Unveiling the Lucrative Trajectory of the Global Pressure Vessel Market with Unprecedented CAGR Projections

 
Overview and Scope
Pressure vessel is a container designed to hold gases or liquids at a pressure substantially different from the ambient pressure. These are used for storing liquid or gases such as petroleum products, chemicals, or even air or water at high pressure.

Sizing and Forecast
The pressure vessel market size has grown strongly in recent years. It will grow from $38.33 billion in 2023 to $40.39 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%.  The  growth in the historic period can be attributed to industrial expansion and growth, increased energy consumption, advancements in materials and fabrication techniques, stringent safety regulations, infrastructure development projects, rise in nuclear power generation, globalization of manufacturing, advances in non-destructive testing..

The pressure vessel market size is expected to see strong growth in the next few years. It will grow to $49.94 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.  The growth in the forecast period can be attributed to transition to cleaner energy sources, focus on sustainable manufacturing, expansion of chemical and petrochemical sectors, increasing role in carbon capture, development of small-scale modular reactors, increased adoption of pressure vessels in water treatment.. Major trends in the forecast period include advancements in materials and manufacturing, customization and engineering solutions, focus on lightweight materials, life cycle cost considerations, resilience to external forces, adoption of non-destructive testing techniques..

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Segmentation & Regional Insights
The pressure vessel market covered in this report is segmented –

1) By Type: Boiler, Reactor, Separator, Other Types
2) By Heat Source: Fired, Un-Fired
3) By Material Type: Steel Alloys, Composites, Other Material Types
4) By Application: Storage Vessels, Processing Vessels
5) By End-User Channel: Power, Oil and Gas, Food and Beverages, Pharmaceuticals, Chemicals, Other End-User Channels

North America was the largest region in the pressure vessel market share in 2023. Western Europe was the second-largest region in the pressure vessel market analysis. The regions covered in the pressure vessel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The rising global thermal energy demand leading to the growing adoption of pressure vessels is the major driver for the growth of the market. Thermal energy is the term used to describe the energy present in a system that determines its temperature. Nuclear energy is used to generate thermal power and there are different pressure vessels used in the production process where vessels provide one of several barriers that keep radioactive material out of the environment. For example, according to projections from the International Atomic Energy Agency (IAEA), an Austria-based intergovernmental organization, world nuclear generating capacity is expected to more than double to 873 gigawatts net electrical (GW(e)) by 2050, compared with current levels of around 390 GW(e) in 2021. Thus, the rising global thermal energy demand leading to the growing adoption of pressure vessels is the major driver which helps in the growth of the market.

Key Industry Players
Major companies operating in the pressure vessel market report are Babcock & Wilcox Enterprises, General Electric Company, Larsen & Toubro, Mitsubishi Hitachi Power Systems, Hitachi Zosen, Bharat Heavy Electricals Limited, Samuel Pressure Vessel Group, Halvorsen Company, Doosan Heavy Industries & Construction Co. Ltd., DongFang Turbine Co. Ltd., Westinghouse Electric Company, Kelvion Holding GmbH, Ergil Grup, Alfa Laval AB, Abbott & Co (Newark) Ltd., Alloy Products Corp., GEA Group AG, IHI Plant Services Corporation, Fabrication Services Inc., Engineered Pressure Systems Inc., Andritz AG, SPX Corporation, Sumitomo Heavy Industries Ltd., Siemens AG, Nooter/Eriksen Inc., NuScale Power LLC, Zhejiang Shengda Steel Tower Co. Ltd., The Babcock & Wilcox Company, Parker Hannifin Corporation, Mannesmann AG

The pressure vessel market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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