Pressure Vessel Market

Pressure Vessel Market by Type (Boiler, Reactor, Separator), Material, Heat Source (Fired Pressure Vessel and Unfired Pressure Vessel), Application (Storage Vessels and Processing Vessels), End-User and Region - Global Forecast to 2027

Report Code: EP 4288 May, 2022, by marketsandmarkets.com

Pressure Vessel Market

Pressure vessel market is expected to grow at a CAGR of 4.5% during the forecast period (2020–2025)

Pressure Vessel Market and Top Companies

Key market players profiled in the pressure vessel market report includes:

  • Babcock & Wilcox (US)
  • General Electric (US)
  • Larsen & Toubro (India)
  • Mitsubishi Hitachi Power Systems (Japan)
  • Hitachi Zosen (Japan)
  • IHI Corporation (Japan)
  • Bharat Heavy Electricals Limited (India)
  • Doosan Mecatec (South Korea)
  • Dongfang Turbine Co. Ltd (China)
  • Westinghouse Electric Company (US)

Babcock & Wilcox (US) provides custom technologies, engineered solutions, and aftermarket solutions to a broad range of industries and mainly to the power generation industry. The company offers engineering and technology, including the procurement, erection, and specialty manufacturing of related industrial equipment, such as high-pressure equipment, environment control systems, ash-handling equipment, dry & wet cooling solutions for steam applications, and aftermarket service solutions. The company has three reportable business segments— Babcock & Wilcox, Vølund & Other Renewable, and SPIG (formerly known as the Power, Renewable, and Industrial segments, respectively). The company offers a wide range of boilers for power generation purposes under its Babcock & Wilcox segment.
General Electric (US) is a high-technology industrial company that manufactures and offers technologies for industries such as power, chemicals, and healthcare. The company operates through 5 industrial segments, namely, Power, Renewable Energy, Aviation, Healthcare, and Capital—its financial segment. GE Power is a branch of General Electric, which is involved in building power generation technologies. The company offers various equipment and machinery required in gas turbines, steam power plants, and nuclear power plants. GE Hitachi, an alliance of General Electric and Hitachi (formed in 2007), handles nuclear power plants and the manufacturing and installation of their equipment. GE Power offers steam boilers and boiling water reactors (BWR) that cater to power generation facilities for various end-user industries, such as mining, oil & gas, water & wastewater, agriculture, and steel manufacturing.
Larsen & Toubro (L&T) (India) is a multinational company engaged in technology, engineering, construction, manufacturing, and financial services. The company operates its business through segments, namely; Infrastructure, Power, Heavy Engineering, Defense Engineering, Electrical & Automation, Hydrocarbon, IT & Technology Services, Financial Services, Developmental Projects, and Others. L&T Heavy Engineering division is a fabricator company that supplies engineered-to-order critical equipment, piping, and systems. The segment mainly caters to the fertilizer, petrochemicals, refinery, oil & gas, coal gasification, and thermal & nuclear power industries. L&T’s Heavy Engineering segment offers various equipment and products, such as hydro processing reactors, waste heat boiler packages, ammonia converters, urea reactors, high-pressure heat exchangers, urea strippers, and other critical equipment for process plants. The company also provides equipment to nuclear process plants, that include steam generators, end shield assemblies, reactor pressure vessels, and pressurizers.
Mitsubishi Hitachi Power Systems (MHPS) (Japan) is a joint venture of thermal generation units of Mitsubishi Heavy Industries, Ltd. and Hitachi, Ltd, formed in 2014. The company is engaged in the entire production process of thermal power plants, ranging from development, design, manufacturing, construction, commissioning, and after-sales services. The company operates its business by manufacturing and selling products and services related to thermal power generation. The product portfolio of the company includes gas turbine combined cycle (GTCC) power plants, steam power plants, integrated coal gasification combined cycle (IGCC) power plants, geothermal power plants, gas turbines, steam turbines, boilers, air quality control systems (AQCS), generators, control systems, fuel cells, and power generation plant peripheral equipment.
Hitachi Zosen (Japan) is an industrial equipment provider that designs, manufactures, and constructs various equipment, plants, and machinery. The company operates its business through 3 reportable segments, namely, Machinery, Infrastructure, and Environmental Systems & Industrial Plants. The company offers a wide range of pressure vessel equipment under its plant equipment product category. Hitachi Zosen manufactures pressure vessels and heat exchangers that are consumed by various end users, such as refineries, petrochemical plants, fertilizer plants, pulp plants, and seawater desalination plants. The company also offers nuclear power plant heat exchangers, vessels, and reprocessing plant equipment. It offers boilers through its subsidiary company, IMEX.
IHI Corporation (Japan) is a heavy industry manufacturer engaged in heavy machinery manufacturing, bridge building, plant construction, and aero-engine production. The company operates its business through 4 segments, namely, Resource, Energy and Environment; Social Infrastructure and Offshore Facility; Industrial Systems and General-purpose Machinery; and Aero Engine, Space and Defense. IHI Corporation designs and manufactures a wide range of pressure vessels through its subsidiary IHI Plant Services Corporation. Products offered by the company include towers, drums, and heat exchangers for oil refineries and petrochemical, chemical, and gas treatment plants. IHI Corporation also offers pressure vessel reactors for nuclear plants that majorly include boiling water reactors (BWRs), advanced boiling-water reactors (ABWRs), and pressurized-water reactors (PWRs). Also, it offers a broad product portfolio related to utility and industrial boilers.
Bharat Heavy Electricals Limited (BHEL) (India) is an engineering and manufacturing enterprise operating in the field of energy and infrastructure. It is also a manufacturer of power equipment. It operates its business through 2 segments, namely, Power and Industry. The Power segment includes various power equipment, such as steam generators, boilers & its auxiliaries, and steam & hydro turbines. The Industrial segment deals in transmission, transportation, renewables, water treatment, defense, and industrial products. Pressure vessel and its auxiliaries come under the Power segment. The company has presence in 83 countries across all continents and operates through a strong network of service centers, manufacturing units, joint ventures, and overseas offices.
Doosan Mecatec (South Korea) is a subsidiary of Doosan Heavy Industries & Construction. The company is involved in the manufacture and sales of chemical process equipment, including static equipment for oil, gas, and petrochemical plants, such as pressure vessel, reactor, and heat exchanger. The company possesses expertise in supplying critical columns and pressure vessels that weigh 1,000 tones or more for refinery, petrochemical, and gas plants, such as distillation column, fractionator, absorber, C3/C2 splitter, and demethanizer. Major clients of the company include oil & gas companies, such as Exxon Mobil, CLG, BP, Shell, and ConocoPhilips. The company has presence in the US and South Korea.
Dongfang Turbine Co., Ltd. (China) is a power station equipment manufacturing company. The company is a wholly owned subsidiary of Dongfang Electric Corporation. It offers a wide range of products and equipment related to various power plants of different energy sources. The company offers solutions for nuclear power, thermal power, gas turbine, auxiliary power systems, and industrial steam turbines. Products offered by the company include thermal power turbines, nuclear power turbines, gas turbines, steam turbine retrofit, spare parts, and industrial turbines. The company offers LP HEATER pressure vessels for nuclear power plants, and comply with the ASME code, BPVC codes, and India Boiler Regulation (IBR).
Westinghouse Electric Company (US) is a supplier of nuclear technology. The company provides a wide range of nuclear power plant products and services to utilities throughout the world. The products offered by the company are both for new nuclear plants and existing plants. Pressure vessel equipment related to nuclear plants offered by the company include heat exchangers and reactor vessels. The company is present in 19 countries across the Americas, Asia, Europe, the Middle East, and Africa.


