- Boilers
- Reactors
- Separators
- Others
Pressure Vessel Market size was valued at USD 178.7 billion in 2023 and is poised to grow at a CAGR of 5.4% in 2024-2030. A pressure vessel is a closed vessel intended to grip gases or liquids at a considerably higher or lower pressure than surrounding pressure. Furthermore, alternative fuels are extracted from sources instead of petroleum, which comprise gaseous fuels, including natural gas, propane, hydrogen, and alcohols such as ethanol, butanol, and methanol, vegetables and oils derived from waste; and electricity. However, pressure vessels are used to produce alternative fuel, called pressure vessels for alternative fuel. The pressure vessel for alternative fuel is made of titanium, steel, nickel alloys, and aluminum. Vessels are in the shape of cylindrical or spherical. Furthermore, the main alternative fuels are electricity, biodiesel, hydrogen, ethanol, propane, and natural gas.
The increase in demand for alternative fuels can lead to pressure vessel market growth. Moreover, increasing acceptance of supercritical power generation techniques, significant growth in the petrochemical and chemical business, and the manufacturing sector's influence by technological innovations are some primary factors that can boost the global pressure vessel market size. Apart from these, the investment for exploration and production actions in numerous industries such as power generation, oil and gas, chemicals, and various other sectors can also accelerate the market in the future. Pressure vessels provide resistance from cross-contamination and corrosion which makes it useful in various chemical procedures. However, the booming growth of the chemical industry accompanied by the advantages of pressure vessels can also drive the global market further. However, some factors such as the corrosion of metal apparatuses frequently within pressure vessels which decreases equipment efficiency can restrain the market's growth.
Pressure Vessel Market Summary
Study Period
2024-2030
Base Year
2023
CAGR
5.4%
Largest Market
Asia-Pacific
Fastest Growing Market
North America
Pressure Vessel Market Dynamics
One of the major reasons for the global pressure vessel market growth is the extensive accessibility of many sizes of pressure vessels. pressure vessels are obtained according to the volume of water ingested. This is the main factor as governments of numerous countries internationally are presently concentrating on sustainable and shrewd use of natural resources. Moreover, as freshwater sources are reducing gradually, industry specialists should always search for pressure systems that either devour less capacity of water or create a wastewater treatment from which water can be obtained and put into a pressure system for fulfilling their demand for the water sources. These factors are expected to propel the growth of the market in the forecast period.
Asia-Pacific Got Significant Share
Pressure Vessel Market Regional Analysis
The Asia Pacific is dominating the global pressure vessel market, due to the fast development of the power sector. Moreover, the increasing installation of nuclear powerhouses and quickly growing chemical and oil and gas sectors have also attributed to the growth of the market. In addition, North America is one of the most profitable regions and is generating new prospects for global players. increasing installation in industries, such as oil and gas, chemical and petrochemical, and power generation which has the potential to increase the demand for pressure vessels in these regions. Apart from this, the growing use of nuclear reactors in nuclear power production has created a demand for the use of pressure vessels.
Latin America
Europe
Asia Pacific
Middle East
North America
Key Features of the Reports
- The pressure vessel market report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030)
- The report covers in-detail insights into the competitor's overview, company share analysis, key market developments, and key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments, and start-up details that are actively working in the market
- The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
Pressure Vessel Market Segmentation
By Product Type
By Material Type
- Steel Alloys
- Composites
- Others
By End User
- Power
- Oil & Gas
- Chemicals & Petrochemicals
- Others
By Geography
- Latin America
- Europe
- Asia Pacific
- Middle East
- North America
Frequently Asked Questions
The primary factors that drive the market are increasing consideration towards the renewable energy segment, customization options of pressure vessels, and rising requirements for energy around the globe.
Wilcox Enterprises. (U.S.A), Doosan Heavy Industries & Construction Co. (South Korea), Mitsubishi Heavy Industries. (Japan), Bharat Heavy Electricals. (India), Larsen & Toubro. (India), Dongfang Electric Machinery. (China), General Electric Co (U.S.A), Halvorsen (Norway), and IHI Corporation (Japan) are the key players in the market.
The Asia Pacific is dominating the pressure vessel market.
