Pressure Vessels Market

Pressure Vessels Market Size & Share - Future Growth Expectations

The global pressure vessels market size is expected 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. The major factors driving the growth of this market include the growing investments in the chemical industry, and risign oil & gas facilities.

The pressure vessels market is on a significant growth trajectory, driven by several pivotal factors.
  • Industrial infrastructure expansion
  • Surge in global energy demand
  • Infrastructure development projects
  • Stringent safety regulations and compliance
  • Continuous technological advancements
  • Emergence of renewable energy sources
  • Focus on process efficiency
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Industrial Infrastructure Expansion: 
  • Industries spanning oil and gas, chemical processing, power generation, and manufacturing are propelling the demand for pressure vessels. These vessels are indispensable for safely storing and transporting liquids and gases under extreme pressure and temperature conditions, aligning perfectly with various industrial processes. As industrial sectors expand their footprints and invest in infrastructure upgrades, the demand for pressure vessels naturally escalates.
Energy Demand Surge: 
  • A relentless increase in global energy demand, fueled by population growth and urbanization, is bolstering the role of pressure vessels in energy production and distribution. From the oil and gas sector's hydrocarbon storage needs to steam generation in power plants and renewable energy ventures like biomass and geothermal power plants, pressure vessels are pivotal. With the energy sector's perpetual growth, the demand for pressure vessels continues to surge.
Infrastructure Development Drive: 
  • From transportation projects to water treatment facilities and construction endeavors, diverse infrastructure projects rely on pressure vessels for various applications. Water treatment plants leverage them for storing and treating water under pressure, while the transportation industry relies on them for CNG and LPG storage. Similarly, the construction sector employs pressure vessels for pneumatic tools and equipment. As global infrastructure initiatives gain momentum, the demand for pressure vessels in these realms escalates.
Safety and Compliance Focus: 
  • Stringent safety regulations necessitate the use of top-tier pressure vessels to safeguard workers and the environment. Adherence to industry standards like ASME Boiler and pressure vessels Code, European Pressure Equipment Directive (PED), and API standards is imperative. This compliance drive fuels the demand for certified pressure vessels, meeting stringent safety and quality benchmarks.
Technological Advancements: 
  • Continuous innovations in materials, design, and manufacturing techniques propel the pressure vessels market forward. Manufacturers are pioneering novel pressure vessels designs using advanced materials like carbon steel, stainless steel, and alloys to enhance performance, durability, and corrosion resistance. Cutting-edge fabrication methods such as laser welding and automated manufacturing are boosting efficiency and slashing production costs, further fuelling market growth.
Renewable Energy Emergence: 
  • With the shift towards renewable energy sources, pressure vessels assume a critical role in energy storage solutions. They are integral to energy storage systems like CAES and hydrogen storage, addressing the intermittency and variability challenges inherent in renewable power generation. As governments and utilities ramp up investments in renewable energy infrastructure, the demand for pressure vessels in energy storage applications escalates.
Process Efficiency Drive: 
  • Industries are relentlessly pursuing enhanced process efficiency and operational cost reductions. pressure vessels play a pivotal role in optimizing processes such as chemical reactions, heat exchange, and material handling. By providing precise control over pressure, temperature, and flow rates, pressure vessels enable industries to achieve heightened productivity and efficiency levels. As companies strive for operational excellence, the demand for bespoke pressure vessels tailored to specific applications witnesses a notable uptick.
The pressure vessels market is poised for continued expansion as industries prioritize safety, efficiency, and regulatory compliance. With the escalating global energy demand, infrastructure development endeavors, and relentless technological advancements, pressure vessels remain indispensable components of modern industrial processes worldwide.
 
Pressure Vessels Market Share - Global Industry Landscape
 
The pressure vessels market is characterized by the presence of several key players competing for market share. Some of the leading companies in the pressure vessels industry include:
  • Bharat Heavy Electricals Limited (India),
  • Mitsubishi Hitachi Power Systems (Japan),
  • IHI Coproration (Japan),
  • Babcock & Wilcox (US).
The global pressure vessels market sees a diverse landscape with contributions from these companies, as well as numerous regional and specialized players. Market share dynamics remain fluid, influenced by factors like technological advances, regulatory shifts, industry collaborations, and project requirements.
 
Bharat Heavy Electricals Limited (India):
  • 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 (Japan):
  • 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.
IHI Coproration (Japan):
  • 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.
Babcock & Wilcox (US):
  • B&W is an American company providing energy and environmental technologies and services, including pressure vessels for power generation and industrial applications. It offers boilers, heat recovery steam generators (HRSGs), and other custom-engineered pressure equipment.

Related Reports:

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

Pressure Vessels Market Size,  Share & Growth Report
Report Code
EP 4288
RI Published ON
5/8/2024
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