Pressure Vessel Market and Type of Pressure Vessel


Types of pressure vessel considered in the study are:

  • Boilers
  • Reactors
  • Separators

Boilers – The boilers segment is expected to capture the largest market size during the forecast period. The dependency of developing and emerging countries on thermal power generation, particularly in Asia Pacific, is contributing to the growth of this segment. Moreover, rise in new refinery and chemical plant construction projects in the Middle East & Africa is likely to boost the market growth in the coming years. However, the demand for boilers is likely to witness a sharp decline in 2020 and 2021 due to the COVID-19 pandemic.
Reactors – Stable growth in nuclear energy generation on account of increasing energy generation in nuclear power plants is a major factor supporting the growth of the reactors market. However, multiple nuclear plants have been shut down, and new additions to the grid are lower, which is hampering the growth of the market.
Separators A separator is a pressure vessel used for separating gaseous and liquid components. The oil & gas industry is currently facing downturns due to volatile prices and stagnant production operations, which is likely to affect the demand for separators in the coming years. However, with Gulf countries trying to increase production in the coming years, the demand for separators is likely to surge.


Pressure Vessel Market and End Users

Major end users for market are:

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

Power – Aged power plants in developed economies are expected to drive the demand for pressure vessels. Retrofit and modernization projects in Europe and North America are expected to contribute significantly to the pressure vessels for the power sector.
Oil & Gas – Oil & gas upstream operations require pressure vessels, such as boilers, heat exchangers, drums, and separators. The oil & gas industry is experiencing a downturn due to the halt in operations caused by the COVID-19 pandemic. The chances of the industry recovering from the situation seem bleak. Hence, the growth of the market for the oil & gas industry is expected to be the lowest among all other industries during the forecast period.
Chemicals & Petrochemicals – The petrochemicals industry is experiencing heightened demand from numerous construction projects in the Asia Pacific region. More than 20 refineries are expected to be constructed in the Middle East & Africa and Asia Pacific region in the next 5 years. All these factors are driving the growth of the market for the chemicals & petrochemicals industry.
Fertilizers – The industry utilizes boilers, heat exchangers, and separators at large. However, the industry’s growth is subject to overall agricultural production. According to the Food and Agriculture Organization (FAO), in 2019, the fertilizers industry was expected to witness an investment of USD 111 billion by 2023. These investments will drive the market in fertilizers industry.


Key Developments: Pressure Vessel Market


  • In April 2020, L&T received a contract from Wuhan Engineering Ltd., a heavy engineering, procurement, and construction company, to supply key gasification equipment for its first coal gasification project in India.
  • In January 2020, Babcock & Wilcox Construction Co. LLC, a subsidiary of Babcock & Wilcox, was awarded a contract to install retrofit boiler equipment at a US coal-fired power plant. Under the contract, Babcock & Wilcox Construction Co. LLC would be responsible for the removal and installation of various boiler parts, which would help the plant to continue operating efficiently.
  • In December 2019, BHEL won a contract from NLC India Limited (NLCIL), a thermal power generation utility, for supplying a Boiler, Turbine & Generator (BTG) package for two units of 500 MW lignite-based thermal plant at Neyveli, Tamil Nadu.

[247 Pages Report] The global pressure vessel market is projected to reach USD 59.5 billion by 2027 from an estimated market size of USD 47.1 billion in 2022, at a CAGR of 4.8% during the forecast period. The factors driving the growth for pressure vessel is the requirements in various end-user industries and advancement in the technologies of the industrial equipment in developing economies.

Pressure Vessel Market

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Impact of Covid-19 on Pressure Vessel Market

The COVID-19 has slow-down the growth of the market globally.Though some industries like pharmacueticals have continued their operations during this pandemic across the globe for providing medicines to health facilities as it is a requirement in various regions. As pressure vessel is a requirement for pharmaceutical industries, manufacturing companies had to also continue their respective services to those industries. Some manufacturing companies does got affected as the governments worldwide have been compelled to reduce business activities to minimize the spread of COVID-19. This resulted in increased procurement costs of raw materials due to the shortage of supplies, which ultimately led to delays in order closures. Thus, the pandemic has negatively impacted the demand for pressure vessel in the short term.

Pressure Vessel Market Dynamics

Driver: Rising global thermal energy demand leading to the growing adoption of pressure vessels

The global thermal power plant is primarily driven by the demand of electricity in various sectors. Although there are strict regulations on climate change over the conventional coal-fired power plants but industries are moving towards developing the plant operations and make them eco-friendly and energy-efficient. Supercritical and ultra-supercritical technologies are being implemented in this scenario. This is propelling the pressure vessel market. APAC countries are one of the most advanced markets for pressure vessels. China, India, Japan are the major pressure vessel markets in the Asia-Pacific region. The technology shifts to advance technologies due to the regulations in the region are some of the major reasons expected to increase the demand for pressure vessels.

Restraint: Significantly higher capital requirements and maintenance costs

The materials used by the industry depends on their requirement, but the common material used for manufacturing pressure vessels is steel alloy. Apart from steel alloy there are also metal alloys which are used for manufacturing pressure vessels. Industries must choose the material economically for having the uninterrupted supply for long period of time. The next phase is engineering and designing activities which are also time and capital intensive phases. Construction of the pressure vessels comes next which requires high investments. Post-construction phases, such as maintenance, technology installation also requires investment. For instance, installation of boilers also is a capital intensive as industries require boilers which are more efficient and with advanced technology. This increases the cost of the pressure vessels which is a negative impact and acting as a restraint in the market.

Opportunities:  Retrofitting with more efficient pressure vessels in aging power plants

The efficiency of the thermal power plant reduces with its life span and as in developed countries like US, Canada, the Uk and Germany there are plants which are about to retire. These plants need to be renovated and the equipments need to be replaced by the new ones. This is increasing the demand for the boilers. IEA (International Energy Agency) in its reports states that 9553 billion USD is being used for developing the existing power plants. 30% of this amount is used for coal-fired power plants. This investments in developing the power plants is driving the pressure vessel market.

Challenges: Strict emission standards relate to pressure vessels and volatile raw material prices

Boilers need to manufactured as per the standards defined. Following these standards will eventually reduce operational failures. For instance, ASME standards are followed globally in which there is BPVC (Boiler and Pressure vessel code) which regulates the design and construction of pressure vessel. This might be a challenge for pressure vessel manufacturers. Emission standards are also another parameter in which manufacturer has to comply with, during the manufacturing of the pressure vessel. Thus, increasing the R&D expenditure which poses challenge for manufacturers in pressure vessel business.

Market Trends

Pressure Vessel Market by Trend

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Market Interconnection

Pressure Vessel Market by Interconnection

The Boiler segment market is expected to be the largest segment in the pressure vessel  market, by Type, during the forecast period

The market, by type, is segmented into boilers, reactors, separators, and others. The boiler market is expected to be the largest segment in the market, by type, during the forecast period. Advancements in the boilers are suitable for efficient operation of the process. Such factors are expected to fuel the growth of the boiler segment of the pressure vessel market.

By application, The processing vessel segment is expected to be the significant contributor in the pressure vessel market during the forecast period

The market, by application, is segmented into storage vessels, processing vessels. The processing vessel segment is expected to be the largest and fastest segment in the pressure vessel market during the forecast period. Processing vessels are commonly used in power generation, chemicals,  pharmaceuticals, oil & gas, food & beverages, paper & pulp, textile, water treatment applications. The advancements in the supercritical & ultra supercritical technologies in APAC countries and the increasing need for business to reduce their carbon footprint are the main factors that are expected to fuel the growth of the processing segment of the market.

The Asia-Pacific region is estimated to be the largest market for pressure vessel , by region, during the forecast period

The APAC region is estimated to be the largest market for pressure vessel. The Asia -Pacific is expected to dominate the market due to the Growing need of industrial requirement and advancements in the technologies which are making the operations sustainable.

