PRESSURE VESSELS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The pressure vessels market is estimated to be valued at USD 60.39 Bn in 2024, exhibiting a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031. Pressure vessels are enclosed structures designed to hold gases or liquids at a pressure substantially different from the ambient pressure. Some common examples include compressed natural gas cylinders, decompression chambers, autoclaves, steam generators, and gas cylinders. The global pressure vessels market has been growing steadily driven by the increasing demand from various end-use industries such as oil and gas, chemicals and petrochemicals, power generation, and food and beverage. Strict regulations regarding the installation and inspection of pressure vessels are also propelling the demand for high-quality, engineered pressure equipment. Innovation in materials and manufacturing techniques is further expanding the applications of pressure vessels.

 Market Dynamics:

Rising energy demand across the world has been a key driver for the pressure vessels market. The oil and gas industry utilizes numerous pressure vessels for the exploration, production, refining, storage, and transportation of hydrocarbons. Growth in the global chemical and petrochemical industries is also fueling the installation of pressure reactors, columns, and other equipment. In the power sector, increasing focus on nuclear and solar energy will augment the demand for steam generators and solar thermal systems incorporating pressure vessels. The growing food and beverage industry particularly in developing nations is propelling the demand for autoclaves. Stringent safety regulations and quality standards continue to restrain the market growth to some extent by increasing production and installation costs. However, the development of fiber reinforced polymer composite vessels presents new profitable opportunities in the coming years.

Key Features of the Study:

• This report provides in-depth analysis of the global pressure vessels market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global pressure vessels market based on the following parameters company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include Doosan Corporation, IHI Corporation, Babcock & Wilcox Enterprises, Inc., Pressure Vessels (India), MITSUBISHI HEAVY INDUSTRIES, LTD., Samuel, Son & Co., Alloy Products Corp., Abbott Pressure Vessels , Bharat Heavy Electricals Limited, LARSEN & TOUBRO LIMITED, MERSEN PROPERTY, Xylem, Tinita Engg Pvt. Ltd, WCR Inc., Teknoflow Green Equipments Pvt. Ltd., Nano-Mag Technologies, Delpro Equipments Pvt. Ltd., Shreno Engineering Limited, Jaysons Machinery & Equipments Pvt.Ltd., and Varadraj Industries
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global pressure vessels market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global pressure vessels market

Detailed Segmentation-

• By Material Type:
• • Titanium
  • Nickel & Nickel Alloys
  • Tantalum
  • Steel
  • Others
• By Product Type:
• • Boiler
  • Nuclear Reactor
  • Separator
  • Others
• By End-User:
• • Chemicals & Petrochemicals
  • Oil & Gas
  • Power Generation
  • Others
• By Region:
• • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Company Profiles:
• • Doosan Corporation
  • IHI Corporation
  • Babcock & Wilcox Enterprises, Inc.
  • Pressure Vessels (India)
  • MITSUBISHI HEAVY INDUSTRIES, LTD.
  • Samuel, Son & Co.
  • Alloy Products Corp.
  • Abbott Pressure Vessels 
  • Bharat Heavy Electricals Limited
  • LARSEN & TOUBRO LIMITED
  • MERSEN PROPERTY
  • Xylem
  • Tinita Engg Pvt. Ltd
  • WCR Inc.
  • Teknoflow Green Equipments Pvt. Ltd.
  • Nano-Mag Technologies
  • Delpro Equipments Pvt. Ltd.
  • Shreno Engineering Limited
  • Jaysons Machinery & Equipments Pvt.Ltd.
  • Varadraj Industries