICA TO BOOST DEMAND FOR PRESSURE VESSELS
                       TABLE 33 PHARMACEUTICAL: MARKET, BY REGION,  2021–2028 (USD MILLION)
     10.6 CHEMICAL 
             10.6.1 LARGE-SCALE CONSTRUCTION OF CHEMICAL REFINERIES IN ASIA PACIFIC TO PROPEL MARKET
                       TABLE 34 CHEMICAL: MARKET, BY REGION, 2021–2028 (USD MILLION)
     10.7 OTHER END-USER INDUSTRIES 
               TABLE 35 OTHER END-USER INDUSTRIES: MARKET, BY REGION,  2021–2028 (USD MILLION)
 
11 PRESSURE VESSELS MARKET, BY REGION (Page No. - 104)
     11.1 INTRODUCTION 
               FIGURE 36 MARKET IN ASIA PACIFIC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
               TABLE 36 PRESSURE VESSEL MARKET, IN TERMS OF VOLUME, 2021–2028 (MILLION UNITS)
               TABLE 37 MARKET, IN TERMS OF VALUE, 2021–2028 (USD MILLION)
     11.2 ASIA PACIFIC 
               FIGURE 37 ASIA PACIFIC: PRESSURE VESSEL MARKET OVERVIEW
             11.2.1 RECESSION IMPACT: ASIA PACIFIC
             11.2.2 BY TYPE
                       TABLE 38 ASIA PACIFIC: PRESSURE VESSELS MARKET, BY TYPE, 2021–2028 (USD MILLION)
             11.2.3 BY HEAT SOURCE
                       TABLE 39 ASIA PACIFIC: MARKET, BY HEAT SOURCE,  2021–2028 (USD MILLION)
             11.2.4 BY END-USER INDUSTRY
                       TABLE 40 ASIA PACIFIC: MARKET, BY END-USER INDUSTRY,  2021–2028 (USD MILLION)
             11.2.5 BY COUNTRY
                       TABLE 41 ASIA PACIFIC: MARKET, BY COUNTRY,  2021–2028 (USD MILLION)
                       11.2.5.1 China
                                   11.2.5.1.1 Rapid industrialization and rising demand for electricity to accelerate demand for pressure vessels
                                   TABLE 42 CHINA: MARKET, BY END-USER INDUSTRY,  2021–2028 (USD MILLION)
                       11.2.5.2 India
                                   11.2.5.2.1 Rising demand for power to propel market
                                   TABLE 43 INDIA: MARKET, BY END-USER INDUSTRY,  2021–2028 (USD MILLION)
                       11.2.5.3 Japan
                                   11.2.5.3.1 Growing chemical industry and changing trends in power generation to drive market
                                   TABLE 44 JAPAN: MARKET, BY END-USER INDUSTRY,  2021–2028 (USD MILLION)
                       11.2.5.4 Australia
                                   11.2.5.4.1 Focus on increasing oil and gas exports to boost demand for pressure vessels
                                   TABLE 45 AUSTRALIA: MARKET, BY END-USER INDUSTRY,  2021–2028 (USD MILLION)
                       11.2.5.5 South Korea
                                   11.2.5.5.1 Growing chemical and power sectors to accelerate demand for pressure vessels
                                   TABLE 46 SOUTH KOREA: MARKET, BY END-USER INDUSTRY,  2021–2028 (USD MILLION)
                       11.2.5.6 Malaysia
                                   11.2.5.6.1 Growing investments in clean energy technologies to drive market
                                   TABLE 47 MALAYSIA: MARKET, BY END-USER INDUSTRY,  2021–2028 (USD MILLION)
                       11.2.5.7 Indonesia
                                   11.2.5.7.1 Modification of oil refineries to increase requirement for pressure vessels
                                   TABLE 48 INDONESIA: MARKET, BY END-USER INDUSTRY,  2021–2028 (USD MILLION)
                       11.2.5.8 Rest of Asia Pacific
                                   TABLE 49 REST OF ASIA PACIFIC: MARKET, BY END-USER INDUSTRY,  2021–2028 (USD MILLION)
     11.3 NORTH AMERICA 
               FIGURE 38 NORTH AMERICA: MARKET SNAPSHOT