Pressure Vessel Market by Region

Key Market Players

The pressure vessel market is served by a mix of large international players with operational presence across the globe and local players commanding a strong supply network in the domestic market. The leading players in the global pressure vessel market include Babcock & Wilcox Enterprises (US), General Electric (US), Larsen & Toubro (India), Mitsubishi Hitachi Power Systems (Japan), Hitachi Zosen (Japan). Between 2017 and 2022, the companies adopted growth strategies such as contracts & agreements, investments & expansions,  partnerships, collaborations, alliances & joint ventures to capture a larger share of the market.

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Scope of the Report

Report Metric

Details

Market size available for years

2020–2027

Base year considered

2020

Forecast period

2022–2027

Forecast units

Value (USD)

Segments covered

Type, Material Type, Application Type, Heat Source, End-user Industry, and Region

Geographies covered

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

Companies covered

Babcock & Wilcox Enterprises (US), General Electric (US), Larsen & Toubro (India), Mitsubishi Hitachi Power Systems (Japan), Hitachi Zosen (Japan), IHI Corporation (Japan), Bharat Heavy Electricals Limited (India), Doosan Meca Tec (South Korea), DongFang Turbine Co. Ltd (China), Samuel, Son& Co. (Canada), Westinghouse Electric Company (US), Halvorsen Company (US), Pressure Vessels (India), Kelvion Holding Gmbh (Germany), VI Flow (Sweden), Ergil (Turkey), Gladwin Tank (US), Robinson Pipe & Vessel (US), Halliburton (US), Alfa Laval (Sweden)

This research report categorizes the pressure vessel  market by type, material type, application type, heat source, end-user industry, and region

On the basis of type, the market has been segmented as follows:

  • Boiler
  • Reactor
  • Seperator
  • Others (Flash Drums and Heat Exchangers)

On the basis of material type, the market has been segmented as follows:

  • Steel alloys
  • Composites
  • Other Alloys

On the basis of application, the market has been segmented as follows:

  • Storage Vessels
  • Processing Vessels

On the basis of by heat source, the market has been segmented as follows:

  • Fired
  • Un-Fired

On the basis of by End-User channel, the market has been segmented as follows:

  • Power
  • Oil & Gas
  • Food & Beverages
  • Pharmaceuticals
  • Chemicals
  • Others (Agriculture, Marine, Pulp & Paper, and Aerospace)

On the basis of region, the market has been segmented as follows:

  • Asia Pacific
  • Europe
  • North America
  • Middle East & Africa
  • South America

Recent Developments

  • In February 2022, Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced that it has acquired Fossil Power Systems, Inc. (“FPS”), a leading designer and manufacturer of hydrogen, natural gas, and renewable pulp and paper combustion equipment including ignitors, plant controls, and safety systems based in Dartmouth, Nova Scotia, Canada.
  • In October 2019, GE Hitachi Nuclear Energy (GEH), a GE and Hitachi alliance, and Synthos SA, a chemical manufacturing company, collaborated to investigate the potential to construct GEH’s BWRX-300 small modular reactor in Poland. The company aims to invest in clean energy solutions with the help of such collaborations.
  • In December 2021, Larsen and Toubro (L&T) have signed an initial agreement with the Saudi Arabian Oil Company (Aramco) to develop manufacturing capabilities in Saudi Arabia. Larsen will build the region’s first Heavy Wall Pressure Vessels facility at Saudi Arabia’s strategically located Jubail Industrial City.
  • In August 2021, Mitsubishi Power developed Ammonia Combustion Systems for Thermal Power Plant Boilers. Mitsubishi Power, a subsidiary of Mitsubishi Heavy Industries (MHI) Group, plans to develop combustion equipment (burners) that can utilize ammonia (NH3) as a fuel, which does not emit carbon dioxide (CO2) when used in power generation.
  • In February 2017, Horizon Nuclear Power, the UK subsidiary of Hitachi Ltd, announced that it was joining forces with Exelon Generation as Horizon develops its "expertise and capability" to operate a new nuclear power plant at Wylfa Newydd on the Isle of Anglesey. Exelon Generation operates the biggest fleet of nuclear power plants in the US.

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 30)
    1.1 STUDY OBJECTIVES
    1.2 DEFINITION
    1.3 INCLUSIONS AND EXCLUSIONS
           1.3.1 PRESSURE VESSEL MARKET, BY TYPE: INCLUSIONS & EXCLUSIONS
           1.3.2 MARKET, BY MATERIAL: INCLUSIONS & EXCLUSIONS
           1.3.3 MARKET, BY HEAT SOURCE: INCLUSIONS & EXCLUSIONS
           1.3.4 MARKET, BY APPLICATION: INCLUSIONS & EXCLUSIONS
           1.3.5 MARKET, BY END USER: INCLUSIONS & EXCLUSIONS
    1.4 MARKET SCOPE
           1.4.1 MARKETS COVERED
           1.4.2 REGIONAL SCOPE
           1.4.3 YEARS CONSIDERED
    1.5 CURRENCY
    1.6 LIMITATIONS
    1.7 STAKEHOLDERS
    1.8 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 36)
    2.1 RESEARCH DATA
           FIGURE 1 PRESSURE VESSEL 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 IMPACT OF COVID-19 ON INDUSTRY
    2.4 SCOPE
           FIGURE 3 MAIN METRICS CONSIDERED WHILE ANALYZING AND ASSESSING DEMAND FOR PRESSURE VESSELS
    2.5 MARKET SIZE ESTIMATION
           2.5.1 BOTTOM-UP APPROACH
                    FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
           2.5.2 TOP-DOWN APPROACH
                    FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
                    2.5.2.1 Supply-side analysis
                    2.5.2.2 Assumptions for demand side
                    2.5.2.3 Calculation for demand side
           2.5.3 SUPPLY-SIDE ANALYSIS
                    FIGURE 6 KEY STEPS CONSIDERED FOR ASSESSING SUPPLY OF PRESSURE VESSELS
                    FIGURE 7 MARKET: SUPPLY-SIDE ANALYSIS
                    2.5.3.1 Supply-side calculation
                    2.5.3.2 Assumptions for supply side
                               FIGURE 8 COMPANY REVENUE ANALYSIS, 2020
    2.6 FORECAST

3 EXECUTIVE SUMMARY (Page No. - 48)
    TABLE 1 SNAPSHOT OF PRESSURE VESSEL MARKET
    FIGURE 9 BOILERS ARE EXPECTED TO DOMINATE MARKET, BY TYPE, IN 2022
    FIGURE 10 STEEL ALLOYS TO DOMINATE MARKET, BY MATERIAL, DURING FORECAST PERIOD

4 PREMIUM INSIGHTS (Page No. - 51)
    4.1 ATTRACTIVE OPPORTUNITIES IN PRESSURE VESSEL MARKET
           FIGURE 11 HIGH DEMAND FOR PRESSURE VESSELS FROM NEW REFINERY & CHEMICAL PLANTS SUPPLEMENTS MARKET GROWTH, 2020–2027
    4.2 PRESSURE VESSEL MARKET, BY TYPE
           FIGURE 12 BOILERS TO RECORD HIGHEST CAGR DURING FORECAST PERIOD
    4.3 MARKET, BY MATERIAL
           FIGURE 13 STEEL ALLOYS TO EXHIBIT HIGHEST CAGR IN MARKET FROM 2020 TO 2027
    4.4 MARKET, BY HEAT SOURCE
           FIGURE 14 FIRED SEGMENT ACCOUNTED FOR LARGER SHARE OF MARKET IN 2020
    4.5 MARKET, BY END USER
           FIGURE 15 POWER END USER TO RECORD HIGHEST CAGR IN MARKET DURING FORECAST PERIOD
    4.6 MARKET, BY REGION
           FIGURE 16 MARKET IN ASIA PACIFIC IS EXPECTED TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
    4.7 MARKET IN ASIA PACIFIC, BY END USER & COUNTRY
           FIGURE 17 POWER AND CHINA WERE LARGEST SHAREHOLDERS IN MARKET IN ASIA PACIFIC IN 2021

