by Pressure vessels are sealed containers or containers used to hold gases or liquids at a pressure substantially different from the ambient pressure. Pressure vessels find wide applications in various industries such as oil and gas, chemicals, power generation, water treatment, and pharmaceuticals among others. Pressure vessels are needed in oil and gas applications such as oil and gas storage, transportation and production. They are also used in chemical plants for processing of chemicals under high pressure and temperatures.
The global pressure vessels market is estimated to be valued at US$ 77.88 Bn in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the pressure vessels market are Doosan Corporation, IHI Corporation, Babcock & Wilcox Enterprises, Inc., Pressure Vessels (India), MITSUBISHI HEAVY INDUSTRIES, LTD., Samuel, Son & Co., Alloy Products Corp., Abbott Pressure Vessels, Bharat Heavy Electricals Limited, LARSEN & TOUBRO LIMITED, MERSEN PROPERTY, Xylem, Tinita Engg Pvt. Ltd, WCR Inc., Teknoflow Green Equipments Pvt. Ltd., Nano-Mag Technologies, Delpro Equipments Pvt. Ltd., Shreno Engineering Limited, Jaysons Machinery & Equipments Pvt.Ltd., and Varadraj Industries.
The key opportunities in the pressure vessels market includes growing investments in renewable energy sector and increasing demand for liquefied natural gas. Also, technological advancements for improved efficiency and safety are expected to present lucrative opportunities for market players.
Global expansion of pressure vessels market is expected with growing demand from emerging economies of Asia Pacific and Middle East regions. Key players are focusing on expanding operations in high growth regional markets through strategic partnerships and acquisitions.
Market Drivers
Increasing oil and gas exploration and production activities across the globe is a key factor driving the demand for pressure vessels. With growing energy needs, oil and gas companies are increasing upstream and downstream operations which requires extensive use of pressure vessels in applications such as oil and gas storage and transportation. This is expected to significantly drive the pressure vessels market over the forecast period.
PEST Analysis
Political: The regulations regarding the safety of pressure vessels are expected to become more strict during the forecast period. This is expected to drive the demand for high-quality pressure vessels that comply with all safety standards.
Economic: With improving economic conditions and investments in process industries and power generation sectors, the demand for pressure vessels is expected to increase steadily during the forecast period.
Social: Growing awareness regarding industrial and plant safety is increasing the focus on using high-quality and certified pressure vessels. This is driving the replacement demand.
Technological: Developments in materials and coating technologies are allowing manufacturers to develop advanced pressure vessels with higher efficiencies, longer lifespans, and better corrosion resistance. Use of advanced computer-aided manufacturing techniques is also improving production efficiencies.
Pressure Vessels Market Regional Analysis as Geographical concentration of market in terms of value
Around 40% of the global pressure vessels market value is concentrated in North America and Europe. Stringent safety regulations and high investments in industries like oil & gas, chemicals, power generation etc drive the demand. Over 20% of the market value comes from Asia Pacific region led by China, India, Japan. Fast growth of process industries is a major factor. Latin America and Middle East & Africa account for around 15-20% share each, with oil & gas industries being the major end users.
Fastest growing region
Asia Pacific region is expected to witness the fastest growth in pressure vessels market during the forecast period. This can be attributed to factors like rising investments in new refinery and petrochemical projects, expansion of power generation capacities, rapid industrialization and growing manufacturing activities in major economies like China and India. Increasing focus on upgrading existing industrial infrastructure will further support the market growth in Asia Pacific.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
