Pressure Vessel Market, By Material (Steel Alloy, Other Alloy, and Composites), By Product Type (Boiler, Nuclear Reactor, Separator, and Others), By End-Use Application (Oil and Gas, Chemical, Power Generation, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034

Report Code: PMI56019 | Publish Date: April 2024 | No. of Pages: 168

Global Pressure Vessel Market By Overview

Introduction:

Pressure Vessel Market was valued at US$ 43.1 Billion in 2024 and is projected to grow at a CAGR of 21.30% to reach US$ 250 Billion by 2034.

Pressure vessel is a container which confines fluid at elevated temperature and pressure. Internal pressure of pressure vessel is always higher than outer pressure. Pressure vessels are used in manufacturing industry in order to hold liquids and gases at high pressure. Pressure vessel has high pressure with high temperature. Sometimes, flammable fluids or highly radioactive material is present in pressure vessel. It has to be design carefully to cope with the operating temperature and pressure. Pressure vessels are designed primarily based on diameter and thickness of their cylinder portion. These vessels are manufactured by using stainless steel and assembled by welding. Operation and manufacturing of pressure vessel is highly governed by authorities supported by legislation.

Growing oil exploration activities, coupled with increasing investment on establishing proper infrastructure for such activities are expected to support growth of the target market over the forecast period. Wide applications of pressure vessels in chemical and petrochemical industries has also driven the market growth. However, rising industrialization and wide applications of pressure vessel has given the positive impact on target market growth.

 

Attributes

Details

Pressure Vessel  Market Value (2024)

US$ 43.1 Bn

Pressure Vessel Market Projected Value (2034)

US$ 250 Bn

Pressure Vessel  Market CAGR (2024 – 2034)

21.30%

Global Pressure Vessel Market By Dynamics

Pressure Vessel Market-Drivers and Restraints:                              

                                   Rising industrialization and rate of urbanization

Rising industrialization and rate of urbanization has become the major factor in Pressure Vessel Market growth. Urbanization has given rise in industrialization. Growth in industries has given rise in energy sector, where pressure vessels are required. Increasing requirement for energy, along with rising demand for power generation across the globe are major factors driving growth of the pressure vessel market. In addition, increasing government support to renewable sector across the globe is raising demand for pressure vessel and in turn supporting growth of the target market. Furthermore, increasing adoption of high pressure vessel in chemical industries is expected to fuel growth of the pressure vessel market in the near future. Moreover, growing oil exploration activities, coupled with increasing investment on establishing proper infrastructure for such activities are expected to support growth of the target market over the forecast period.

For instance, in 2022, industrialization in Tamil Nadu along with Kerala has relatively developed the path of industrialization with higher levels of development and lower levels of poverty compared to other states with development of dynamic manufacturing industries which includes, chemicals, pharmaceuticals, automobiles, auto components, plastics, garments, engineering, leather products, textile products, etc. According to data published by United Nations in 2018, about 55% of the world’s population resided in urban areas, and it is projected that this percentage will increase over the forecast period. However, rising industrialization and population in urban areas boosts the demand for Pressure Vessel Market growth.

Restrains:

However, stringent regulations and restrictions by government authorities across the globe on operation and manufacturing of pressure vessels are expected to restrain growth of the pressure vessel market in the near future. In addition, decreasing mining activities which uses application of pressure vessels is expected to hampering the target market in the near future.

Global Pressure Vessel Market By Segmentation

Pressure vessel  market-Segmentation

The Pressure Vessel market is segmented based on material, product type, end use application, and region.

On the basis of material, the pressure vessel market is segmented into steel alloy, other alloy, and composites.

Based on the product type the target market is segmented into boiler, nuclear reactor, separator, and others.

On the basis of end-use application the pressure vessel market is segmented into oil and gas, chemical, power generation, and others.

Regional Insights:

On region the Pressure Vessel Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific market is estimated to witness a significantly high revenue share over the forecast period, owing to growing population, especially in countries such as Europe and Asia Pacific, and technological advancements. Moreover, rising industrialization, upcoming new projects, rising demand for energy & installation of power houses, is anticipated to increase demand for Pressure Vessel in the region.

Report Scope:

Attribute

Details

Base year for estimation

2023

Forecast period

2024 – 2034

Market representation

Revenue in USD Billion & CAGR from 2024 to 2034

Market Segmentation

By Material - Steel alloy, Other alloy, and Composites

By Product Type – Boiler, Nuclear reactor, Separator, and others

By End-Use Application - Oil and gas, Chemical, Power generation, and others

 

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the Pressure Vessel Market report based on material, product type, end use application, and region:

Pressure Vessel Market, By Material:

  • Steel alloy
  • Other alloy
  • Composites

Pressure Vessel Market, By Product Type:

  • Boiler
  • Nuclear reactor
  • Separator
  • Others

Pressure Vessel Market, By End-Use Application:

  • Oil and gas
  • Chemical
  • Power generation
  • Others

Pressure Vessel Market, By Region:

  • North America
    • Middle East & Africa
        • GCC
        • Israel
        • South Africa
        • Rest of Middle East & Africa
    • Latin America
        • Brazil
        • Mexico
        • Rest of Latin America
    • Asia Pacific
        • China
        • India
        • Japan
        • South Korea
        • Rest of Asia Pacific
    • Europe
        • Germany
        • UK
        • France
        • Russia
        • Italy
        • Rest of Europe
      • U.S.
      • Canada

Global Pressure Vessel Market By Key Players

The key players operating the Pressure Vessel  Market includes, Samuel Pressure Vessel Group Inc., Doosan Heavy Industries & Construction Co, Ltd, Mitsubishi Heavy Industries, Ltd., Bharat Heavy Electricals Limited, Larsen & Toubro Limited, Westinghouse Electric Company LLC., General Electric Company, Halvorsen AS, IHI Corporation, and Pressure Vessels (India)

Global Pressure Vessel Market By Key Issues Addressed

Recent Development:

  • In December 2021, Aramco and Larsen & Toubro has signed a Memorandum to establish region’s first ‘Heavy Wall Pressure Vessels’ facility at Saudi Arabia’s Jubail Industrial City. After completion of new manufacturing facility it will provide large number of skilled jobs for Saudi youth. New manufacturing facility will spread on an area of 120,000 sq. meters, and will produce critical equipment for various industries such as oil & gas sectors.