5 MARKET OVERVIEW (Page No. - 55)
    5.1 INTRODUCTION
    5.2 COVID-19 HEALTH ASSESSMENT
           FIGURE 18 COVID-19 GLOBAL PROPAGATION
           FIGURE 19 COVID-19 PROPAGATION IN SELECTED COUNTRIES
    5.3 COVID-19 ECONOMIC ASSESSMENT
           FIGURE 20 REVISED GDP FORECASTS FOR SELECT G20 COUNTRIES IN 2020
    5.4 MARKET DYNAMICS
           FIGURE 21 PRESSURE VESSEL MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.4.1 DRIVERS
                    5.4.1.1 Rising global thermal energy demand
                               FIGURE 22 WORLD TOTAL PRIMARY ENERGY CONSUMPTION, BY REGION
                               TABLE 2 COST AND THERMAL EFFICIENCIES OF POWER GENERATION TECHNOLOGIES
                    5.4.1.2 Growing demand for chemical manufacturing
                               FIGURE 23 GROWING DEMAND FOR CHEMICAL MANUFACTURING AND CHEMICAL PRODUCTS
           5.4.2 RESTRAINTS
                    5.4.2.1 Increase in decommissioning activities of nuclear reactors due to environmental concerns
                    5.4.2.2 Significantly higher capital requirements and maintenance costs
           5.4.3 OPPORTUNITIES
                    5.4.3.1 Retrofitting with more efficient pressure vessels in aging power plants
                    5.4.3.2 Technological advancements in materials, testing methodologies, and designs of pressure vessels
           5.4.4 CHALLENGES
                    5.4.4.1 Strict emission standards related to pressure vessels and volatile raw material prices
                               TABLE 3 CHANGE IN PRICES OF COMMODITIES FROM 2019 TO 2020
                    5.4.4.2 Halt on new conventional power plants and focus on renewable energy projects
                               FIGURE 24 INSTALLED CAPACITY OF PLANTS GENERATING RENEWABLE ELECTRICITY, 2020–2050
    5.5 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES
           5.5.1 REVENUE SHIFT AND NEW REVENUE POCKETS
                    FIGURE 25 REVENUE SHIFT FOR SALES OF PRESSURE VESSELS
    5.6 ECOSYSTEM
           FIGURE 26 PRESSURE VESSEL MARKET: ECOSYSTEM
           TABLE 4 MARKET: ROLE IN ECOSYSTEM
    5.7 VALUE CHAIN ANALYSIS
           FIGURE 27 VALUE CHAIN ANALYSIS: MARKET
           5.7.1 RAW MATERIAL PROVIDERS/SUPPLIERS
           5.7.2 COMPONENT MANUFACTURERS
           5.7.3 PRESSURE VESSEL MANUFACTURERS/ASSEMBLERS
           5.7.4 DISTRIBUTORS (BUYERS)/END USERS
           5.7.5 POST-SALES SERVICES
    5.8 MARKET MAP
           FIGURE 28 MARKET MAP: PRESSURE VESSEL MARKET
    5.9 AVERAGE SELLING PRICE TREND
           FIGURE 29 GLOBAL AVERAGE SELLING PRICE OF PRESSURE VESSELS, 2021
    5.1 TECHNOLOGY ANALYSIS
           5.10.1 DRONE INSPECTIONS
           5.10.2 HYDROGEN STORAGE SYSTEMS
    5.11 TRADE DATA STATISTICS
           TABLE 5 GLOBAL IMPORT DATA OF PRESSURE VESSELS, 2019–2021 (USD MILLION)
           TABLE 6 GLOBAL EXPORT DATA OF PRESSURE VESSELS, 2019–2021 (USD MILLION)
    5.12 TARIFFS, CODES, AND REGULATIONS
           TABLE 7 IMPORT TARIFF FOR HS 7309: PRESSURE VESSELS
           5.12.1 TARIFFS RELATED TO TYPES OF PRESSURE VESSELS
                     TABLE 8 IMPORT TARIFFS FOR HS 8402: BOILERS
                     TABLE 9 IMPORT TARIFFS FOR HS 8401: NUCLEAR REACTORS
                     TABLE 10 IMPORT TARIFFS FOR HS 8421: SEPERATORS
                     TABLE 11 IMPORT TARIFFS FOR HS 8419: OTHERS
           5.12.2 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                     TABLE 12 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                     TABLE 13 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                     TABLE 14 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                     TABLE 15 GLOBAL: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           5.12.3 CODES AND REGULATIONS RELATED TO PRESSURE VESSELS
                     TABLE 16 MARKET: CODES AND REGULATIONS
    5.13 PORTER’S FIVE FORCES ANALYSIS
           FIGURE 30 PRESSURE VESSEL MARKET: PORTER’S FIVE FORCES ANALYSIS
           TABLE 17 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 DEGREE OF COMPETITION
    5.14 KEY STAKEHOLDERS & BUYING CRITERIA
           5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS
                     FIGURE 31 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS, BY END USER
                     TABLE 18 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS, BY END USER (%)
           5.14.2 BUYING CRITERIA
                     FIGURE 32 KEY BUYING CRITERIA FOR END USERS
                     TABLE 19 KEY BUYING CRITERIA, BY END USER
    5.15 INNOVATIONS AND PATENT REGISTRATIONS
           TABLE 20 PRESSURE VESSELS: INNOVATIONS AND PATENT REGISTRATIONS, 2017–2021
    5.16 CASE STUDY ANALYSIS
           5.16.1 BABCOCK WANSON’S BOILERS TO HEAT BITUMEN PRODUCT STORAGE TANKS
           5.16.2 BABCOCK WANSON’S BOILER REFURBISHMENT IN BEDFORD HOSPITAL
           5.16.3 RETUBING OF J.G. BOSWELL’S TOMATO PROCESSING BOILER MAINTAINS HARVEST SCHEDULE
           5.16.4 BOILER SYSTEM DESIGNED EVEN WITH SIZE CONSTRAINTS
    5.17 KEY CONFERENCES & EVENTS, 2022–2023
           TABLE 21 PRESSURE VESSELS MARKET: DETAILED LIST OF CONFERENCES & EVENTS

6 PRESSURE VESSEL MARKET, BY TYPE (Page No. - 114)
    6.1 INTRODUCTION
           FIGURE 33 BOILERS ACCOUNTED FOR LARGEST SHARE OF MARKET, BY TYPE, IN 2021
           TABLE 22 MARKET SIZE, BY TYPE, 2020–2027 (USD MILLION)
    6.2 BOILERS
           6.2.1 INITIATION OF REFINERY PROJECTS AND AGING POWER INFRASTRUCTURE TO DRIVE BOILER MARKET
                    TABLE 23 BOILERS: MARKET SIZE, BY REGION, 2020–2027 (USD MILLION)
    6.3 REACTORS
           6.3.1 PHASE-OUT OF NUCLEAR POWER PLANTS TO AFFECT MARKET FOR REACTORS IN COMING YEARS
                    TABLE 24 REACTORS: MARKET SIZE, BY REGION, 2020–2027 (USD MILLION)
    6.4 SEPARATORS
           6.4.1 GROWING OIL & GAS OPERATIONS IN MIDDLE EAST AND ASIA PACIFIC TO BOOST SEPARATOR MARKET GROWTH
                    TABLE 25 SEPARATORS: MARKET SIZE, BY REGION, 2020–2027 (USD MILLION)
    6.5 OTHERS
           TABLE 26 OTHER TYPES: MARKET SIZE, BY REGION, 2020–2027 (USD MILLION)

