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Various elements impact the market for pressure vessels, remembering rising interest for areas like oil and gas, handling of synthetics, and power age. The requirement for trustworthy and compelling vessels is propelled by thorough security guidelines that require the use of premium vessels to shield the respectability of activities in these enterprises. Progress in pressure vessel innovation has brought about superior credits like strength, sturdiness, and protection from erosion. To satisfy industry guidelines and end-client necessities, producers put resources into Research and development. Canny advances, like checking frameworks and sensors, ensure prescient support. The strain vessel market elements are eminently affected by international variables, worldwide relations, and worldwide financial circumstances. Request is basically determined by development, while inventory network and evaluating are influenced, individually, by slumps. Green advancements and uplifted natural cognizance are driving a change in the tension vessel industry toward supportability. A more feasible industry is being progressed by the improvement of lightweight materials and earth ideal coatings by producers. The market elements of tension vessels are outstandingly influenced by administrative structures, which implement thorough security and quality measures all through the plan, assembling, and assessment stages. Consistence is expected of makers to guarantee the wellbeing and steadfastness of their items. Administrative or standard changes might urge makers to adjust their cycles and items, in this way impacting the elements of the market. The market for pressure vessels is incredibly cutthroat, with various provincial and worldwide firms competing for portion of the overall industry. The wild contention persuades ceaseless advancement, attempts by organizations to lay out item separation, and drives to lessen costs. Moreover, industry members' consolidations, acquisitions, and vital associations influence economic situations. These exercises adjust the structure of the market and affect the standing of key organizations, subsequently changing the tension vessel industry's general seriousness. The market elements overseeing the tension vessel area are multifaceted and interconnected. A huge number of variables, including industry interest, mechanical progressions, monetary circumstances, natural contemplations, administrative structures, and rivalry, connect to shape the direction of this powerful market. To flourish in the never-endingly developing tension vessel market, makers should keep up with versatility, creativity, and responsiveness to evolving conditions.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Material, Product, Application, and Region |
Pressure Vessel Market Highlights:
Global Pressure Vessel Market Overview:
The pressure Vessel Market Size was recorded at USD 47.9 billion in 2023. The Pressure Vessel market industry is projected to grow from USD 50.77 Billion in 2024 to USD 76.3 billion by 2032, projecting a compound annual growth rate of 5.22% during the forecast period (2024 - 2032). The growing need for energy around the globe is one of the major market drivers promoting market growth.
Source: MRFR Database, Secondary Research, Primary Research, and Analyst Review
Pressure Vessel Market Trends
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The growing need for energy is driving the market growth
Rising demand for highly efficient pressure vessels with less power consumption and less corrosive substances is a major factor driving Market CAGR. Additionally, market players are heavily investing and establishing their production plants in these countries due to the great availability of raw materials and fewer expenses of labor charges. A growing number of manufacturing and construction projects have also increased pressure vessel demand.
Additionally, Governments in various countries across the globe are actively looking for opportunities to invest and actively renovate old industrial plants with new innovative technologies. Industry participants are increasingly integrating modern technologies such as sensors into their product segment to give customers various features and improve brand visibility. This has enabled pressure vessel manufacturers to incorporate remote monitoring systems that give real-time data and enable their users to identify potential risks so that industry professionals can make more informed decisions.
There are several sizes of pressure vessels available currently in the market. However, industrialists must always check and investigate the pump's parameters and method of controlling waterworks. In addition to that, pressure vessels are also available according to the volume of water consumption as freshwater sources are depleting gradually; industry professionals should always look for pressure systems that either consume less volume of water or establish a wastewater treatment from which water can be derived and introduced into pressure system for meeting its demand for water supply. Major market players are also incorporating sensors and other advanced tools for monitoring and calculating significant pressure differences. Thus, driving the Pressure Vessel market revenue.
Pressure Vessel Market Segment Insights:
Pressure Vessel Material Insights
The Pressure Vessel market segmentation, based on material, includes Steel alloys, other alloys, and Composites. The composites segment dominated the market. Rising demand in emerging economies is a crucial factor driving this segment's growth. The glass fiber and carbon fiber composite industries were earlier seen only in countries of North America and Europe. For example, demand for glass fiber and carbon fiber composites in the aerospace and transportation sectors of countries such as India has increased due to increasing consumer demand for low-cost and lightweight vehicles.
The steel alloys segment will also record the highest CAGR during the forecast period. It will provide greater formability and strength, enhance corrosion resistance and find great use in power projects.
Pressure Vessel Product Insights
The Pressure Vessel market segmentation, based on product, includes Boilers, Nuclear reactors, Separators, and Others. The boilers category dominated the market. The rising demand from residential and commercial units is a major factor driving this segment's revenue growth. Unlike conventional heating systems, boilers utilize a process termed radiant heating to heat objects efficiently within a space. In addition, it may also utilize radiators, baseboard heaters, or in-floor piping to spread warmth throughout a space. High energy efficiency and portability are two significant factors that have increased the adaptability of boilers among homeowners.
Pressure Vessel Application Insights
The Pressure Vessel market segmentation, based on Application, includes Oil & Gas, Chemicals, Power generation, and others. The chemicals category generated the most income. Rising demand for highly customized and efficient heat exchangers that offer long-term usage is a crucial factor driving market growth in this industry. In addition, the physical-chemical properties of gases and solids vary extremely. Therefore, a high-performance pressure vessel such as a shell & tube heat exchanger is crucial and beneficial as it aids in efficiently heating and cooling such fluids having corrosive properties.