             11.3.1 RECESSION IMPACT: NORTH AMERICA
             11.3.2 BY TYPE
                       TABLE 50 NORTH AMERICA: PRESSURE VESSELS MARKET, BY TYPE, 2021–2028 (USD MILLION)
             11.3.3 BY APPLICATION
                       TABLE 51 NORTH AMERICA: MARKET, BY APPLICATION,  2021–2028 (USD MILLION)
             11.3.4 BY HEAT SOURCE
                       TABLE 52 NORTH AMERICA: MARKET, BY HEAT SOURCE,  2021–2028 (USD MILLION)
             11.3.5 BY END-USER INDUSTRY
                       TABLE 53 NORTH AMERICA: MARKET, BY END-USER INDUSTRY,  2021–2028 (USD MILLION)
             11.3.6 BY COUNTRY
                       TABLE 54 NORTH AMERICA: MARKET, BY COUNTRY,  2021–2028 (USD MILLION)
                       11.3.6.1 US
                                   11.3.6.1.1 Shale gas exploration and production activities to accelerate demand
                                   TABLE 55 US: MARKET, BY END-USER INDUSTRY, 2021–2028 (USD MILLION)
                       11.3.6.2 Canada
                                   11.3.6.2.1 Thriving oil & gas sector to create lucrative opportunities for players in pressure vessel market
                                   TABLE 56 CANADA: MARKET, BY END-USER INDUSTRY,  2021–2028 (USD MILLION)
                       11.3.6.3 Mexico
                                   11.3.6.3.1 Increasing steel production to fuel demand for pressure vessels
                                   TABLE 57 MEXICO: MARKET, BY END-USER INDUSTRY,  2021–2028 (USD MILLION)
     11.4 EUROPE 
             11.4.1 RECESSION IMPACT: EUROPE
             11.4.2 BY TYPE
                       TABLE 58 EUROPE: PRESSURE VESSELS MARKET, BY TYPE, 2021–2028 (USD MILLION)
             11.4.3 BY APPLICATION
                       TABLE 59 EUROPE: MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
             11.4.4 BY HEAT SOURCE
                       TABLE 60 EUROPE: MARKET, BY HEAT SOURCE, 2021–2028 (USD MILLION)
             11.4.5 BY END-USER INDUSTRY
                       TABLE 61 EUROPE: MARKET SIZE, BY END-USER INDUSTRY,  2021–2028 (USD MILLION)
             11.4.6 BY COUNTRY
                       TABLE 62 EUROPE: MARKET, BY COUNTRY, 2021–2028 (USD MILLION)
                       11.4.6.1 Germany
                                   11.4.6.1.1 Shifting focus toward renewable sources to generate electricity to boost demand for pressure vessels
                                   TABLE 63 GERMANY: MARKET, BY END-USER INDUSTRY,  2021–2028 (USD MILLION)
                       11.4.6.2 UK
                                   11.4.6.2.1 Rising focus on increasing production from mature oil and gas fields to fuel market
                                   TABLE 64 UK: MARKET, BY END-USER INDUSTRY, 2021–2028 (USD MILLION)
                       11.4.6.3 France
                                   11.4.6.3.1 Growing focus on power generation and chemical processing activities to support market growth
                                   TABLE 65 FRANCE: MARKET, BY END-USER INDUSTRY,  2021–2028 (USD MILLION)
                       11.4.6.4 Russia
                                   11.4.6.4.1 Increasing oil exploration and production activities in Far East to drive market
                                   TABLE 66 RUSSIA: MARKET, BY END-USER INDUSTRY,  2021–2028 (USD MILLION)
                       11.4.6.5 Rest of Europe
                                   TABLE 67 REST OF EUROPE: MARKET, BY END-USER INDUSTRY,  2021–2028 (USD MILLION)
     11.5 MIDDLE EAST & AFRICA 
             11.5.1 RECESSION IMPACT: MIDDLE EAST & AFRICA
             11.5.2 BY TYPE
