IMARC Group’s report titled “Pressure Vessel Market Report by Material (Hastelloy, Titanium, Nickel and Nickel Alloys, Tantalum, Steel, and Others), Product (Boiler, Nuclear Reactor, Separator, and Others), End Use (Chemicals and Petrochemicals, Oil and Gas, Power Generation, and Others), and Region 2024-2032“. The global pressure vessel market size reached US$ 24.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 34.4 Billion by 2032, exhibiting a growth rate (CAGR) of 3.8% during 2024-2032.
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Factors Affecting the Growth of the Pressure Vessel Industry:
- Technological Advancements:
Innovations in materials and manufacturing processes are catalyzing the pressure vessel market demand. Advancements, such as advanced welding techniques, improved fabrication methods, and the development of high-strength, corrosion-resistant materials, enhance the performance, safety, and longevity of pressure vessels. These advancements allow for the production of vessels that can withstand higher pressures and temperatures, meet stringent regulatory standards, and reduce maintenance costs. Additionally, the integration of digital technologies, such as smart sensors, enables real time monitoring and predictive maintenance, thereby improving operational efficiency and safety.
- Regulatory and Safety Standards:
Stringent regulatory and safety standards imposed by governing agencies of various countries is impelling the market growth. These regulations ensure that pressure vessels are designed, manufactured, and operated in a manner that guarantees safety, environmental protection, and operational efficiency. Compliance with standards requires the use of high-quality materials and advanced manufacturing techniques. Industries must adhere to these regulations to avoid legal liabilities, accidents, and operational downtime. The enforcement of strict safety standards also drives the replacement and upgrading of outdated pressure vessels, further encouraging industries to adopt pressure vessel to meet these evolving regulatory requirements.
- Energy Demand:
The growing energy demand from various sectors is bolstering the market growth. As the world population increases and economies expand, the need for energy intensifies, leading to the development of new power generation plants and the expansion of existing ones. Pressure vessels are integral to various stages of energy production, including storage, containment, and transportation of high-pressure fluids and gases in fossil fuel, nuclear, and renewable energy plants. In the oil and gas industry, pressure vessels are essential for refining processes, storage of crude oil, and natural gas handling. The continuous need for energy security and the exploration of new energy sources is contributing to the market growth.
Leading Companies Operating in the Global Pressure Vessel Industry:
- Abbott & Co (Newark) Ltd.
- Alloy Products Corp.
- Babcock & Wilcox Enterprises Inc.
- Bharat Heavy Electricals Limited
- Doosan Heavy Industries & Construction
- GEA Group Aktiengesellschaft
- Halvorsen Company
- IHI Corporation
- Larsen & Toubro Limited
- Mitsubishi Power Ltd.
- Pressure Vessels (India)
- Samuel Son & Co
Pressure Vessel Market Report Segmentation:
By Material:
- Hastelloy
- Titanium
- Nickel and Nickel Alloys
- Tantalum
- Steel
- Stainless Steel
- Duplex Steel
- Carbon Steel
- Super Duplex Steel
- Others
- Others
Steel represents the largest segment as it ensures safety and reliability in industrial processes.
By Product:
- Boiler
- Nuclear Reactor
- Separator
- Others
Boiler holds the biggest market share on account of the rising need to reduce carbon emissions.
By End Use:
- Chemicals and Petrochemicals
- Oil and Gas
- Power Generation
- Others
Chemicals and petrochemicals account for the largest market share, driven by stringent safety and environmental regulations.
Regional Insights:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific enjoys a leading position in the pressure vessel market due to the increasing focus on sustainability and environmental protection.
Global Pressure Vessel Market Trends:
Urbanization increases energy and water demand, prompting the construction of power plants, water treatment facilities, and chemical plants, all of which rely on pressure vessels for efficient operation. Additionally, the construction of new industrial plants and facilities in urban areas requires robust infrastructure, including high-quality pressure vessels, to ensure safety and reliability in industrial processes.
Furthermore, increasing investments in water and wastewater treatment facilities, driven by the need for clean water and stringent environmental regulations, are catalyzing the demand for pressure vessels. In addition, the rising number of renewable energy projects, such as biogas and biofuel production, where pressure vessels are used for storage and processing, is bolstering the market growth.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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