The global pressure vessels market is estimated to grow from USD 50.3 Billion in 2023 to USD 62.7 Billion by 2028; it is expected to record a CAGR of 4.5% during the forecast period. The rise in the chemical production world wide is driving the growth for the market.

“Storage Vessels: The second largest segment of the pressure vessels market, by application“
Based on application, the pressure vessels market has been split into two types: processing vessels, and storage vessels. There is a high demand for storage vessels across various industries as there is a need for storing liquids and gases at the required temperature. Infrastructure projects, such as oil and gas pipelines, refineries, chemical plants, and power plants, often require storage vessels for various purposes. The growth of such infrastructure projects, particularly in emerging economies, can lead to an increased need for storage vessels.

“Others segment is expected to emerge as the fastest segment based on type”
By type, the pressure vessels market has been segmented into boilers, seperators, reactors, and others. Others include flash drums and heat exchangers. The demand for flash drums and heat exchangers is closely tied to the overall demand for processes involving separation, heat transfer, and phase change. Industries that require efficient separation of liquid and vapor phases or efficient heat exchange, such as in distillation, fractionation, or vaporization processes, drive the demand for flash drums and heat exchangers. This segment is expected to showcase moderate growth during the forecast period due to the high demand for heat exchangers from the chemical industry. These vessels are used for a wide range of applications across different industries.

North America is expected to be the second fastest-growing region in the pressure vessels market
Middle East and Africa is expected to be the second fastest pressure vessels market during the forecast period. The increase in horizontal drilling, especially for unconventional reserves such as tight oil and shale gas, is primarily driving the demand for pressure vessels in North America. Furthermore, the large-scale developments of brownfields in the region are contributing to the growth of the regional pressure vessel market.

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:

  • By Company Type: Tier 1- 35%, Tier 2- 45%, and Tier 3- 20%
  • By Designation: C-Level- 35%, Director Levels- 25%, and Others- 40%
  • By Region: North America- 40%, Asia Pacific- 30%, Europe- 20%, the Middle East & Africa- 5%, and South America- 5%

Note: Others include product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million

The pressure vessels market is dominated by a few major players that have a wide regional presence. The leading players in the pressure vessels market are Bharat Heavy Electricals Limited (India), Mitsubishi Hitachi Power Systems (Japan), IHI Coproration (Japan), Babcock & Wilcox (US), LARSEN & TOURBO LIMITED (India).

Research Coverage:
The report defines, describes, and forecasts the global pressure vessels market, by component, power source, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the pressure vessels market.

Key Benefits of Buying the Report

  • Growing chemical production world-wide and expanding transmission and Expanding Oil & Gas Industryare some of the main factors driving the pressure vessels market. Factors such as High manufacturing and maintenance costs still restrain the market. Increase in the nuclear power generation worldwide and Evolving technologies such as hydrogen storage systems provide opportunities for the pressure vessels market to grow. Stringent standards in manufacturing of pressure vessels are major challenges faced by countries under pressure vessels development.
  • Product Development/ Innovation: New technologies are emerging in various applications related to pressure vessels. These advancements are revolutionizing the design, construction, and utilization of pressure vessels, offering numerous benefits, and expanding their range of applications. Storage vessels for hydrogen storage systems play a crucial role in enabling the safe and efficient storage of hydrogen. These vessels are specifically designed to store hydrogen gas under high pressure or in a cryogenic liquid form. They are designed to withstand high pressures and temperature variations, and they incorporate safety features such as pressure relief devices and leak detection systems.
  • Market Development: Chemical production has been experiencing significant growth worldwide. This expansion is driven by various factors such as industrialization, population growth, urbanization, and increasing consumer demand for chemical-based products. Pressure vessels play a vital role in the chemical industry, serving various purposes in the storage and processing of chemicals. The Asia Pacific region is anticipated to witness rapid growth in the pressure vessels market due to increasing industrialization and upcoming power plant construction projects. The region’s demand for pressure vessels is further expected to be boosted by the construction of chemical and petrochemical refineries
  • Market Diversification: LARSEN & TOUBRO LIMITED announced the signing of a Memorandum of Understanding (MoU) with the Norway-based H2Carrier (H2C) to co-operate towards developing floating green ammonia projects for industrial-scale applications with an aim to decarbonise the global economy.
  • Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Bharat Heavy Electricals Limited (India), Mitsubishi Hitachi Power Systems (Japan), IHI Coproration (Japan), Babcock & Wilcox (US), LARSEN & TOURBO LIMITED (India) among others in the pressure vessels market