                       TABLE 68 MIDDLE EAST & AFRICA: PRESSURE VESSELS MARKET, BY TYPE,  2021–2028 (USD MILLION)
             11.5.3 BY APPLICATION
                       TABLE 69 MIDDLE EAST & AFRICA: MARKET, BY APPLICATION,  2021–2028 (USD MILLION)
             11.5.4 BY HEAT SOURCE
                       TABLE 70 MIDDLE EAST & AFRICA: MARKET, BY HEAT SOURCE,  2021–2028 (USD MILLION)
             11.5.5 BY END-USER INDUSTRY
                       TABLE 71 MIDDLE EAST & AFRICA: MARKET, BY END-USER INDUSTRY,  2021–2028 (USD MILLION)
                       TABLE 72 MIDDLE EAST & AFRICA: MARKET, BY COUNTRY,  2021–2028 (USD MILLION)
                       11.5.5.1 Saudi Arabia
                                   11.5.5.1.1 Increase in crude oil production and surge in offshore exploration activities to drive market
                                   TABLE 73 SAUDI ARABIA: MARKET, BY END-USER INDUSTRY,  2021–2028 (USD MILLION)
                       11.5.5.2 UAE
                                   11.5.5.2.1 Surging demand for pressure vessels from oil & gas and power sectors to boost market
                                   TABLE 74 UAE: MARKET, BY END-USER INDUSTRY, 2021–2028 (USD MILLION)
                       11.5.5.3 South Africa
                                   11.5.5.3.1 Presence of large shale gas reserves in Karoo Basin to contribute to market growth
                                   TABLE 75 SOUTH AFRICA: MARKET, BY END-USER INDUSTRY,  2021–2028 (USD MILLION)
                       11.5.5.4 Algeria
                                   11.5.5.4.1 Growing power sector to boost demand for pressure vessels
                                   TABLE 76 ALGERIA: MARKET, BY END-USER INDUSTRY,  2021–2028 (USD MILLION)
                       11.5.5.5 Nigeria
                                   11.5.5.5.1 Constant developments in oil and gas fields to support market growth
                                   TABLE 77 NIGERIA: MARKET, BY END-USER INDUSTRY,  2021–2028 (USD MILLION)
                       11.5.5.6 Rest of Middle East & Africa
                                   TABLE 78 REST OF MIDDLE EAST & AFRICA: MARKET, BY END-USER INDUSTRY, 2021–2028 (USD MILLION)
     11.6 SOUTH AMERICA 
             11.6.1 RECESSION IMPACT: SOUTH AMERICA
             11.6.2 BY TYPE
                       TABLE 79 SOUTH AMERICA: PRESSURE VESSELS MARKET, BY TYPE, 2021–2028 (USD MILLION)
             11.6.3 BY APPLICATION
                       TABLE 80 SOUTH AMERICA: MARKET, BY APPLICATION,  2021–2028 (USD MILLION)
             11.6.4 BY HEAT SOURCE
                       TABLE 81 SOUTH AMERICA: MARKET, BY HEAT SOURCE,  2021–2028 (USD MILLION)
             11.6.5 BY END-USER INDUSTRY
                       TABLE 82 SOUTH AMERICA: MARKET, BY END-USER INDUSTRY,  2021–2028 (USD MILLION)
             11.6.6 BY COUNTRY
                       TABLE 83 SOUTH AMERICA: MARKET, BY COUNTRY,  2021–2028 (USD MILLION)
                       11.6.6.1 Brazil
                                   11.6.6.1.1 Increasing offshore exploration and production activities to boost market
                                   TABLE 84 BRAZIL: MARKET, BY END-USER INDUSTRY,  2021–2028 (USD MILLION)
                       11.6.6.2 Argentina
                                   11.6.6.2.1 Shale development projects to increase demand for pressure vessels
                                   TABLE 85 ARGENTINA: MARKET, BY END-USER INDUSTRY,  2021–2028 (USD MILLION)
                       11.6.6.3 Rest of South America
                                   TABLE 86 REST OF SOUTH AMERICA: MARKET, BY END-USER INDUSTRY, 2021–2028 (USD MILLION)
 
