Pressure Vessel Market

Babcock & Wilcox Enterprises (US) and General Electric (US) are the Leading Players in the Pressure Vessel Market

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 vessels are advancements in power generation such as supercritical and ultra-supercritical technologies and growing needs in the industries.

The Asia-Pacific region is estimated to be the largest market for pressure vessels, followed by North America. The Asia Pacific region is also projected to be the fastest-growing market with a CAGR of 5.9% during the forecast period. The Asia-Pacific is expected to dominate the market due to an increase in the development activities in the industries such as the power sector, and chemical sector, especially in countries such as China, India, and Japan.

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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), and Mitsubishi Hitachi Power Systems (Japan).

Babcock & Wilcox is one of the leading providers offering solutions in the thermal segment such as boilers. The company provides to a broad range of industries and mainly in the power generation industry. The company has its presence in 90 countries across the world with manufacturing facilities located in Mexico, China, The US, Scotland, Denmark, and Germany. Babcock & Wilcox has been launching innovative products for boilers with advanced technology. This made the company earn several contracts/agreements in recent years. In recent times, B&W has partnered with Kiewit Industrial to develop the net negative CO2 biomass energy facility.

General electric is a high technology industrial company offering services to industries such as power, chemicals, and health care. The service offerings are provided in the segments of power, chemicals, and healthcare. The power segment provides technologies, solutions, and services related to power generation equipment. The company has a strong global presence in the power segment with manufacturing facilities across the globe to provide boilers and reactors with good operational efficiency. Thus, the company is concentrating on new and emerging countries in the field of pressure vessels. The company is also focussing on clean energy projects creating a demand for advanced boiler systems in the market. GE is setting targets to increase the sales of packaged boilers in the petrochemical, paper&pulp industries.

Related Reports:

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

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Pressure Vessel Market Size,  Share & Growth Report
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