by The global pressure vessels market size is valued at USD 24.31 billion in 2024 and is projected to hit around USD 53.23 billion by 2034 with a CAGR of 8.15%.
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Key Takeaways
- Asia Pacific dominated the global market, securing a 36% market share in 2023.
- The boiler segment led the product category with a 60% revenue share in 2023.
- The cargo handling segment is projected to experience the fastest CAGR of 7% during the forecast period.
- The steel segment held a 30% market share in 2023 based on material type.
- The chemical & petrochemical segment accounted for the largest revenue share of 41% in 2023 under the end-use category.
Market Dynamics
Factors Driving Market Growth
The expanding energy sector, coupled with rising industrialization, is propelling the pressure vessels market. Industries such as oil & gas, chemicals, and power generation are the primary consumers of pressure vessels, with demand growing due to infrastructure development. Technological advancements in material science are also playing a role in improving the safety and durability of pressure vessels.
Potential Market Gains
The development of lightweight and corrosion-resistant pressure vessels for emerging energy applications presents lucrative opportunities. Increased investment in renewable energy, hydrogen storage, and carbon capture technologies is expected to boost market demand. Strategic collaborations between key players and government initiatives supporting industrial expansion are also fueling market growth.
Industry Challenges
The market is constrained by high initial costs and complex manufacturing processes. Stringent global safety standards and the need for frequent inspections add to the operational burden. Additionally, fluctuating raw material prices and supply chain disruptions impact overall production efficiency.
Regional Market Dynamics
Asia Pacific remains the leader in the pressure vessels market, driven by rapid industrial growth and increased energy demand. North America continues to see strong demand, particularly from the U.S. oil & gas industry. Europe is shifting towards advanced pressure vessels for sustainable energy applications, while the Middle East is expanding its market through petroleum and industrial projects.
Pressure Vessels Market Companies
- Babcock & Wilcox Enterprises, Inc.
- IHI Corp.
- Mitsubishi Hitachi Power Systems, Ltd.
- Pressure Vessels (India)
- Alloy Products Corp.
- Samuel, Son & Co.
- Doosan Heavy Industries & Construction.
- Abbott & Co (Newark) Ltd.
- Larsen & Toubro Ltd.
- Bharat Heavy Electricals Ltd.
- Tinita Engineering Pvt. Ltd.
- Mersen, Xylem Inc.
- WCR Inc.
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2023 to 2032. This report contains market breakdown and its revenue estimation by classifying it on the basis of product, material, end-use, and region:
By Product
- Nuclear Reactor
- Boiler
- Separator
- Others
By Material
- Titanium
- Hastelloy
- Tantalum
- Steel
- Duplex Steel
- Stainless Steel
- Super Duplex Steel
- Carbon Steel
- Others
- Nickel & Nickel Alloys
- Others
By End-Use
- Chemicals & Petrochemicals
- Power Generation
- Oil & Gas
- Others
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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