Pressure Vessels Market by Type (Boilers, Reactors, Separators), Material, Heat Source (Fired Pressure Vessel and Unfired Pressure Vessel), Application (Storage Vessels and Processing Vessels), End-User Industry and Region - Global Forecast to 2028
Pressure Vessels Market Size, Share, Trends & Industry Growth
[204 Pages Report] The global pressure vessels market size was valued at USD 50.3 billion in 2023 and is expected to reach USD 62.7 billion by 2028, growing at a CAGR of 4.5% from 2023 to 2028. 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.
To know about the assumptions considered for the study, Request for Free Sample Report
To know about the assumptions considered for the study, download the pdf brochure
Pressure Vessels Market Dynamics
Driver: Growing chemical production world-wide
The chemical and petrochemical industry is a significant consumer of pressure vessels. As this industry continues to grow, driven by factors like increasing demand for chemicals and plastics, pressure vessels are required for various processing operations, including chemical reactions, distillation, mixing, and storage of chemicals. This shift is driven by the need for innovative and customized chemicals that offer enhanced functionalities and meet specific requirements.
Moreover, stricter safety regulations and quality standards imposed by governments and industry bodies further drive the demand for reliable and compliant pressure vessels in the chemical sector. Industries must ensure that pressure vessels meet the necessary standards to ensure the safety of workers, communities, and the environment.
Restraint: High manufacturing and maintenance costs
Pressure vessels require specialized design and engineering to meet stringent safety standards and regulatory requirements. Designing a pressure vessel involves complex calculations, material selection, and ensuring structural integrity. These design complexities can contribute to higher manufacturing costs. These products are constructed using high-strength materials such as stainless steel, carbon steel, or alloy metals. These materials have excellent mechanical properties and can withstand high pressures and temperatures. However, they tend to be more expensive compared to standard structural materials. Once the pressure vessels are manufactured, they need to undergo rigorous inspection and testing procedures to ensure their safety and compliance with regulatory standards. These inspections involve non-destructive testing techniques and may require third-party certification, which adds to the overall manufacturing costs.
Opportunities: Increase in the nuclear power generation worldwide
As existing nuclear power plants age, there is a need for replacement and refurbishment of certain components, including pressure vessels. Over time, pressure vessels may experience wear, corrosion, or fatigue, and their replacement or refurbishment becomes necessary. The increase in nuclear power generation can drive the need for such replacements or refurbishments, creating opportunities for the pressure vessel market.
Challenges: Stringent standards in manufacturing of pressure vessels
Stringent standards play a crucial role in the manufacturing of pressure vessels to ensure their safety, reliability, and compliance with regulatory requirements. Standards majorly concentrate on parameters such as Design Codes and Standards, Material Selection and Specifications, Design and Engineering Calculations, Fabrication and Welding Procedures, Inspection and Testing Requirements, Certification and Compliance, Compliance with Regulatory Authorities.
Pressure Vessels Market Ecosystem
Prominent companies in this market include well-established, financially stable manufacturers of Pressure vessels systems and components. These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this market include Bharat Heavy Electricals Limited (India), Mitsubishi Hitachi Power Systems (Japan), IHI Coproration (Japan), Babcock & Wilcox (US), LARSEN & TOURBO LIMITED (India).
The boilers segment, by type, is expected to be the largest market during the forecast period.
This report segments the pressure vessels market based on types into five types: boilers, seperators, reactors, and other which include heat exchangers, and flash drums. Pressure vessels are an integral part of boilers used in power plants. They contain water or steam under high pressure, which is heated to generate steam that drives turbines for electricity generation. The trends such as growing chemical production, new technologies such as super critical boilers are pushing the demand for this segment.
By Heat Source, the unfired pressure vessels segment is expected to be the fastest during the forecast period
This report segments the pressure vessels market based on components into heat source segments: fired pressure vessels and unfired pressure vessels. Unfired pressure vessels are utilized in a wide range of industries, including chemical processing, pharmaceuticals, food and beverage, power generation, and many more. They are designed to store or process liquids, gases, or vapors without the need for direct firing or heating elements. These vessels are constructed to withstand high-pressure conditions, ensuring the safety of personnel and equipment
“Asia Pacific”: The largest in the pressure vessels market”
Asia Pacific is expected to largest region in the pressure vessel market between 2023–2028, followed by the North America, Europe. The Asia Pacific region is witnessing robust industrial growth, including sectors such as oil and gas, chemical and petrochemical, power generation, food and beverage, pharmaceuticals, and more. These industries require pressure vessels for various processing, storage, and transportation applications, thereby driving the demand for pressure vessels in the region.
