The global pressure vessels market is projected to reach USD 62.7 billion by 2028 from an estimated USD 50.3 billion in 2023, at a CAGR of 4.5% during the forecast period. Factors such as growing investments in the chemical industry, and risign oil & gas facilities is driving the market.
The pressure vessels market is served by a mix of large international players with global operational presence and local players with a strong domestic supply network. Bharat Heavy Electricals Limited (India), Mitsubishi Hitachi Power Systems (Japan), IHI Coproration (Japan), Babcock & Wilcox (US), LARSEN & TOURBO LIMITED (India) are the market leaders in the global pressure vessels market. These companies use strategies such as product launches, mergers, acquisitions to increase their market share.
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Bharat Heavy Electrical Limited (BHEL) is India's largest engineering and manufacturing company. It offers services in various core sectors such as power generation, transmission, transportation, renewables, water, oil & gas, and defense & aerospace. Some key products and services offered by BHEL include power generators, boilers, turbines, transformers, control systems, and other electrical equipment.
The Power segment includes various power equipment, such as steam generators, boilers and auxiliaries, and steam and hydro turbines.
Mitsubishi Hitachi Power Systems is engaged in the production process of thermal power plants, which includes developing, designing, manufacturing, constructing, commissioning, and after-sales services. MHPS is also involved in engineering, procurement, and construction businesses for complete thermal power plants and related parts and operations.
The company offers pressure vessels through its Energy Systems segment. The segment also offers thermal power, renewable, environment, and industrial systems.
IHI Corporation operates through four business segments: Industrial Systems and General-Purpose Machinery; Resources, Energy and Environment; Aero Engine, Space and Defense; and Social Infrastructure and Offshore Facilities.
The company offers pressure vessels through its business segments such as industrial systems and General-purpose machinery, and Resources, Energy and Environment.
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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