Global Pressure Vessel Market By Company Profile

  • Larsen & Toubro Limited
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Samuel Pressure Vessel Group Inc.
  • Doosan Heavy Industries & Construction Co, Ltd.
  • Mitsubishi Heavy Industries, Ltd.
  • Bharat Heavy Electricals Limited
  • Westinghouse Electric Company LLC.
  • General Electric Company
  • Halvorsen AS
  • IHI Corporation
  • Pressure Vessels (India)

 

 “*” marked represents similar segmentation in other categories in the respective section

Global Pressure Vessel Market By Table of Contents

  1. Research Objective and Assumption
    • Preface
    • Research Objectives
    • Study Scope
    • Years Considered for the study
    • Assumptions
    • Abbreviations
  2. Research Methodology
    • Research data
    • Primary Data
      • Primary Interviews
      • Primary Breakdown
      • Key data from Primary Sources
      • Key Thickness Insights
    • Secondary Data
      • Major Secondary Sources
      • Secondary Sources
    • Market Estimation
    • Top-Down Approach
      • Approach for estimating Market Share by Top-Down Analysis (Supply Side)
    • Bottom-Up Approach
      • Approach for estimating market share by Bottom-up Analysis (Demand Side)
    • Market Breakdown and Data Triangulation
    • Research Assumptions
  3. Market Preview
    • Executive Summary
    • Key Findings—Global Outlook for medical carts Strategies
      • Key Questions this Study will Answer
      • Market Snippet, By Material
      • Market Snippet, By Product Type
      • Market Snippet, By End-Use Application
      • Market Snippet, By Region
    • Opportunity Map Analysis
    • Executive Summary—3 Big Predictions
  4. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restrains
      • Market Opportunities
      • Market Trends
    • DR Impact Analysis
    • PEST Analysis
    • Porter’s Five Forces Analysis
    • Opportunity Orbit
    • Market Investment Feasibility Index
    • Macroeconomic Factor Analysis
  5. Market Segmentation, By Material, Forecast Period up to 10 Years, (US$ Bn)
  • Overview
    • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Segment Trends
  • Steel Alloy
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Other Alloy
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Composites
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  1. Market Segmentation, By Product Type , Forecast Period up to 10 Years, (US$ Bn)
  • Overview
    • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Segment Trends
  • Boiler
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Bolts Nuclear Reactor
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Separator
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Others
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  1. Market Segmentation, By End-Use Application , Forecast Period up to 10 Years, (US$ Bn)
  • Overview
    • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Segment Trends
  • Oil and Gas
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Chemical
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Power Generation
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Others
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  1. Global Market, By Region, Forecast Period up to 10 Years, (US$ Bn)
    • Overview
      • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
      • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
      • Regional Trends
    • North America
      • Market Size and Forecast (US$ Bn), By Material, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Product Type , Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By End-Use Application , Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
        • U.S.
        • Canada
    • Europe
      • Market Size and Forecast (US$ Bn), By Material, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Product Type , Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By End-Use Application , Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
        • UK
        • France
        • Germany
        • Russia
        • Italy
        • Rest of Europe
    • Asia Pacific
      • Market Size and Forecast (US$ Bn), By Material, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Product Type , Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By End-Use Application , Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
        • India
        • Japan
        • South Korea
        • China
        • Rest of Asia Pacific
    • Latin America
      • Market Size and Forecast (US$ Bn), By Material, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Product Type , Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By End-Use Application , Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
        • Brazil
        • Mexico
        • Rest of Latin America
    • Middle East & Africa
      • Market Size and Forecast (US$ Bn), By Material, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Product Type , Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By End-Use Application , Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
        • GCC
        • Israel
        • South Africa
        • Rest of Middle East
  2. Competitive Landscape
    • Heat Map Analysis
    • Market Presence and Specificity Analysis
  3. Company Profiles
  • Larsen & Toubro Limited
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Samuel Pressure Vessel Group Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Doosan Heavy Industries & Construction Co, Ltd.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Mitsubishi Heavy Industries, Ltd.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Bharat Heavy Electricals Limited
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Westinghouse Electric Company LLC.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • General Electric Company
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Halvorsen AS
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • IHI Corporation
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Pressure Vessels (India)
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  1. The Last Word
    • Future Impact
    • About Us
    • Contact

FAQs

The Pressure Vessel Market is segmented into material, product type, end-use application, and region.

Pressure Vessel Market is driven by factors like rising industrialization & rate of urbanization.

By region, the Pressure Vessel market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific market is estimated to witness a significantly high revenue share over the forecast period, owing to growing population, especially in countries such as Europe and Asia Pacific, and technological advancements.

The key players operating the Pressure Vessel Market includes, Samuel Pressure Vessel Group Inc., Doosan Heavy Industries & Construction Co, Ltd, Mitsubishi Heavy Industries, Ltd., Bharat Heavy Electricals Limited, Larsen & Toubro Limited, Westinghouse Electric Company LLC., General Electric Company, Halvorsen AS, IHI Corporation, and Pressure Vessels (India).