Key Market Players
The pressure vessel market is dominated by a few major players that have a wide regional presence. The major players in the pressure vessels market are Bharat Heavy Electricals Limited (India), Mitsubishi Hitachi Power Systems (Japan), IHI Coproration (Japan), Babcock & Wilcox (US), LKARSEN & TOURBO LIMITED (India). Between 2018 and 2022, Strategies such as product launches, contracts, agreements, partnerships, collaborations, alliances, acquisitions, and expansions are followed by these companies to capture a larger share of the pressure vessel market.
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
Request Sample Scope of the Report
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
Report Metric |
Details |
Market size available for years |
2021–2028 |
Base year considered |
2022 |
Forecast period |
2023–2028 |
Forecast units |
Value (USD Million/Billion) |
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. |
Companies covered |
Babcock & Wilcox Enterprises (US), General Electric (US), LARSEN & TOURBO LIMITED (India), Mitsubishi Hitachi Power Systems (Japan), Hitachi Zosen Corporation (Japan), IHI Corporation (Japan), Bharat Heavy Electricals Limited (India), Buhman Mecatec (Japan), Dongfang Turbine Co., Ltd (China), Samuel, Son & Co. (Canada), Westinghouse Electric Company (US), Halvorsen Company (US), Pressure Vessels (India) (India), Kelvion Holding GmBh (Germany), VI Flow (Sweden), Ergil (US), Gladwin Tank (US), Robinson Pipe & Vessel (US), Halliburton (US), Alfa Laval (Sweden) |
This research report categorizes the pressure vessel market by component, power source, application, and region.
On the basis of by type, the pressure vessels market has been segmented as follows:
- Boilers
- Seperators
- Reactors
- Other types
On the basis of heat source, the pressure vessel market has been segmented as follows:
- Fired Pressure Vessels
- Unfired Pressure Vessels
On the basis of application, the pressure vessel market has been segmented as follows:
- Storage Vessels
- Processing Vessels
On the basis of end-user Industry, the pressure vessel market has been segmented as follows:
- Power
- Oil & Gas
- Food & Beverages
- Pharmaceuticals
- Chemicals
- Others
On the basis of region, the pressure vessel market has been segmented as follows:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- South America
Recent Developments
- In December 2022, Bharat Heavy Electricals Limited (BHEL) has entered into a long-term Technology License Agreement (TLA) with Sumitomo SHI FW, Finland (SFW) for design, engineering, manufacturing, erection, commissioning and sale of subcritical as well as supercritical Circulating Fluidised Bed Combustion (CFBC) Boilers in India and in overseas territories except select countries.
- In May 2021, IHI Corporation (IHI) has decided to enter the Small Modular Reactor (SMR) market by investing in NuScale Power, LLC (NuScale), a U.S.-based developer of SMR technology, with JGC Holdings Corporation.
- In February 2021, The industry has experienced sweeping changes in the market demand for coal-fired power generation that have led to a sharp contraction in new plant construction. Addressing the market situation, Mitsubishi Power which is a parent company of Mitsubishi Hitachi Power Systems will consolidate the boiler manufacturing function of new construction and after-sales service, as well as the new facility design and the construction function, at the Nagasaki Works. At the Kure Works, management resources will be shifted to the boiler design and engineering services business and Air Quality Control System (AQCS) business, with the objective of strengthening competitiveness in both businesses.
- In January 2023, LARSEN & TOUBRO LIMITED announced the signing of a Memorandum of Understanding (MoU) with the Norway-based H2Carrier (H2C) to co-operate towards developing floating green ammonia projects for industrial-scale applications with an aim to decarbonise the global economy. H2C has proven expertise in developing and integrating Power-to-X (PtX) projects based on affordable, often stranded, non-commercial renewable power. Under the terms of the MoU, L&T will become a partner for EPCIC of the topsides for H2C’s floating process plants.