Steel placed under the material type segment is the fastest-growing segment of the market.
| 1. Executive Summary |
| 2. Global Pressure Vessel Market Introduction |
| 2.1. Global Pressure Vessel Market - Taxonomy |
| 2.2. Global Pressure Vessel Market -Definitions |
| 2.2.1. Product Type |
| 2.2.2. Material Type |
| 2.2.3. Heat Source |
| 2.2.4. Industry Vertical |
| 2.2.5. By Region |
| 3. Global Pressure Vessel Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Global Pressure Vessel Market Dynamic Factors - Impact Analysis |
| 3.6. Global Pressure Vessel Market - Competition Landscape |
| 3.7. Epidemiology |
| 4. Global Pressure Vessel Market Analysis, 2019-2023 and Forecast, 2024-2030 |
| 4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5. Global Pressure Vessel Market, By Product Type, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 5.1. Boilers |
| 5.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Reactors |
| 5.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Separators |
| 5.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 5.4. Others |
| 5.4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 5.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.4.3. Market Opportunity Analysis |
| 6. Global Pressure Vessel Market, By Material Type, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 6.1. Steel Alloys |
| 6.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Composites |
| 6.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Others |
| 6.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 7. Global Pressure Vessel Market, By Application, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 7.1. Unfired |
| 7.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Fired |
| 7.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 8. Global Pressure Vessel Market, By End User, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 8.1. Power |
| 8.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. Oil & Gas |
| 8.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 8.3. Chemicals & Petrochemicals |
| 8.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.3.3. Market Opportunity Analysis |
| 8.4. Others |
| 8.4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 8.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.4.3. Market Opportunity Analysis |
| 9. Global Pressure Vessel Market Forecast, By Region, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 9.1. North America |
| 9.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 9.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.1.3. Market Opportunity Analysis |
| 9.2. Europe |
| 9.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 9.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.2.3. Market Opportunity Analysis |
| 9.3. Asia-Pacific |
| 9.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 9.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.3.3. Market Opportunity Analysis |
| 9.4. Latin America |
| 9.4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 9.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.4.3. Market Opportunity Analysis |
| 9.5. Middle East and Africa |
| 9.5.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 9.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.5.3. Market Opportunity Analysis |
| 9.6. Global Pressure Vessel Market - Opportunity Analysis Index, By Product Type, By Material Type, By Application, By End User, and Region, 2024-2030 |
| 10. North America Pressure Vessel Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 10.1. Product Type Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1. Boilers |
| 10.1.2. Reactors |
| 10.1.3. Separators |
| 10.1.4. Others |
| 10.2. Material Type Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1. Steel Alloys |
| 10.2.2. Composites |
| 10.2.3. Others |
| 10.3. Application Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1. Unfired |
| 10.3.2. Fired |
| 10.4. End User Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.4.1. Power |
| 10.4.2. Oil & Gas |
| 10.4.3. Chemicals & Petrochemicals |
| 10.4.4. Others |
| 10.5. Country Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 10.5.1. USA |
| 10.5.2. Canada |
| 10.6. North America Pressure Vessel Market - Opportunity Analysis Index, By Product Type, By Material Type, By Application, By End User, and Country, 2024-2030 |
| 10.7. North America Pressure Vessel Market Dynamics - Trends |
| 11. Europe Pressure Vessel Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 11.1. Product Type Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1. Boilers |
| 11.1.2. Reactors |
| 11.1.3. Separators |
| 11.1.4. Others |
| 11.2. Material Type Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1. Steel Alloys |