7 PRESSURE VESSEL MARKET, BY MATERIAL (Page No. - 119)
    7.1 INTRODUCTION
           FIGURE 34 STEEL ALLOYS TO CONTINUE TO DOMINATE MARKET, BY MATERIAL, DURING FORECAST PERIOD
           TABLE 27 MARKET SIZE, BY MATERIAL, 2020–2027 (USD MILLION)
    7.2 STEEL ALLOYS
           7.2.1 HIGH DEMAND FOR STEEL ALLOY-BASED PRESSURE VESSELS FROM ASIA PACIFIC DRIVE MARKET GROWTH
                    TABLE 28 STEEL ALLOYS: MARKET SIZE, BY REGION, 2020–2027 (USD MILLION)
    7.3 COMPOSITES
           7.3.1 TECHNICAL ADVANCEMENTS FUEL DEMAND FOR LIGHTWEIGHT COMPOSITE PRESSURE VESSELS
                    TABLE 29 COMPOSITES: MARKET SIZE, BY REGION, 2020–2027 (USD MILLION)
    7.4 OTHER ALLOYS
           TABLE 30 OTHER ALLOYS: MARKET SIZE, BY REGION, 2020–2027 (USD MILLION)

8 PRESSURE VESSEL MARKET, BY HEAT SOURCE (Page No. - 123)
    8.1 INTRODUCTION
           FIGURE 35 FIRED PRESSURE VESSELS TO CAPTURE LARGER MARKET SIZE, BY HEAT SOURCE, IN 2027
           TABLE 31 PRESSURE VESSEL MARKET SIZE, BY HEAT SOURCE, 2020–2027 (USD MILLION)
    8.2 FIRED PRESSURE VESSELS
           8.2.1 REQUIREMENT FOR BOILER REPLACEMENT FROM CONVENTIONAL POWER PLANTS BOOSTS DEMAND FOR FIRED PRESSURE VESSELS
                    TABLE 32 FIRED PRESSURE VESSELS: MARKET SIZE, BY REGION, 2020–2027 (USD MILLION)
    8.3 UNFIRED PRESSURE VESSELS
           8.3.1 INCREASED DEMAND FOR HIGH-EFFICIENCY PRESSURE VESSELS ACCELERATES UNFIRED MARKET GROWTH
                    TABLE 33 UNFIRED PRESSURE VESSELS: MARKET SIZE, BY REGION, 2020–2027 (USD MILLION)

9 PRESSURE VESSEL MARKET, BY END USER (Page No. - 127)
    9.1 INTRODUCTION
           FIGURE 36 POWER SEGMENT TO RECORD HIGHEST CAGR IN MARKET DURING FORECAST PERIOD
           TABLE 34 PRESSURE VESSEL MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)
    9.2 POWER
           9.2.1 AGING POWER PLANTS BOOST DEMAND FOR PRESSURE VESSELS IN POWER INDUSTRY
                    TABLE 35 POWER: MARKET SIZE, BY REGION, 2020–2027 (USD MILLION)
    9.3 OIL & GAS
           9.3.1 FLUCTUATIONS IN UPSTREAM OIL & GAS INDUSTRY AFFECT DEMAND FOR PRESSURE VESSELS
                    TABLE 36 OIL & GAS: MARKET SIZE, BY REGION, 2020–2027 (USD MILLION)
    9.4 CHEMICALS
           9.4.1 HIGH DEMAND FOR CHEMICALS AND PETROCHEMICALS PROPELS MARKET GROWTH
                    TABLE 37 CHEMICALS: MARKET SIZE, BY REGION, 2020–2027 (USD MILLION)
    9.5 FOOD & BEVERAGES
           9.5.1 SLACKENED DEMAND FOR FOOD AND BEVERAGES FROM ASIA PACIFIC AND MIDDLE EAST & AFRICA DUE TO COVID-19 OUTBREAK AFFECTS DEMAND FOR PRESSURE VESSELS
                    TABLE 38 FOOD & BEVERAGES: MARKET SIZE, BY REGION, 2020–2027 (USD MILLION)
    9.6 PHARMACEUTICALS
           TABLE 39 PHARMACEUTICALS: MARKET SIZE, BY REGION, 2020–2027 (USD MILLION)
    9.7 OTHERS
           TABLE 40 OTHERS: MARKET SIZE, BY REGION, 2020–2027 (USD MILLION)

10 PRESSURE VESSEL MARKET, BY APPLICATION (Page No. - 134)
     10.1 INTRODUCTION
           FIGURE 37 PROCESSING VESSELS TO CONTINUE TO DOMINATE MARKET, BY APPLICATION, DURING FORECAST PERIOD
           TABLE 41 PRESSURE VESSEL MARKET SIZE, BY APPLICATION, 2020–2027 (USD MILLION)
     10.2 STORAGE VESSELS
             10.2.1 HIGH DEMAND FOR STORAGE PRESSURE VESSELS FROM ASIA PACIFIC DRIVES MARKET GROWTH
                        TABLE 42 STORAGE VESSELS: MARKET SIZE, BY REGION, 2020–2027 (USD MILLION)
     10.3 PROCESSING VESSELS
             10.3.1 PROCESSING PRESSURE VESSELS DOMINATE MARKET DURING FORECAST PERIOD
                        TABLE 43 PROCESSING VESSELS: MARKET SIZE, BY REGION, 2020–2027 (USD MILLION)

