Pressure Vessel Market Size (2024 - 2029)

The Pressure Vessel Market is projected to experience growth over the forecast period, driven by the expansion of power generation and oil and gas refining capacities. Despite challenges posed by increasing investments in renewable energy, which typically require fewer pressure vessels, advancements in technology, such as versatile pressure boilers, are anticipated to offer new opportunities for market expansion. The Asia-Pacific region leads in market dominance, with significant growth expected due to rising investments in the oil, gas, chemical, and fertilizer sectors in countries like India, China, and Japan.

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Market Size of Pressure Vessel Industry

Pressure Vessel Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
CAGR 2.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Medium

Major Players

Pressure Vessel Market Major Players

*Disclaimer: Major Players sorted in no particular order

Pressure Vessel Market Analysis

The Pressure Vessel Market is expected to rise at a CAGR of more than 2% during the forecast period.

COVID-19 negatively impacted the market in 2020. Presently the market has now reached pre-pandemic levels.

  • Over the medium term, factors such as a constant increase in the total power generation capacity and refining capacity of oil and gas will likely drive the pressure vessel market.
  • On the other hand, rising investments in renewable energy generation that rarely require pressure vessels are expected to restrain the market.
  • Nevertheless, technological development in pressure vessels such as pressure boilers, which can be used to combust different types of fuels and thus are used under the availability and cost-effectiveness of the power, is expected to create several opportunities for the Pressure Vessel Market in the future.
  • The Asia-Pacific region dominates the market and is likely to witness the highest CAGR during the forecast period. This growth is attributed to the increasing investments in oil and gas, chemical, and fertilizer industries in the countries of this region, including India, China, and Japan.

Pressure Vessel Industry Segmentation

A pressure vessel is a container designed to hold gases or liquids at a pressure substantially different from the ambient pressure and is primarily used in thermal power generation, refineries, petrochemical plants, and other end-user industries. 

The Pressure Vessel Market is segmented by application, end-user industry, and geography. By application, the market is segmented into processing vessels, storage vessels, and others. By end-user industry, the market is segmented into oil and gas, chemical and fertilizers, power, and others. The report also covers the market size and forecasts for the Pressure Vessel Market across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD Billion).

Application
Storage Vessel
Processing Vessel
Others
End-User Industry
Oil and Gas
Chemicals and Fertilizers
Power
Others
Geography
North America
Europe
Asia-Pacific
South America
Middle-East and Africa
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Pressure Vessel Market Size Summary

The Pressure Vessel Market is poised for growth, driven by an increase in power generation and oil and gas refining capacities. Despite the initial setbacks due to the COVID-19 pandemic, the market has rebounded to pre-pandemic levels. The demand for pressure vessels is expected to rise, although the shift towards renewable energy sources, which typically require fewer pressure vessels, may pose some challenges. Technological advancements, such as the development of pressure boilers capable of using various fuels, are anticipated to open new opportunities within the market. The Asia-Pacific region is a key player, with significant investments in industries like oil and gas, chemicals, and fertilizers, particularly in countries such as India, China, and Japan, contributing to its dominance and rapid growth in the market.

The processing vessel segment, which includes equipment like boilers and separators, is expected to be the fastest-growing segment within the pressure vessel market. This growth is supported by the increasing energy demands in developing regions such as the Middle East, Africa, and Asia-Pacific, where countries are expanding their power generation capacities. The market is moderately consolidated, with major players like Babcock & Wilcox Enterprises Inc, Doosan Heavy Industries & Construction, and Alfa Laval AB leading the industry. Recent projects and contracts, such as those by Sumitomo Heavy Industries and Thermax Babcock and Wilcox Energy Solutions, highlight the ongoing demand for high-efficiency boilers and other pressure vessel technologies, further solidifying the market's growth trajectory.

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Pressure Vessel Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Force Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Application

      1. 2.1.1 Storage Vessel

      2. 2.1.2 Processing Vessel

      3. 2.1.3 Others

    2. 2.2 End-User Industry

      1. 2.2.1 Oil and Gas

      2. 2.2.2 Chemicals and Fertilizers

      3. 2.2.3 Power

      4. 2.2.4 Others

    3. 2.3 Geography

      1. 2.3.1 North America

      2. 2.3.2 Europe

      3. 2.3.3 Asia-Pacific

      4. 2.3.4 South America

      5. 2.3.5 Middle-East and Africa

Pressure Vessel Market Size FAQs

The Pressure Vessel Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)

Babcock & Wilcox Enterprises Inc, Doosan Heavy Industries & Construction , Alfa Laval AB, Andritz AG and Larsen & Toubro Limited are the major companies operating in the Pressure Vessel Market.

Pressure Vessel Market Report Snapshots

Pressure Vessel Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)