The global pressure vessels market size is evaluated at USD 24.31 billion in 2024 and is projected to cross around USD 53.23 billion by 2034 with a CAGR of 8.15%.
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Key Takeaways
- Asia Pacific maintained its leadership in the global market with a 36% share in 2023.
- The boiler segment remained the top revenue contributor, capturing 60% of the market.
- The cargo handling segment is set to expand at the highest CAGR of 7% in the coming years.
- Steel was the leading material in 2023, accounting for 30% of the market.
- The chemical & petrochemical sector emerged as the largest end-use industry, generating 41% of total revenue.
Market Dynamics
Growth Factors
The increasing use of pressure vessels in power plants, chemical processing, and oil & gas industries is fueling market expansion. The rise in energy demand worldwide has accelerated the construction of thermal and nuclear power plants, which rely heavily on pressure vessels. Advances in material technology, including corrosion-resistant alloys and composites, are enhancing product longevity. The adoption of Industry 4.0 in manufacturing processes is further improving production efficiency and quality.
Emerging Opportunities
The shift toward clean energy sources, particularly hydrogen fuel and carbon capture storage systems, is creating new growth avenues for the pressure vessels market. The development of advanced, lightweight pressure vessels for aerospace and marine applications presents additional opportunities. Investments in emerging economies, particularly in Asia Pacific and Latin America, are boosting the demand for high-performance industrial equipment, including pressure vessels.
Key Market Barriers
The high initial investment required for pressure vessel production and maintenance is a key barrier for market expansion. Compliance with stringent international standards, such as ASME, ISO, and PED, increases production complexity. Additionally, the risk of mechanical failures, leaks, and pressure-related accidents poses operational challenges for industries relying on pressure vessels. The market also faces challenges from raw material shortages and fluctuating steel prices.
Regional Landscape
Asia Pacific leads the global market, driven by strong industrial and energy sector growth in China, India, and Japan. North America remains a key player due to ongoing investments in oil, gas, and chemical processing industries. Europe is focused on developing advanced, energy-efficient pressure vessels for renewable energy applications. The Middle East is experiencing rising demand due to its expanding petroleum industry, while Latin America is witnessing steady growth driven by industrialization and infrastructure 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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