11 GEOGRAPHIC ANALYSIS (Page No. - 138)
     11.1 INTRODUCTION
             FIGURE 38 MARKET IN ASIA PACIFIC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
             TABLE 44 GLOBAL PRESSURE VESSEL MARKET: GLOBAL VOLUME, 2020–2027 (MILLION UNITS)
             TABLE 45 GLOBAL MARKET: GLOBAL VALUE, 2020–2027 (USD MILLION)
     11.2 ASIA PACIFIC
             FIGURE 39 ASIA PACIFIC: PRESSURE VESSEL MARKET OVERVIEW
     11.3 BY TYPE
             TABLE 46 ASIA PACIFIC: MARKET SIZE, BY TYPE, 2020–2027 (USD MILLION)
             11.3.1 BY MATERIAL
                       TABLE 47 ASIA PACIFIC: MARKET SIZE, BY MATERIAL, 2020–2027 (USD MILLION)
             11.3.2 BY HEAT SOURCE
                       TABLE 48 ASIA PACIFIC: MARKET SIZE, BY HEAT SOURCE, 2020–2027 (USD MILLION)
             11.3.3 BY END USER
                       TABLE 49 ASIA PACIFIC: MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)
                       TABLE 50 POWER: MARKET IN ASIA PACIFIC, BY COUNTRY, 2020–2027 (USD MILLION)
                       TABLE 51 OIL & GAS: MARKET IN ASIA PACIFIC, BY COUNTRY, 2020–2027 (USD MILLION)
                       TABLE 52 CHEMICALS: MARKET IN ASIA PACIFIC, BY COUNTRY, 2020–2027 (USD MILLION)
                       TABLE 53 FOOD & BEVERAGES: MARKET IN ASIA PACIFIC, BY COUNTRY, 2020–2027 (USD MILLION)
                       TABLE 54 PHARMACEUTICALS: MARKET IN ASIA PACIFIC, BY COUNTRY, 2020–2027 (USD MILLION)
                       TABLE 55 OTHER END USERS: MARKET IN ASIA PACIFIC, BY COUNTRY, 2020–2027 (USD MILLION)
     11.4 BY COUNTRY
             TABLE 56 ASIA PACIFIC: PRESSURE VESSEL MARKET SIZE, BY COUNTRY, 2020–2027 (USD MILLION)
             11.4.1 CHINA
                        11.4.1.1 Rising demand for industrial chemicals and power fosters pressure vessel market growth in China
                                     TABLE 57 CHINA: MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)
                        11.4.1.2 India
                                     11.4.1.2.1 Increasing power demand in India boosts domestic demand for pressure vessels
                                                    TABLE 58 INDIA: MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)
                        11.4.1.3 Japan
                                     11.4.1.3.1 Growing chemicals industry in Japan accelerates country’s pressure vessel market growth
                                                    TABLE 59 JAPAN: MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)
                        11.4.1.4 Australia
                                     11.4.1.4.1 Surging plans to expand oil and gas exports to augment demand for pressure vessels during forecast period
                                                    TABLE 60 AUSTRALIA: MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)
                        11.4.1.5 South Korea
                                     11.4.1.5.1 Increasing chemical production in country accelerates demand for pressure vessels
                                                    TABLE 61 SOUTH KOREA: MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)
                        11.4.1.6 Malaysia
                                     11.4.1.6.1 Growing investments in power generation capacity addition drive pressure vessel market growth
                                                    TABLE 62 MALAYSIA: MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)
                        11.4.1.7 Indonesia
                                     11.4.1.7.1 Rising modification of oil refineries boosts requirement for pressure vessels
                                                    TABLE 63 INDONESIA: MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)
                        11.4.1.8 Rest of Asia Pacific
                                     TABLE 64 REST OF ASIA PACIFIC: MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)
     11.5 EUROPE
             FIGURE 40 EUROPE: PRESSURE VESSEL MARKET OVERVIEW
             11.5.1 BY TYPE
                       TABLE 65 EUROPE: MARKET SIZE, BY TYPE, 2020–2027 (USD MILLION)
             11.5.2 BY MATERIAL
                       TABLE 66 EUROPE: MARKET SIZE, BY MATERIAL, 2020–2027 (USD MILLION)
             11.5.3 BY HEAT SOURCE
                       TABLE 67 EUROPE: MARKET SIZE, BY HEAT SOURCE, 2020–2027 (USD MILLION)
             11.5.4 BY END USER
                       TABLE 68 EUROPE: MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)
                       TABLE 69 POWER: EUROPEAN MARKET SIZE, BY COUNTRY, 2020–2027 (USD MILLION)
                       TABLE 70 OIL & GAS: EUROPEAN MARKET SIZE, BY COUNTRY, 2020–2027 (USD MILLION)
                       TABLE 71 CHEMICALS: EUROPEAN MARKET SIZE, BY COUNTRY, 2020–2027 (USD MILLION)
                       TABLE 72 FOOD & BEVERAGES: EUROPEAN MARKET SIZE, BY COUNTRY, 2020–2027 (USD MILLION)
                       TABLE 73 PHARMACEUTICALS: EUROPEAN MARKET SIZE, BY COUNTRY, 2020–2027 (USD MILLION)
                       TABLE 74 OTHER END USERS: EUROPEAN MARKET SIZE, BY COUNTRY, 2020–2027 (USD MILLION)
             11.5.5 BY COUNTRY
                       TABLE 75 EUROPE: MARKET SIZE, BY COUNTRY, 2020–2027 (USD MILLION)
                        11.5.5.1 Germany
                                     11.5.5.1.1 Increasing chemical production accounts for rising demand for pressure vessels
                                                    TABLE 76 GERMANY: MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)
                        11.5.5.2 UK
                                     11.5.5.2.1 Growing power and oil & gas industries in UK propelling pressure vessel market growth
                                                    TABLE 77 UK: MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)
                        11.5.5.3 France
                                     11.5.5.3.1 Growing power and chemicals industries in France supporting pressure vessel market growth
                                                    TABLE 78 FRANCE: MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)
                        11.5.5.4 Rest of Europe
                                     TABLE 79 REST OF EUROPE: MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)
     11.6 NORTH AMERICA
             11.6.1 BY TYPE
                       TABLE 80 NORTH AMERICA:PRESSURE VESSEL  MARKET SIZE, BY TYPE, 2020–2027 (USD MILLION)
             11.6.2 BY MATERIAL
                       TABLE 81 NORTH AMERICA: MARKET SIZE, BY MATERIAL, 2020–2027 (USD MILLION)
             11.6.3 BY HEAT SOURCE
                       TABLE 82 NORTH AMERICA: MARKET SIZE, BY HEAT SOURCE, 2020–2027 (USD MILLION)
             11.6.4 BY END USER
                       TABLE 83 NORTH AMERICA: MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)
                       TABLE 84 POWER: NORTH AMERICAN MARKET SIZE, BY COUNTRY, 2020–2027 (USD MILLION)
                       TABLE 85 OIL & GAS: NORTH AMERICAN MARKET SIZE, BY COUNTRY, 2020–2027 (USD MILLION)
                       TABLE 86 CHEMICALS: NORTH AMERICAN MARKET SIZE, BY COUNTRY, 2020–2027 (USD MILLION)
                       TABLE 87 FOOD & BEVERAGES: NORTH AMERICAN MARKET SIZE, BY COUNTRY, 2020–2027 (USD MILLION)
                       TABLE 88 PHARMACEUTICALS: NORTH AMERICAN MARKET SIZE, BY COUNTRY, 2020–2027 (USD MILLION)
                       TABLE 89 OTHER END USERS: NORTH AMERICAN MARKET SIZE, BY COUNTRY, 2020–2027 (USD MILLION)
             11.6.5 BY COUNTRY
                       TABLE 90 NORTH AMERICA: MARKET SIZE, BY COUNTRY, 2020–2027 (USD MILLION)
                        11.6.5.1 US
                                     11.6.5.1.1 Increasing chemical production, along with shale production, to boost market growth
                                                    TABLE 91 US: MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)
                        11.6.5.2 Canada
                                     11.6.5.2.1 Growing oil & gas sector likely to drive market growth
                                                    TABLE 92 CANADA: MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)
                        11.6.5.3 Mexico
                                     11.6.5.3.1 Rising demand from oil & gas industry along with increasing chemical production, to fuel demand for pressure vessels
                                                    TABLE 93 MEXICO: MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)
     11.7 MIDDLE EAST AFRICA
             11.7.1 BY TYPE
                       TABLE 94 MIDDLE EAST & AFRICA: PRESSURE VESSEL MARKET SIZE, BY TYPE, 2020–2027 (USD MILLION)
             11.7.2 BY MATERIAL
                       TABLE 95 MIDDLE EAST & AFRICA: MARKET SIZE, BY MATERIAL, 2020–2027 (USD MILLION)
             11.7.3 BY HEAT SOURCE
                       TABLE 96 MIDDLE EAST & AFRICA: MARKET SIZE, BY HEAT SOURCE, 2020–2027 (USD MILLION)
             11.7.4 BY END USER
                       TABLE 97 MIDDLE EAST & AFRICA: MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)
                       TABLE 98 POWER: MARKET IN MIDDLE EAST & AFRICA, BY COUNTRY, 2020–2027 (USD MILLION)
                       TABLE 99 OIL & GAS: MARKET IN MIDDLE EAST & AFRICA, BY COUNTRY, 2020–2027 (USD MILLION)
                       TABLE 100 CHEMICALS: MARKET IN MIDDLE EAST & AFRICA, BY COUNTRY, 2020–2027 (USD MILLION)
                       TABLE 101 FOOD & BEVERAGES: MARKET IN MIDDLE EAST & AFRICA, BY COUNTRY, 2020–2027 (USD MILLION)
                       TABLE 102 PHARMACEUTICALS: MARKET IN MIDDLE EAST & AFRICA, BY COUNTRY, 2020–2027 (USD MILLION)
                       TABLE 103 OTHER END USERS: MARKET IN MIDDLE EAST & AFRICA, BY COUNTRY, 2020–2027 (USD MILLION)
             11.7.5 BY COUNTRY
                       TABLE 104 MIDDLE EAST & AFRICA: MARKET SIZE, BY COUNTRY, 2020–2027 (USD MILLION)
                        11.7.5.1 Saudi Arabia
                                     11.7.5.1.1 Increasing demand from oil & gas sector to drive market growth
                                                    TABLE 105 SAUDI ARABIA: MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)
                        11.7.5.2 UAE
                                     11.7.5.2.1 Surging demand for pressure vessels from oil & gas upstream and downstream industries to boost market growth
                                                    TABLE 106 UAE: MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)
                        11.7.5.3 South Africa
                                     11.7.5.3.1 Growing power sector to propel market growth
                                                    TABLE 107 SOUTH AFRICA: PRESSURE VESSEL MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)
                        11.7.5.4 Nigeria
                                     11.7.5.4.1 Increasing demand for pressure vessels for LNG from oil & gas and shipping industries to foster market growth
                                                    TABLE 108 NIGERIA: MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)
                        11.7.5.5 Algeria
                                     11.7.5.5.1 Growing power industry to boost demand for pressure vessels
                                                    TABLE 109 ALGERIA: MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)
                        11.7.5.6 Rest of Middle East & Africa
                                     TABLE 110 REST OF MIDDLE EAST & AFRICA: MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)
     11.8 SOUTH AMERICA
             11.8.1 BY TYPE
                       TABLE 111 SOUTH AMERICA: PRESSURE VESSEL MARKET SIZE, BY TYPE, 2020–2027 (USD MILLION)
             11.8.2 BY MATERIAL
                       TABLE 112 SOUTH AMERICA: MARKET SIZE, BY MATERIAL, 2020–2027 (USD MILLION)
             11.8.3 BY HEAT SOURCE
                       TABLE 113 SOUTH AMERICA: MARKET SIZE, BY HEAT SOURCE, 2020–2027 (USD MILLION)
             11.8.4 BY END USER
                       TABLE 114 SOUTH AMERICA: MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)
                       TABLE 115 POWER: SOUTH AMERICAN MARKET SIZE, BY COUNTRY, 2020–2027 (USD MILLION)
                       TABLE 116 OIL & GAS: SOUTH AMERICAN MARKET SIZE, BY COUNTRY, 2020–2027 (USD MILLION)
                       TABLE 117 CHEMICALS: SOUTH AMERICAN MARKET SIZE, BY COUNTRY, 2020–2027 (USD MILLION)
                       TABLE 118 FOOD & BEVERAGES: SOUTH AMERICAN MARKET SIZE, BY COUNTRY, 2020–2027 (USD MILLION)
                       TABLE 119 PHARMACEUTICALS: SOUTH AMERICAN MARKET SIZE, BY COUNTRY, 2020–2027 (USD MILLION)
                       TABLE 120 OTHER END USERS: SOUTH AMERICAN MARKET SIZE, BY COUNTRY, 2020–2027 (USD MILLION)
             11.8.5 BY COUNTRY
                       TABLE 121 SOUTH AMERICA: MARKET SIZE, BY COUNTRY, 2020–2027 (USD MILLION)
                        11.8.5.1 Brazil
                                     11.8.5.1.1 Surging investments in oil & gas industry expected to drive market growth during forecast period
                                                    TABLE 122 BRAZIL: MARKET SIZE, BY COUNTRY, 2020–2027 (USD MILLION)
                        11.8.5.2 Argentina
                                     11.8.5.2.1 Reviving oil & gas sector likely to provide opportunities for market growth in coming years
                                                    TABLE 123 ARGENTINA: MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)
                        11.8.5.3 Rest of South America
                                     TABLE 124 REST OF SOUTH AMERICA: MARKET SIZE, BY END USER, 2020–2027 (USD MILLION)

