NEW YORK, United States, March 13, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a latest research report titled “Pressure Vessel Market By Material (Hastelloy, Titanium, Nickel & Nickel Alloys, Tantalum, Steel, And Others), By Product (Boiler, Nuclear Reactor, Separator, And Others), By End-Use (Chemicals & Petrochemicals, Oil & Gas, Power Generation, And Others) And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the demand of global Pressure Vessel Market size & share in terms of revenue was valued at USD 52.5 billion in 2022 and it is expected to surpass around USD 78.1 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 5.1% during the forecast period 2023 to 2030.”
The study examines the market's drivers, restraints, and challenges as well as the impact each has on demand over the forecasted period. The research also looks at new potential in the pressure vessel sector.
What is Pressure Vessel? How big is the Pressure Vessel Industry?
Report Overview:
Pressure vessels, which are spherical or cylindrical, are used to store high-pressure gases or liquids. Some of the components they have are distributor boxes, baffles, de-mister pads, and catalyst support grids. The inspection of pressure vessel manufacture is now governed by the Boiler and Pressure Vessel Code of the American Society of Mechanical Engineers (ASME). These standards encourage the elimination of superfluous fabrication, the improvement of quality control, and the overall cost reduction through reducing traceability and inspection.
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Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
- About 210+ Pages Research Report (Including Recent Research)
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- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2023
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Zion Market Research methodology
Global Pressure Vessel Market Dynamics:
Growth Factors
- The increasing thermal energy demand drives the market growth
The rise in the global need for thermal energy, which is leading pressure vessels to be utilized more frequently, is the main reason fueling the market's expansion. Thermal energy is the energy present in a system that regulates its temperature. Throughout the manufacturing process, various pressure vessels are employed to generate thermal power using nuclear energy. One of the barriers that prevent radioactive particles from entering the atmosphere is these vessels.
For instance, according to projections made by the International Atomic Energy Agency (IAEA), an intergovernmental organization with its headquarters in Austria, the world's nuclear power capacity will more than double to 873 gigawatts net electrical (GW(e)) by 2050 from its current levels of about 390 GW(e) in 2021. Because pressure vessels are being used more frequently as a result of the rising worldwide thermal energy demand, this indicates that this need is the main driver of market growth.
Restraints
- Metal parts frequently corroding hinder the market growth
Due to the rising need for innovative products, pressure vessels are currently being accepted and used by industrial companies all over the world. A pressure vessel is a type of highly developed airtight container that aids in resisting high pressure. It is primarily dependent on major industries including the military, chemical, petrochemical, and civil. It is also a crucial component of scientific research facilities since it can lessen hydraulic shocks in the system.
Yet, a number of environmental factors, such as the kind and quantity of reagents employed, have a considerable impact on the structure and longevity of pressure vessels. The combination of these compounds with alkaline and acidic materials accelerates the corrosion process. Pressure vessels are significantly affected by corrosion, and a rise in internal pressure has a catalytic effect that quickens the corrosion reaction.
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Report Scope
| Report Attribute | Details |
| Market Size in 2022 | USD 52.5 billion |
| Projected Market Size in 2030 | USD 78.1 billion |
| CAGR Growth Rate | 5.1% CAGR |
| Base Year | 2022 |
| Forecast Years | 2023-2030 |
| Key Market Players | Babcock & Wilcox Enterprises, Inc., IHI Corp., Pressure Vessels (India), Mitsubishi Hitachi Power Systems, Ltd., Alloy Products Corp., Samuel, Son & Co., Abbott & Co (Newark) Ltd., Doosan Heavy Industries & Construction, Bharat Heavy Electricals Ltd., Mersen, Larsen & Toubro Ltd., Xylem Inc., Tinita Engineering Pvt. Ltd., WCR Inc., Others |
| Key Segment | By Material, By Product, By End-Use, And By Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
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Pressure Vessel Market: Segmentation Analysis
The material, product, end-use, and regional segments are used to divide the worldwide pressure vessel market.
The world market is divided into hastelloy, titanium, nickel and nickel alloys, tantalum, steel, and other products on the basis of material. Throughout the anticipated period, the steel segment is anticipated to rule the market. Carbon steel and stainless steel have remained the favoured materials due to their low cost, good corrosion resistance, outstanding tensile strength, resistance to vibrations and shocks, ease of recycling, and ability to withstand humid environments or high temperatures. Moreover, throughout the course of the projection period, the nickel & nickel alloys segment is anticipated to rise at the greatest CAGR.
Based on the product, the worldwide pressure vessel industry is classified into the boiler, nuclear reactor, separator, and others. The boiler sector held the biggest market share in 2022, and it is anticipated that this pattern will hold true throughout the forecast period. Rising demand from both residential and commercial properties is the main reason for this segment's increase in income. Boilers, as opposed to typical heating systems, effectively heat objects inside a space via a method called radiant heating.
