Pressure Vessel Market by Material (Steel Alloys, Composites, and Others), Type (Boilers, Nuclear Reactors, Separators, and Others), End-User Industry (Oil and Gas, Chemicals, Power Generation, and Others): Global Market Size Estimates and Forecast (2022-2030)
The market crossed US$ 47.0 billion mark in 2022 and is expected to hit US$ 62.3 billion by 2030, recording a CAGR of 4.9% during the forecast period.
Increasing demand from the manufacturing sector for high protective storages to favor market growth
Increasing chemical, oil & gas, and power generation, and other industries’ necessities of highly protective storages during production operations is expected to drive the pressure vessel market growth. Furthermore, food manufacturing industries’ necessities of storing semi-finished and finished food items at a required temperature and pressure is likely to favor the pressure vessels’ demand globally. In addition, rising gas manufacturers’ demand for the industrial boilers for the manufacturing and storing of the gases is anticipated to fuel the boilers segmental growth during the forecasted year 2022-2030.
Within the report, the market is segmented into material, type, end-user industry, and geography. By material, the market is further segmented into steel alloys, composites, and others. On the basis of type, the market is bifurcated into boilers, nuclear reactors, separators, and others. By end-user industry, the market is categorized into oil and gas, chemicals, power generation, and others. Geographically, the market is segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Companies’ focus on capacity expansion to favor pressure vessel market growth
Pressure vessels are highly beneficial in holding a particular liquid and gas at a required temperature. Nowadays, manufacturers are focusing on expanding their production capacity in the emerging markets such as Australia, India, and Brazil to increase their business growth. This aspect could support the future development of the market. For instance, in April 2022, CST Composites, a global composites solutions provider established a joint venturing agreement with a US-based hydrogen storage tank supplier Optimum Composite Technologies to start manufacturing of the hydrogen pressure vessel in the US. Besides, the evolving composites manufacturing industries requiring fiber composites-based non-structural vessels is likely to favor the market growth.
Storage necessities in various industries is a major factor accelerating the market growth.
Pressure vessels are used in various industries such as chemicals, oil & gas, power generation, pharmaceuticals, biotechnology, food, and others. In the chemical industries, pressure vessels are extensively used to hold liquid, gases, and vapors at lower or higher ambient temperatures. Oil & gas industry is also encouraging a significant compact pressure vessels’ demand due to its usage as gas boilers in these industries. Other industries such as power generation, pharmaceuticals, biotechnology, and food are also encouraging the usage of such products.
Recent strategic developments in pressure vessel market
The pressure vessel market has undergone several significant developments, and a few of these have been mentioned below:
- In September 2022, Rosatam, a Russian nuclear energy and high-end products maker launched a new reactor pressure vessel production plant at El-Dabaa NPP, Egypt.
- In June 2022, AML3D, an Australian additive manufacturing company signed a purchase agreement deal with ExxonMobil Asia Pacific Pte Ltd., an industrial engineering company to start manufacturing of 8-ton pressure vessels.
- In April 2022, NuScale Power, an American designer and marketer of the small modular reactors signed an agreement with Doosan Corporation, a South Korean industrial equipment maker to start manufacturing of the pressure vessels for modular nuclear reactors at Changwon, South Korea.
The pressure vessel market is driven by several players implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Babcock & Wilcox Enterprises, Inc., Doosan Heavy Industries & Construction, General Electric Company, Halvorsen Company, Larsen & Toubro Limited are among the prominent players operating in the market.
Target audience for the report:
- Power generation companies
- Oil & gas companies
- Chemicals & petrochemical manufacturers
- Fertilizer manufacturers
- Food manufacturers
- Biotechnology & pharmaceutical firms
- Boiler, extractor, nuclear reactor, separator manufacturers and suppliers
- Government bodies, such as regulating authorities and policy makers
- Venture capitalists, private equity firms, and start-up companies
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Material:
- Steel Alloys
- Composites
- Others
- Type
- Boilers
- Nuclear Reactors
- Separators
- Others
- End-User Industry:
- Oil & Gas
- Chemicals
- Power Generation
- Others
- Region
- North America
- Europe
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- Babcock & Wilcox Enterprises, Inc.
- Doosan Heavy Industries & Construction
- General Electric Company
- Halvorsen Company
- Larsen & Toubro Limited
Companies profiled
- Babcock & Wilcox Enterprises, Inc.
- Doosan Heavy Industries & Construction
- General Electric Company
- Halvorsen Company
- Larsen & Toubro Limited