Frequently Asked Questions (FAQ):
What is the current size of the pressure vessels market?
The current market size of the pressure vessels market is USD 48.4 billion in 2022.
What are the major drivers for the pressure vessels market?
Growing chemical production worldwide, and Increase in the oil & gas activities has been driving the market
Which is the largest region during the forecasted period in the pressure vessels market?
Asia Pacific is expected to largest region in the pressure vessels market between 2023–2028, followed by the North America, Europe. The Asia Pacific region is witnessing robust industrial growth, including sectors such as oil and gas, chemical and petrochemical, power generation, food and beverage, pharmaceuticals, and more.
Which is the largest segment, by type during the forecasted period in the pressure vessels market?
The boilers segment is expected to be the largest market during the forecast period. Pressure vessels are an integral part of boilers used in power plants. They contain water or steam under high pressure, which is heated to generate steam that drives turbines for electricity generation.
Which is the fastest segment, by the Heat Source, during the forecasted period in the pressure vessels market?
The Unfired pressure vessels are utilized in a wide range of industries, including chemical processing, pharmaceutical, food and beverage, power generation, and many more. They are designed to store or process liquids, gases, or vapors without the need for direct firing or heating elements. These vessels are constructed to withstand high-pressure conditions, ensuring the safety of personnel and equipment
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
The study involved major activities in estimating the current size of the pressure vessels market. Exhaustive secondary research was done to collect information on the peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of the segments and subsegments.
Secondary Research
This research study on the pressure vessel market involved the use of extensive secondary sources, directories, and databases, such as Hoovers, Bloomberg, Businessweek, Factiva, International Energy Agency, and BP Statistical Review of World Energy, to identify and collect information useful for a technical, market-oriented, and commercial study of the market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.
Primary Research
The pressure vessels market comprises several stakeholders such as pressure vessels manufacturers, manufacturing technology providers, and technical support providers in the supply chain. The demand side of this market is characterized by the rising demand for pressure vessels in, power, chemicals, and food & beverages applications. The supply side is characterized by rising demand for contracts from the industrial sector, and mergers & acquisitions among big players. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakdown of primary respondents:
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the pressure vessels market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and market have been identified through extensive secondary research, and their market share in the respective regions have been determined through both primary and secondary research.
- The industry’s value chain and market size, in terms of value, have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Pressure Vessels Market Size: Top-Down Approach
Data Triangulation
After arriving at the overall market size from the estimation process explained above, the total market has been split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments, the data triangulation and market breakdown processes have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand- and supply sides. Along with this, the market has been validated using both the top-down and bottom-up approaches.
Market Definition
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. They can be made from various materials, including metals, plastics, and composites, and are typically designed to meet specific safety standards and regulations to ensure that they can withstand the pressure and stress they are subjected to during operation.
The growth of the pressure vessel market during the forecast period can be attributed to the planned rollout of energy efficiency programs across major countries in North America, South Americsssa, Europe, Asia Pacific, and the Middle East & Africa.
Key Stakeholders
- Process tank manufacturers
- Pressure vessel manufacturers
- Oil and gas companies
- Manufacturing firms
- Power generation companies
- R&D laboratories
- Power generation companies
- Government and research organizations
- Distributors
- Inspection associations
Objectives of the Study
- To define, describe, and forecast the market, by type, heat source, application, end-user industries, and region, in terms of value
- To describe and forecast the global pressure vessel market for various segments with respect to five main regions: North America, Europe, Asia Pacific, South America, and the Middle East & Africa (MEA), in terms of volume and value
- To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing market growth
- To provide a detailed overview of the pressure vessels value chain, along with industry trends, use cases, security standards, and Porter’s five forces
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the total market
- To analyze opportunities in the market for various stakeholders by identifying high-growth segments in the market
- To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies2, along with detailing the competitive landscape of the market
- To analyze growth strategies adopted by market players such as collaborations, partnerships, mergers and acquisitions, contracts, and agreements in the market
Available Customizations:
With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:
Product Analysis
- Product Matrix, which provides a detailed comparison of the product portfolio of each company
Company Information
- Detailed analyses and profiling of additional market players
Growth opportunities and latent adjacency in Pressure Vessels Market