12 COMPETITIVE LANDSCAPE (Page No. - 138)
     12.1 GROWTH STRATEGIES ADOPTED BY KEY PLAYERS 
               TABLE 87 OVERVIEW OF KEY STRATEGIES ADOPTED BY TOP PLAYERS, 2019–2023
     12.2 MARKET SHARE ANALYSIS OF TOP 5 PLAYERS, 2021 
               FIGURE 39 MARKET SHARE ANALYSIS OF TOP 5 PLAYERS OFFERING PRESSURE VESSELS
               TABLE 88 PRESSURE VESSEL MARKET: DEGREE OF COMPETITION
     12.3 PRESSURE VESSELS MARKET SHARE ANALYSIS, 2021 
     12.4 REVENUE ANALYSIS OF TOP 5 MARKET PLAYERS 
               FIGURE 40 TOP PLAYERS IN PRESSURE VESSEL MARKET FROM 2018 TO 2022
     12.5 COMPANY EVALUATION QUADRANT 
             12.5.1 STARS
             12.5.2 PERVASIVE PLAYERS
             12.5.3 EMERGING LEADERS
             12.5.4 PARTICIPANTS
                       FIGURE 41 MARKET (GLOBAL) COMPANY EVALUATION MATRIX, 2022
     12.6 START-UPS/SMES EVALUATION QUADRANT 
             12.6.1 PROGRESSIVE COMPANIES
             12.6.2 RESPONSIVE COMPANIES
             12.6.3 DYNAMIC COMPANIES
             12.6.4 STARTING BLOCKS
                       FIGURE 42 MARKET: START-UPS/SMES EVALUATION  QUADRANT, 2021
     12.7 COMPETITIVE BENCHMARKING 
               TABLE 89 PRESSURE VESSELS MARKET: DETAILED LIST OF KEY START-UPS/SMES
               TABLE 90 MARKET, BY TYPE: COMPETITIVE BENCHMARKING OF KEY START-UPS/SMES
               TABLE 91 MARKET, BY APPLICATION: COMPETITIVE BENCHMARKING  OF KEY START-UPS/SMES
               TABLE 92 MARKET, BY END-USER INDUSTRY: COMPETITIVE BENCHMARKING OF KEY START-UPS/SMES
               TABLE 93 MARKET, BY REGION: COMPETITIVE BENCHMARKING OF KEY START-UPS/SMES
     12.8 PRESSURE VESSELS MARKET: COMPANY FOOTPRINT 
               TABLE 94 TYPE: COMPANY FOOTPRINT
               TABLE 95 END-USER INDUSTRY: COMPANY FOOTPRINT
               TABLE 96 APPLICATION: COMPANY FOOTPRINT
               TABLE 97 REGION: COMPANY FOOTPRINT
               TABLE 98 COMPANY FOOTPRINT
     12.9 COMPETITIVE SCENARIO 
               TABLE 99 PRESSURE VESSEL MARKET: DEALS, JANUARY 2019–APRIL 2023
               TABLE 100 MARKET: OTHERS, JANUARY 2019–APRIL 2023
 