12 COMPETITIVE LANDSCAPE (Page No. - 185)
     12.1 KEY PLAYER STRATEGIES/RIGHT TO WIN
             TABLE 125 OVERVIEW OF STRATEGIES ADOPTED BY TOP PLAYERS, OCTOBER 2021–MARCH 2022
     12.2 MARKET SHARE ANALYSIS
             TABLE 126 PRESSURE VESSEL MARKET: DEGREE OF COMPETITION
             FIGURE 41 LEADING PLAYERS IN MARKET
     12.3 MARKET EVALUATION FRAMEWORK
             TABLE 127 MARKET EVALUATION FRAMEWORK
     12.4 COMPETITIVE SCENARIO
             TABLE 128 MARKET: PRODUCT LAUNCHES, SEPTEMBER 2018–FEBRUARY 2022
             TABLE 129 MARKET: DEALS, FEBRUARY 2017–MARCH 2022
             TABLE 130 PRESSURE VESSEL MARKET: OTHERS, JULY 2020–JANUARY 2022
     12.5 COMPANY EVALUATION QUADRANT
             12.5.1 STAR
             12.5.2 EMERGING LEADER
             12.5.3 PERVASIVE
             12.5.4 PARTICIPANT
                        FIGURE 42 COMPANY EVALUATION QUADRANT: MARKET, 2022
     12.6 START-UP/SME EVALUATION QUADRANT, 2022
             12.6.1 PROGRESSIVE COMPANY
             12.6.2 RESPONSIVE COMPANY
             12.6.3 DYNAMIC COMPANY
             12.6.4 STARTING BLOCK
                        FIGURE 43 FIGURE 2 START-UP/SME EVALUATION QUADRANT: MARKET, 2022
             12.6.5 COMPETITIVE BENCHMARKING
                        TABLE 131 COMPANY PRODUCT FOOTPRINT
                        TABLE 132 COMPANY TYPE FOOTPRINT
                        TABLE 133 COMPANY HEAT SOURCE FOOTPRINT
                        TABLE 134 COMPANY REGION FOOTPRINT