The global pressure vessel market is divided into the following end-use categories: oil & gas, power generation, chemicals & petrochemicals, and others. During the course of the projection period, the chemicals and petrochemicals segment will experience rapid growth. His dominance is a result of the increasing demand for chemicals and chemical products across a variety of end-use applications. The expanding number of chemical facilities in various economies across the globe is one of the major factors affecting product demand.
The global pressure vessel market is segmented as follows:
By Material
- Hastelloy
- Titanium
- Nickel & Nickel Alloys
- Tantalum
- Steel
- Others
By Product
- Boiler
- Nuclear Reactor
- Separator
- Others
By End-Use
- Chemicals & Petrochemicals
- Oil & Gas
- Power Generation
- Others
Browse the full “Pressure Vessel Market By Material (Hastelloy, Titanium, Nickel & Nickel Alloys, Tantalum, Steel, And Others), By Product (Boiler, Nuclear Reactor, Separator, And Others), By End-Use (Chemicals & Petrochemicals, Oil & Gas, Power Generation, And Others) And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030" - report at https://www.zionmarketresearch.com/report/pressure-vessel-market
Competitive Landscape
Some of the main competitors dominating the global Pressure Vessel market include -
- Babcock & Wilcox Enterprises Inc.
- IHI Corp.
- Pressure Vessels (India)
- Mitsubishi Hitachi Power Systems Ltd.
- Alloy Products Corp.
- Samuel
- Son & Co.
- Abbott & Co (Newark) Ltd.
- Doosan Heavy Industries & Construction
- Bharat Heavy Electricals Ltd.
- Mersen
- Larsen & Toubro Ltd.
- Xylem Inc.
- Tinita Engineering Pvt. Ltd.
- WCR Inc.
Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the pressure vessel market is likely to expand at a CAGR of around 5.1% during the forecast period (2023-2030).
- In terms of revenue, the pressure vessel market size was valued at around US$ 52.5 billion in 2022 and is projected to reach US$ 78.1 billion by 2030.
- The growth of the pressure vessel industry is attributed to the increasing demand from various end-use industries such as oil & gas, chemicals, and others.
- Based on the material, the steel segment is expected to dominate the market during the forecast period.
- Based on the product, the boiler segment accounted for the largest market share in 2022 and is expected to continue the same pattern during the forecast period.
- Based on the end-use, the chemicals & petrochemicals segment is growing at a rapid rate over the forecast period.
- Based on region, the Asia Pacific is expected to dominate the market during the forecast period
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Key questions answered in this report:
- What is the market size and growth rate forecast for Pressure Vessel industry?
- What are the main driving factors propelling the Pressure Vessel Market forward?
- What are the leading companies in the Pressure Vessel Industry?
- What segments does the Pressure Vessel Market cover?
- How can I receive a free copy of the Pressure Vessel Market sample report and company profiles?
Key Offerings:
- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Material, Product, End-Use, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Regional Analysis:
- The Asia Pacific is expected to dominate the market during the forecast period
The North American region is growing significantly during the forecast period. Increased industrial activity and rising demand for high-energy pressure vessels are the main factors fueling market revenue development. Due to the presence of significant market players and growing urbanization at the same time, the U.S. and Mexico made for the largest regional share. Additionally, throughout the forecast period, growing attention to the use of natural gas for power generation is anticipated to propel market revenue growth
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Recent Developments
- In April 2022, Unit 2 of the Zhangzhou nuclear power facility in the Chinese province of Fujian saw the Reactor Pressure Vessel (RPV) being lifted into position. The second of two Hualong One sections constructed at the location, Zhangzhou 2, is slated to begin conducting business in 2024 or 2025, respectively.
- In January 2021, Boyd Corporation, a California-based leader in engineered material and thermal management technology innovation, recently revealed the development of a new industrial facility in Juarez, Mexico. This signifies the company's entry into the North American market. The industrial complex also includes cutting-edge automation technologies that are powered by renewable energy sources, integrate thermal management, and have the ability to manufacture a wide range of materials.
- In September 2021, Hexagon Purus ASA, a Norwegian provider of hydrogen type 4 high-pressure cylinders, battery packs, and vehicle systems integration for fuel cell electric and battery electric vehicles, paid EUR 43.3 million ($44.36 million) for a 100% stake in Wystrach GmbH. The acquisition reinforces Hexagon Purus' position as the world's leading provider of zero-emission mobility solutions. Wystrach is a German company that specializes in high-pressure storage and transportation of hydrogen and other gases.
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