| 11.2.2. Composites |
| 11.2.3. Others |
| 11.3. Application Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1. Unfired |
| 11.3.2. Fired |
| 11.4. End User Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.4.1. Power |
| 11.4.2. Oil & Gas |
| 11.4.3. Chemicals & Petrochemicals |
| 11.4.4. Others |
| 11.5. Country Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 11.5.1. Germany |
| 11.5.2. UK |
| 11.5.3. France |
| 11.5.4. Spain |
| 11.5.5. Italy |
| 11.5.6. Rest of Europe |
| 11.6. Europe Pressure Vessel Market - Opportunity Analysis Index, By Product Type, By Material Type, By Application, By End User, and Country, 2024-2030 |
| 11.7. Europe Pressure Vessel Market Dynamics - Trends |
| 12. Asia-Pacific Pressure Vessel Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 12.1. Product Type Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1. Boilers |
| 12.1.2. Reactors |
| 12.1.3. Separators |
| 12.1.4. Others |
| 12.2. Material Type Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1. Steel Alloys |
| 12.2.2. Composites |
| 12.2.3. Others |
| 12.3. Application Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1. Unfired |
| 12.3.2. Fired |
| 12.4. End User Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.4.1. Power |
| 12.4.2. Oil & Gas |
| 12.4.3. Chemicals & Petrochemicals |
| 12.4.4. Others |
| 12.5. Country Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 12.5.1. China |
| 12.5.2. India |
| 12.5.3. Japan |
| 12.5.4. ASEAN |
| 12.5.5. Australia & New Zealand |
| 12.5.6. Rest of Asia-Pacific |
| 12.6. Asia-Pacific Pressure Vessel Market - Opportunity Analysis Index, By Product Type, By Material Type, By Application, By End User, and Country, 2024-2030 |
| 12.7. Asia-Pacific Pressure Vessel Market Dynamics - Trends |
| 13. Latin America Pressure Vessel Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 13.1. Product Type Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1. Boilers |
| 13.1.2. Reactors |
| 13.1.3. Separators |
| 13.1.4. Others |
| 13.2. Material Type Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 13.2.1. Steel Alloys |
| 13.2.2. Composites |
| 13.2.3. Others |
| 13.3. Application Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 13.3.1. Unfired |
| 13.3.2. Fired |
| 13.4. End User Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 13.4.1. Power |
| 13.4.2. Oil & Gas |
| 13.4.3. Chemicals & Petrochemicals |
| 13.4.4. Others |
| 13.5. Country Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 13.5.1. Brazil |
| 13.5.2. Mexico |
| 13.5.3. Rest of Latin America |
| 13.6. Latin America Pressure Vessel Market - Opportunity Analysis Index, By Product Type, By Material Type, By Application, By End User, and Country, 2024-2030 |
| 13.7. Latin America Pressure Vessel Market Dynamics - Trends |
| 14. Middle East and Africa Pressure Vessel Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 14.1. Product Type Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 14.1.1. Boilers |
| 14.1.2. Reactors |
| 14.1.3. Separators |
| 14.1.4. Others |
| 14.2. Material Type Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 14.2.1. Steel Alloys |
| 14.2.2. Composites |
| 14.2.3. Others |
| 14.3. Application Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 14.3.1. Unfired |
| 14.3.2. Fired |
| 14.4. End User Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 14.4.1. Power |
| 14.4.2. Oil & Gas |
| 14.4.3. Chemicals & Petrochemicals |
| 14.4.4. Others |
| 14.5. Country Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 14.5.1. Gulf Cooperation Council (GCC) Countries |
| 14.5.2. South Africa |
| 14.5.3. Rest of MEA |
| 14.6. MEA Pressure Vessel Market- Opportunity Analysis Index, By Product Type, By Material Type, By Application, By End User, and Country, 2024-2030 |
| 14.7. MEA Pressure Vessel Market Dynamics - Trends |
| 15. Competition Landscape |
| 15.1. Strategic Dashboard of Top Market Players |
| 15.2. Company Profiles (Introduction, Financial Analysis, Key Product Types, Key Developments, Strategies, and SWOT Analysis) |
| 15.2.1. Babcock and Wilcox Enterprises. (U.S.A) |
| 15.2.2. Doosan Heavy Industries & Construction Co. (South Korea) |
| 15.2.3. Mitsubishi Heavy Industries. (Japan) |
| 15.2.4. Bharat Heavy Electricals. (India) |
| 15.2.5. Larsen & Toubro. (India) |
| 15.2.6. Dongfang Electric Machinery. (China) |
| 15.2.7. General Electric Co (U.S.A) |
| 15.2.8. Halvorsen (Norway) |
| 15.2.9. IHI Corporation (Japan) |
| 16. Research Methodology |
| 17. Key Assumptions and Acronyms |
- Babcock and Wilcox Enterprises.
- Doosan Heavy Industries & Construction Co.
- Mitsubishi Heavy Industries.
- Bharat Heavy Electricals.
- Larsen & Toubro.
- Dongfang Electric Machinery.
- General Electric Co
- Halvorsen
- IHI Corporation