Chicago, March 06, 2024 (GLOBE NEWSWIRE) -- The global Pressure Vessels Market size is expected to grow from USD 50.3 billion in 2023 to USD 62.7 billion by 2028, at a CAGR of 4.5% according to a new report by MarketsandMarkets™. A pressure vessel is a container designed to hold gases or liquids at a pressure significantly different from the ambient pressure. The pressure within the vessel may be higher or lower than the atmospheric pressure outside the vessel. Pressure vessels are used in a variety of industrial and commercial applications, including chemical processing, oil and gas production, power generation, and manufacturing.
The increasing global energy demand, driven by population growth, urbanization, and industrialization, is a significant driver for the pressure vessel market. Pressure vessels are integral components of power generation systems, including fossil fuel power plants, nuclear power plants, and renewable energy installations, such as geothermal power plants. The growth of the pressure vessels market during the forecast period can be attributed to the planned rollout of energy efficiency programs across major countries in North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
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Pressure Vessels Market Scope:
| Report Coverage | Details |
| Market Size | USD 62.7 billion by 2028 |
| Growth Rate | 4.5% of CAGR |
| Largest Market | Asia Pacific |
| Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
| Forecast Period | 2023-2028 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Pressure Vessels Market by type, heat source, application, end-user industry, and region. |
| Geographies Covered | Asia Pacific, North America, Europe, South America, and Middle East & Africa. |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Increasing focus on nuclear power generation |
| Key Market Drivers | Thriving oil & gas industry |
Power industry is expected to be the largest segment in the pressure vessels market.
Based on end-user industry, the Pressure Vessels Market has been split into power, oil & gas, food & beverages, pharmaceuticals, chemicals, and others which include agriculture, marine, paper & pulp, and aerospace. In the power generation industry, the pressure vessels have a high demand in the boilers. They contain water or steam under high pressure, which is heated to generate steam that drives turbines for electricity generation. Apart from boilers, the pressure vessels are also used in the nuclear power plants. The global wide rise in the number of nuclear power plants in the power generation sector is driving the market.
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Pressure Vessels Market Dynamics:
Drivers:
- Growing chemical production industry
- Thriving oil & gas industry
Restraints:
- High manufacturing and maintenance costs
Opportunities:
- Increasing focus on nuclear power generation
- Evolving technologies such as hydrogen storage systems
Challenges:
- Stringent manufacturing standards and quality guidelines to be followed by pressure vessel manufacturers
- Volatile prices of raw materials
North America is expected to be the second fastest region in the Pressure Vessels Industry
North America is expected to be the largest pressure vessels market during the forecast period. the region has the largest shale reserves, making it a lucrative market for drilling and oilfield service providers. The vast potential of the shale reservoirs has been attracting more drilling operations in the North American oil industry. The increase in oil and gas activities would consequently increase the demand for pressure vessels in North America.
Key Market Players:
Some of the major players in the Pressure Vessels Companies are Babcock & Wilcox (US), Mitsubishi Hitachi Power Systems (Japan), IHI Corporation (Japan), LARSEN & TOURBO LIMITED (India), and Bharat Heavy Electricals Limited (India).
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