13 COMPANY PROFILES (Page No. - 156)
(Business overview, Products/Services offered, Recent Developments, MNM view)*
     13.1 KEY PLAYERS 
             13.1.1 BHARAT HEAVY ELECTRICALS LIMITED
                       TABLE 101 BHARAT HEAVY ELECTRICALS LIMITED: BUSINESS OVERVIEW
                       FIGURE 43 BHARAT HEAVY ELECTRICALS LIMITED: COMPANY SNAPSHOT
                       TABLE 102 BHARAT HEAVY ELECTRICALS LIMITED: PRODUCTS/SERVICES OFFERED
                       TABLE 103 BHARAT HEAVY ELECTRICALS LIMITED: DEALS
                       TABLE 104 BHARAT HEAVY ELECTRICALS LIMITED: OTHERS
             13.1.2 MITSUBISHI HITACHI POWER SYSTEMS
                       TABLE 105 MITSUBISHI HITACHI POWER SYSTEMS: BUSINESS OVERVIEW
                       FIGURE 44 MITSUBISHI HITACHI POWER SYSTEMS: COMPANY SNAPSHOT
                       TABLE 106 MITSUBISHI HITACHI POWER SYSTEMS: PRODUCTS/SERVICES OFFERED
                       TABLE 107 MITSUBISHI HITACHI POWER SYSTEMS: OTHERS
             13.1.3 IHI CORPORATION
                       TABLE 108 IHI CORPORATION: BUSINESS OVERVIEW
                       FIGURE 45 IHI CORPORATION: COMPANY SNAPSHOT
                       TABLE 109 IHI CORPORATION: PRODUCTS/SERVICES OFFERED
                       TABLE 110 IHI CORPORATION: DEALS
             13.1.4 LARSEN & TOUBRO LIMITED
                       TABLE 111 LARSEN & TOUBRO LIMITED: BUSINESS OVERVIEW
                       FIGURE 46 LARSEN & TOUBRO LIMITED: COMPANY SNAPSHOT
                       TABLE 112 LARSEN & TOUBRO LIMITED: PRODUCTS/SERVICES OFFERED
                       TABLE 113 LARSEN & TOUBRO LIMITED: DEALS
                       TABLE 114 LARSEN & TOUBRO LIMITED: OTHERS
             13.1.5 BUMHAN MECATEC
                       TABLE 115 BUMHAN MECATEC: COMPANY OVERVIEW
                       TABLE 116 BUMHAN MECATEC: PRODUCTS/SERVICES OFFERED
                       TABLE 117 BUMHAN MECATEC: DEALS
             13.1.6 GENERAL ELECTRIC
                       TABLE 118 GENERAL ELECTRIC: COMPANY OVERVIEW
                       FIGURE 47 GENERAL ELECTRIC: COMPANY SNAPSHOT
                       TABLE 119 GENERAL ELECTRIC: PRODUCTS/SERVICES OFFERED
                       TABLE 120 GENERAL ELECTRIC: DEALS
                       TABLE 121 GENERAL ELECTRIC: OTHERS
             13.1.7 BABCOCK & WILCOX ENTERPRISES
                       TABLE 122 BABCOCK & WILCOX ENTERPRISES: BUSINESS OVERVIEW
                       FIGURE 48 BABCOCK & WILCOX ENTERPRISES: COMPANY SNAPSHOT
                       TABLE 123 BABCOCK & WILCOX ENTERPRISES: PRODUCTS/SERVICES OFFERED
                       TABLE 124 BABCOCK & WILCOX ENTERPRISES: DEALS
                       TABLE 125 BABCOCK & WILCOX ENTERPRISES: OTHERS
             13.1.8 HITACHI ZOSEN CORPORATION
                       TABLE 126 HITACHI ZOSEN CORPORATION: COMPANY OVERVIEW
                       FIGURE 49 HITACHI ZOSEN CORPORATION: COMPANY SNAPSHOT
                       TABLE 127 HITACHI ZOSEN CORPORATION: PRODUCTS/SERVICES OFFERED
                       TABLE 128 HITACHI ZOSEN CORPORATION: OTHERS
             13.1.9 DONGFANG TURBINE CO., LTD.
                       TABLE 129 DONGFANG TURBINE CO., LTD.: COMPANY OVERVIEW
                       TABLE 130 DONGFANG TURBINE CO., LTD.: PRODUCTS/SERVICES OFFERED
             13.1.10 SAMUEL, SON & CO.
                       TABLE 131 SAMUEL, SON & CO.: COMPANY OVERVIEW
                       TABLE 132 SAMUEL, SON & CO.: PRODUCTS/SERVICES OFFERED
                       TABLE 133 SAMUEL, SON & CO.: DEALS
             13.1.11 WESTINGHOUSE ELECTRIC COMPANY
                       TABLE 134 WESTINGHOUSE ELECTRIC COMPANY: COMPANY OVERVIEW
                       TABLE 135 WESTINGHOUSE ELECTRIC COMPANY: PRODUCTS/SERVICES OFFERED
                       TABLE 136 WESTINGHOUSE ELECTRIC COMPANY: DEALS
             13.1.12 HALVORSEN COMPANY
                       TABLE 137 HALVORSEN COMPANY: COMPANY OVERVIEW
                       TABLE 138 HALVORSEN COMPANY: PRODUCTS/SERVICES OFFERED
             13.1.13 PRESSURE VESSELS (INDIA)
                       TABLE 139 PRESSURE VESSELS (INDIA): COMPANY OVERVIEW
                       TABLE 140 PRESSURE VESSELS (INDIA): PRODUCTS/SERVICES OFFERED
             13.1.14 KELVION HOLDING GMBH
                       TABLE 141 KELVION HOLDING GMBH: COMPANY OVERVIEW
                       TABLE 142 KELVION HOLDING GMBH: PRODUCTS/SERVICES OFFERED
                       TABLE 143 KELVION HOLDING GMBH: DEALS
                       TABLE 144 KELVION HOLDING GMBH: OTHERS
             13.1.15 VIFLOW
                       TABLE 145 VIFLOW: BUSINESS OVERVIEW
                       TABLE 146 VIFLOW: PRODUCTS/SERVICES OFFERED
     13.2 OTHER PLAYERS 
             13.2.1 ERGIL
             13.2.2 GLADWIN TANK
             13.2.3 ROBINSON PIPE & VESSEL
             13.2.4 HALLIBURTON
             13.2.5 ALFA LAVAL
*Details on Business overview, Products/Services offered, Recent Developments, MNM view might not be captured in case of unlisted companies.
 