13 COMPANY PROFILES (Page No. - 197)
(Business overview, Products/services/solutions offered, Recent Developments, MNM view)* 
     13.1 MAJOR PLAYERS
             13.1.1 BABCOCK & WILCOX ENTERPRISES
                        TABLE 135 BABCOCK & WILCOX ENTERPRISES: COMPANY OVERVIEW
                        FIGURE 44 BABCOCK & WILCOX ENTERPRISES: COMPANY SNAPSHOT
                        TABLE 136 BABCOCK & WILCOX ENTERPRISES: PRODUCTS/SOLUTIONS OFFERED
                        TABLE 137 BABCOCK & WILCOX ENTERPRISES: PRODUCT LAUNCHES
                        TABLE 138 BABCOCK & WILCOX ENTERPRISES: DEALS
                        TABLE 139 BABCOCK & WILCOX ENTERPRISES: OTHERS
             13.1.2 GENERAL ELECTRIC
                        TABLE 140 GENERAL ELECTRIC: COMPANY OVERVIEW
                        FIGURE 45 GENERAL ELECTRIC: COMPANY SNAPSHOT
                        TABLE 141 GENERAL ELECTRIC: PRODUCTS/SOLUTIONS OFFERED
                        TABLE 142 GENERAL ELECTRIC: PRODUCT LAUNCHES
                        TABLE 143 GENERAL ELECTRIC: DEALS
                        TABLE 144 GENERAL ELECTRIC: OTHERS
             13.1.3 LARSEN & TOUBRO
                        TABLE 145 LARSEN & TOUBRO: COMPANY OVERVIEW
                        FIGURE 46 LARSEN & TOUBRO: COMPANY SNAPSHOT
                        TABLE 146 LARSEN & TOUBRO: PRODUCTS/SOLUTIONS OFFERED
                        TABLE 147 LARSEN & TOUBRO: DEALS
                        TABLE 148 LARSEN & TOUBRO: OTHERS
             13.1.4 MITSUBISHI HITACHI POWER SYSTEMS
                        TABLE 149 MITSUBISHI HITACHI POWER SYSTEMS: COMPANY OVERVIEW
                        FIGURE 47 MITSUBISHI HITACHI POWER SYSTEMS: COMPANY SNAPSHOT
                        TABLE 150 MITSUBISHI HITACHI POWER SYSTEMS: PRODUCTS/SOLUTIONS OFFERED
                        TABLE 151 MITSUBISHI HITACHI POWER SYSTEMS: PRODUCT LAUNCHES
                        TABLE 152 MITSUBISHI HITACHI POWER SYSTEMS: DEALS
             13.1.5 HITACHI ZOSEN
                        TABLE 153 HITACHI ZOSEN: COMPANY OVERVIEW
                        FIGURE 48 HITACHI ZOSEN: COMPANY SNAPSHOT
                        TABLE 154 HITACHI ZOSEN: PRODUCTS/SOLUTIONS OFFERED
                        TABLE 155 HITACHI ZOSEN: DEALS
             13.1.6 IHI CORPORATION
                        TABLE 156 IHI CORPORATION: BUSINESS OVERVIEW
                        FIGURE 49 IHI CORPORATION: COMPANY SNAPSHOT
                        TABLE 157 IHI CORPORATION: PRODUCTS/SERVICES/SOLUTIONS OFFERED
                        TABLE 158 IHI CORPORATION: DEALS
                        TABLE 159 IHI CORPORATION: OTHERS
             13.1.7 BHARAT HEAVY ELECTRICAL LIMITED
                        TABLE 160 BHARAT HEAVY ELECTRICAL LIMITED: BUSINESS OVERVIEW
                        FIGURE 50 BHARAT HEAVY ELECTRICAL LIMITED: COMPANY SNAPSHOT
                        TABLE 161 BHARAT HEAVY ELECTRICAL LTD: PRODUCTS/SERVICES/SOLUTIONS OFFERED
                        TABLE 162 BHARAT HEAVY ELECTRICAL LIMITED: OTHERS
             13.1.8 DOOSAN MECATEC
                        TABLE 163 DOOSAN MECATEC: BUSINESS OVERVIEW
                        TABLE 164 DOOSAN MECATEC: PRODUCTS/SERVICES/SOLUTIONS OFFERED
             13.1.9 DONGFANG TURBINE CO. LTD
                        TABLE 165 DONGFANG TURBINE CO. LTD: BUSINESS OVERVIEW
                        TABLE 166 DONGFANG TURBINE CO. LTD: PRODUCTS/SERVICES/SOLUTIONS OFFERED
             13.1.10 SAMUEL, SON & CO.
                        TABLE 167 SAMUEL, SON & CO: BUSINESS OVERVIEW
                        TABLE 168 SAMUEL, SON & CO: PRODUCTS/SERVICES/SOLUTIONS OFFERED
                        TABLE 169 SAMUEL, SON & CO: DEALS
             13.1.11 WESTINGHOUSE ELECTRIC COMPANY
                        TABLE 170 WESTINGHOUSE ELECTRIC COMPANY: BUSINESS OVERVIEW
                        TABLE 171 WESTINGHOUSE ELECTRIC COMPANY: PRODUCTS/SERVICES/SOLUTIONS OFFERED
                        TABLE 172 WESTINGHOUSE ELECTRIC COMPANY: DEALS
                        TABLE 173 WESTINGHOUSE ELECTRIC COMPANY: OTHERS
             13.1.12 HALVORSEN COMPANY
                        TABLE 174 HALVORSEN COMPANY: BUSINESS OVERVIEW
                        TABLE 175 HALVORSEN COMPANY: PRODUCTS/SERVICES/SOLUTIONS OFFERED
             13.1.13 PRESSURE VESSELS (INDIA)
                        TABLE 176 PRESSURE VESSELS (INDIA): BUSINESS OVERVIEW
                        TABLE 177 PRESSURE VESSELS (INDIA): PRODUCTS/SERVICES/SOLUTIONS OFFERED
             13.1.14 KELVION HOLDING GMBH
                        TABLE 178 KELVION GMBH: BUSINESS OVERVIEW
                        TABLE 179 KELVION GMBH: PRODUCTS/SERVICES/SOLUTIONS OFFERED
                        TABLE 180 KELVION HOLDING GMBH: DEALS
                        TABLE 181 KELVION HOLDING GMBH: OTHERS
             13.1.15 VI FLOW
                        TABLE 182 VI FLOW: BUSINESS OVERVIEW
                        TABLE 183 VI FLOW: PRODUCTS/SERVICES/SOLUTIONS OFFERED
             13.1.16 ERGIL
                        TABLE 184 ERGIL: BUSINESS OVERVIEW
                        TABLE 185 ERGIL: PRODUCTS/SERVICES/SOLUTIONS OFFERED
                        TABLE 186 ERGIL: DEALS
             13.1.17 GLADWIN TANK
                        TABLE 187 GLADWIN TANK: BUSINESS OVERVIEW
             13.1.18 ROBINSON PIPE & VESSEL COMPANY
                        TABLE 188 ROBINSON PIPE & VESSEL COMPANY: BUSINESS OVERVIEW
                        TABLE 189 ROBINSON PIPE & VESSELS: PRODUCTS/SERVICES/SOLUTIONS OFFERED
             13.1.19 HALLIBURTON
                        TABLE 190 HALLIBURTON: BUSINESS OVERVIEW
                        FIGURE 51 HALLIBURTON: COMPANY SNAPSHOT
             13.1.20 ALFA LAVAL
                        TABLE 191 ALFA LAVAL: BUSINESS OVERVIEW
                        FIGURE 52 ALFA LAVAL: COMPANY SNAPSHOT
                        TABLE 192 ALFA LAVAL: PRODUCTS/SERVICES/SOLUTIONS OFFERED
*Details on Business overview, Products/services/solutions offered, Recent Developments, MNM view might not be captured in case of unlisted companies. 

14 APPENDIX (Page No. - 240)
     14.1 INSIGHTS OF INDUSTRY EXPERTS
     14.2 DISCUSSION GUIDE
     14.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
     14.4 AVAILABLE CUSTOMIZATIONS
     14.5 RELATED REPORTS
     14.6 AUTHOR DETAILS

        The study involved major activities in estimating the current size of the pressure vessel 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 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 global pressure vessel 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 vessel market comprises several stakeholders such as pressure vessel manufacturers, manufacturers of subcomponents of pressure vessels, manufacturing technology providers, and technology support providers in the supply chain. The demand side of this market is characterized by the rising demand for pressure vessels in boilers, reactors, seperators, flash drums & heat exchangers among others across a wide variety of end users. 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 Vessel 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 vessel 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.

        Global Pressure vessel Market Size: Bottom-Up Approach

        Pressure Vessel Market Size, and Bottom-Up  Approach

        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.

        Objectives of the Study

        • To define, describe, segment, and forecast the pressure vessel market size based on type, application type, material type, by heat source, and end-user industry
        • To provide detailed information on the major drivers, restraints, opportunities, and industry-specific challenges influencing the growth of the market
        • To strategically analyze the market with respect to individual growth trends, prospects, and contributions of each segment to the market
        • To analyze market opportunities for stakeholders and provide a detailed competitive landscape for market leaders
        • To forecast the revenue of the market segments with respect to 5 main regions (along with countries), namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa
        • To strategically profile key players and comprehensively analyze their market ranking and core competencies
        • To track and analyze competitive developments such as new product developments, contracts & agreements, investments & expansions, and mergers & acquisitions in the market

        Available Customizations:

        With the given market data, MarketsandMarkets offers customizations as per the client’s specific needs. The following customization options are available for this report:

        Geographic Analysis

        • Further breakdown of region or country-specific analysis

        Company Information

        • Detailed analyses and profiling of additional market players (up to 5)
        Report Code
        EP 4288
        Published ON
        May, 2022
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