Pressure Vessel Global Market Report 2024

The global pressure vessel market 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%. Historical growth can be attributed to several key factors, including industrial expansion and progression, heightened energy consumption rates, advancements in materials and fabrication methods, the implementation of stringent safety regulations, expansive infrastructure development initiatives, an upsurge in nuclear power generation, the globalization of manufacturing processes, and notable advancements in non-destructive testing methodologies.

The global pressure vessel market 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%. Anticipated growth in the upcoming period is primarily driven by several factors, including the shift towards cleaner energy sources, a heightened emphasis on sustainable manufacturing practices, the expanding footprint of the chemical and petrochemical sectors, an amplified role in carbon capture initiatives, the emergence of small-scale modular reactors, and the heightened adoption of pressure vessels within water treatment applications.

The surging global need for thermal energy is propelling the increased utilization of pressure vessels, serving as a primary growth driver in the market. Thermal energy signifies the energy within a system that determines its temperature. These vessels find crucial application in nuclear energy generation, forming part of multiple barriers that prevent the release of radioactive material. Projections from the International Atomic Energy Agency (IAEA) indicate a substantial increase in world nuclear generating capacity by 2050, further emphasizing the market's growth driven by escalating global thermal energy demand.

The escalating adoption of renewable energy sources significantly contributes to the expanding pressure vessel market. These vessels play a pivotal role in storing and utilizing gases crucial in renewable energy applications. Notably, their role in storing and transporting hydrogen, vital for green hydrogen production, enhances their significance in clean energy technologies. Forecasts from the International Energy Agency highlight a remarkable surge in global renewable power capacity, foreseeing renewables overtaking coal to become the largest global electricity source by early 2025. This rapid adoption of renewables is anticipated to drive the growth of the pressure vessel market.

Technological innovation stands as a prominent trend gaining traction within the pressure vessel market. Leading industry players are increasingly focusing on integrating smarter and safer safety systems to enhance design and analysis, aiming for a competitive edge. Notable advancements, such as Hexagon's launch of PV Elite 23 in January 2021, emphasize automatic design options to streamline vessel modification, ensuring efficient and profitable designs, particularly for extreme uses.

Strategic partnerships among major companies remain a cornerstone for strengthening positions in the market. These structured affiliations, often formalized through business agreements or contracts, facilitate growth and development. For instance, Saudi Aramco's collaboration with Larsen & Toubro in December 2021 aims to bolster manufacturing capabilities in Saudi Arabia. Larsen & Toubro Ltd., an India-based conglomerate, joins hands with Saudi Aramco, a prominent Saudi Arabia-based petroleum and natural gas company, leveraging mutual strengths for market advancement.

Strategic acquisitions significantly shape market positions in the industry. Hexagon Purus ASA's acquisition of Wystrach GmbH in September 2021 for EUR 43.3 million ($44.36 million) solidifies Hexagon Purus' foothold as a premier provider of zero-emission mobility solutions. This acquisition enables Hexagon Purus to bolster its high-pressure storage and transportation solutions for hydrogen and other gases. Wystrach GmbH, a Germany-based provider, adds substantial value to Hexagon Purus' offerings in the clean energy space.

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

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. The countries covered in the pressure vessel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Pressure vessels come in several key types, such as boilers, reactors, separators, and other variations. Boilers specifically function to heat liquids and materials, designed to operate at pressures notably higher than ambient pressure - typically exceeding 15 psig. These vessels serve as heating sources, encompassing both fired and un-fired varieties, utilized across storage and processing applications. Pressure vessel materials range from steel alloys to composites and other diverse materials, catering to end-user sectors such as power, oil and gas, food and beverages, pharmaceuticals, chemicals, and various other industries.

This report provides pressure vessel market statistics, including pressure vessel industry global market size, regional shares, competitors with a pressure vessel market share, detailed pressure vessel market segments, market trends and opportunities, and any further data you may need to thrive in the pressure vessel industry. This pressure vessel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The pressure vessel market consists of sales of glassware, autoclaves, compressed gas cylinders, compressors and vacuum chambers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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