14 APPENDIX (Page No. - 198)
     14.1 INSIGHTS FROM INDUSTRY EXPERTS 
     14.2 DISCUSSION GUIDE 
     14.3 KNOWLEDGESTORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL 
     14.4 CUSTOMIZATION OPTIONS 
     14.5 RELATED REPORTS 
     14.6 AUTHOR DETAILS 

The study involved major activities in estimating the current size of the pressure vessels market. Exhaustive secondary research was done to collect information on the peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of the segments and subsegments.

Secondary Research

This research study on the pressure vessel market involved the use of extensive secondary sources, directories, and databases, such as Hoovers, Bloomberg, Businessweek, Factiva, International Energy Agency, and BP Statistical Review of World Energy, to identify and collect information useful for a technical, market-oriented, and commercial study of the market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.

Primary Research

The pressure vessels market comprises several stakeholders such as pressure vessels manufacturers, manufacturing technology providers, and technical support providers in the supply chain. The demand side of this market is characterized by the rising demand for pressure vessels  in, power, chemicals, and food & beverages applications. The supply side is characterized by rising demand for contracts from the industrial sector, and mergers & acquisitions among big players. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakdown of primary respondents:

Pressure Vessels Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the total size of the pressure vessels market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

  • The key players in the industry and market have been identified through extensive secondary research, and their market share in the respective regions have been determined through both primary and secondary research.
  • The industry’s value chain and market size, in terms of value, have been determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Pressure Vessels Market Size: Top-Down Approach

Pressure Vessels Market Size, and Share

Data Triangulation

After arriving at the overall market size from the estimation process explained above, the total market has been split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments, the data triangulation and market breakdown processes have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand- and supply sides. Along with this, the market has been validated using both the top-down and bottom-up approaches.

Market Definition

A pressure vessel is a container designed to hold gases or liquids at a pressure significantly different from the ambient pressure. The pressure within the vessel may be higher or lower than the atmospheric pressure outside the vessel. Pressure vessels are used in a variety of industrial and commercial applications, including chemical processing, oil and gas production, power generation, and manufacturing. They can be made from various materials, including metals, plastics, and composites, and are typically designed to meet specific safety standards and regulations to ensure that they can withstand the pressure and stress they are subjected to during operation.

The growth of the pressure vessel market during the forecast period can be attributed to the planned rollout of energy efficiency programs across major countries in North America, South Americsssa, Europe, Asia Pacific, and the Middle East & Africa.

Key Stakeholders

  • Process tank manufacturers
  • Pressure vessel manufacturers
  • Oil and gas companies
  • Manufacturing firms
  • Power generation companies
  • R&D laboratories
  • Power generation companies
  • Government and research organizations
  • Distributors
  • Inspection associations

Objectives of the Study

  • To define, describe, and forecast the market, by type, heat source, application, end-user industries, and region, in terms of value
  • To describe and forecast the global pressure vessel market for various segments with respect to five main regions: North America, Europe, Asia Pacific, South America, and the Middle East & Africa (MEA), in terms of volume and value
  • To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing market growth
  • To provide a detailed overview of the pressure vessels value chain, along with industry trends, use cases, security standards, and Porter’s five forces
  • To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the total market
  • To analyze opportunities in the market for various stakeholders by identifying high-growth segments in the market
  • To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies2, along with detailing the competitive landscape of the market
  • To analyze growth strategies adopted by market players such as collaborations, partnerships, mergers and acquisitions, contracts, and agreements in the market

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:

Product Analysis

  • Product Matrix, which provides a detailed comparison of the product portfolio of each company

Company Information

  • Detailed analyses and profiling of additional market players
Custom Market Research Services

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Report Code
EP 4288
Published ON
Jun, 2023
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