Figure 1: Pressure Vessel Market, by Material, 2022 & 2032 (USD billion)
Source: MRFR Database, Secondary Research, Primary Research, and Analyst Review
Pressure Vessel Regional Insights
By Region, the study states market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Pressure Vessel market will dominate this market. The rising demand for high-energy pressure vessels due to an increase in the number of industrial activities is the major factor driving market revenue growth.
Further, the main countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Pressure Vessel Market Share By Region 2022 (%)
Source: MRFR Database, Secondary Research, Primary Research, and Analyst Review
Europe's Pressure Vessel market accounts for the second-largest market share due to rising concern over emissions of industrial pollutants such as sulfur dioxide, metal dust, and others have notably prompted industry professionals to adopt high-performance pressure vessels that have reduced emissions. Further, the German Pressure Vessel market held the largest market share, and the UK Pressure Vessel market was the fastest-growing market in the European Region.
The Asia-Pacific Pressure Vessel Market is expected to grow at the fastest CAGR from 2022 to 2032. This is due to the growing operations of nuclear powers and the growing demand from the chemical industries. Moreover, China’s Pressure Vessel market held the largest market share, and the Indian Pressure Vessel market was the fastest-growing market in the Asia-Pacific region.
For instance, On 19 January 2021, Boyd Corporation, a leading innovator of engineered material and thermal management technologies based in California, announced the construction of a new industrial facility in Juarez, Mexico which marks the company's expansion into North America.
Pressure Vessel Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Pressure Vessel market grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launching, contract-based agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Pressure Vessel industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Pressure Vessel industry to benefit clients and increase the market sector. In recent years, the Pressure Vessel industry has offered some of the most significant advantages to the pressure vessel market. Major players in the Pressure Vessel market, including Samuel Pressure Vessel Group. (U.S.A), Babcock and Wilcox Enterprises, Inc. (U.S.A), Bharat Heavy Electricals Limited. (India), Dongfang Electric Machinery Co., Ltd. (China) and others are attempting to raise market demand by investing in research and development operations.
Babcock & Wilcox Enterprises Inc. (B&W) is a provider of technologies, engineered solutions, and aftermarket services. Its solutions optimize businesses to align with market changes, reinforce customers' technology portfolios and allow secure growth across markets. The company's offerings include boilers, emissions control and cooling systems, ash & material handling, controls & monitoring, and associated parts. B&W also provides retrofit and upgrades, field technical services, and other services. It serves customers in the oil and gas, chemical, industrial, and power generation sectors across the Asia Pacific, Europe, the Americas, Africa, and other regions. The company has R&D, manufacturing, administrative, warehouse, and service facilities in China, Scotland, Mexico, the US, Canada, Denmark, Germany, and Italy. B&W is headquartered in Barberton, Ohio, the US.
Samuel Pressure Vessel Group is a leader in designing, distributing, and producing pressure vessel solutions. They offer a wide range of capabilities in fabricating stock, custom, and engineered-to-order vessel designs. Materials include carbon, stainless steel, and other high-alloy metals, Vessel fabrications range from 2" to 192" in diameter, up to 160,000+ pounds, and pressures from full vacuum to 3,000 PSI. At Samuel, we employ over 400 ASME-certified welders combined with in-house customer care and engineering teams. Whether you need an ongoing supply program for small standard vessels or have a one-time need for very large engineered-to-spec pressure vessels, our experienced team is ready to assist you.
Key Companies in the Pressure Vessel market include
- Babcock and Wilcox Enterprises, Inc. (U.S.A)
- Doosan Heavy Industries & Construction Co., Ltd. (South Korea)
- Mitsubishi Heavy Industries Ltd. (Japan)
- Bharat Heavy Electricals Limited. (India)
- Larsen & Toubro Limited. (India)
- Dongfang Electric Machinery Co., Ltd. (China)
- General Electric Co (U.S.A), Halvorsen (Norway)
- IHI Corporation (Japan)
- Pressure Vessels (India)
- Samuel Pressure Vessel Group. (U.S.A)
- Westinghouse Electric Company LLC. (U.S.A) and others.
Pressure Vessel Industry Developments
April 2020:Â L&T received a contract from Wuhan Engineering Ltd., a heavy engineering, procurement & construction company, to supply key gasification equipment for its first coal gasification project in India.
October 2019:Â GE Hitachi Nuclear Energy (GEH) investigated the potential to construct a small modular reactor in Poland to invest in clean energy solutions.
August 2022:Â the Reactor Pressure Vessel was hoisted into place at unit 2 of the Zhangzhou nuclear power plant in China's Fujian state. Zhangzhou 2 is the second of two Hualong One units built at the site, scheduled to enter commercial operation in 2024 and 2025, respectively.
Pressure Vessel Market Segmentation
Pressure Vessel Material Outlook
- Steel alloys
- Other alloys
- Composites
Pressure Vessel Product Outlook
- Boilers
- Nuclear reactors
- Separators
- Others
Pressure Vessel Application Outlook
- Oil & Gas
- Chemicals
- Power generation
- Others
Pressure Vessel Region Outlook
-
North America- US
- Canada
-
Europe- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
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Asia-Pacific- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
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Rest of the World- Middle East
- Africa
- Latin America
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