What Has Been the Growth Trajectory for the Pressure Vessel Market in Recent Years?
The pressure vessel market has seen considerable growth due to a variety of factors.
• The value of the pressure vessel market has experienced robust expansion in recent times. Growth has been projected from $40.08 billion in 2024 to $42.11 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.1%. Causes for growth during the historic period include industrial growth and expansion, heightened energy use, progress in materials and production techniques, strict safety rules, infrastructure development initiatives, an increase in nuclear power production, manufacturing globalization, and improvements in non-destructive testing.
What Is The Expected Growth In The Pressure Vessel Market?
The Pressure Vessel market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, the pressure vessel market is projected to experience significant growth, forecasted to escalate to $52.83 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 5.8%.
The expected growth during the projection period is due to the shift towards cleaner energy sources, emphasis on sustainable manufacturing, growth in the chemical and petrochemical sectors, their growing usage in carbon capture, the invention of small-scale modular reactors, and the rising implementation of pressure vessels in water treatment. Key trends observed in the forecast period pertain to progress in materials and manufacturing, customization and engineering solutions, preference for lightweight materials, life cycle cost analysis, adaptability to external forces, and the acceptance of non-destructive testing techniques.
What Main Forces Are Fueling Expansion In The Pressure Vessel Market?
The major factor propelling the market's growth is the increasing demand for global thermal energy, which results in a wider adoption of pressure vessels. The thermal energy referred to here is the energy within a system that dictates its temperature. Nuclear energy plays a crucial role in the creation of thermal power where various pressure vessels are employed in the production process. These vessels act as one of the multiple barriers preventing radioactive material from contaminating the environment. For instance, the International Atomic Energy Agency (IAEA), which is an intergovernmental organization based in Austria, has projected that global nuclear generating capacity would likely more than double, reaching 873 gigawatts net electrical (GW(e)) by 2050. This is a significant increase from the current level, which is around 390 GW(e) in 2021. Therefore, this escalating demand for global thermal energy that encourages the increased use of pressure vessels is the primary driver catalyzing this market's growth.
What Are The Primary Segments In The Global Pressure Vessel Market?
The pressure vessel market covered in this report is segmented –
1) By Type: Boiler, Reactor, Separator, Other Types
2) By Heat Source: Fired, Un-Fired
3) By Material Type: Steel Alloys, Composites, Other Material Types
4) By Application: Storage Vessels, Processing Vessels
5) By End-User Channel: Power, Oil And Gas, Food And Beverages, Pharmaceuticals, Chemicals, Other End-User Channels
Subsegments:
1) By Boiler: Water-Tube Boilers, Fire-Tube Boilers
2) By Reactor: Batch Reactors, Continuous Reactors
3) By Separator: Gas-Liquid Separators, Liquid-Liquid Separators
4) By Other Types: Storage Tanks, Pressure Regulating Vessels, Heat Exchangers
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Which Key Trends Are Driving Changes In The Pressure Vessel Market?
The advent of technological advancements is becoming a vital trend in the pressure vessel sector. Prime companies are progressively concentrating on incorporating intelligent and robust safety mechanisms for superior development and analysis, and to secure a competitive advantage in the marketplace. For example, in September 2024, NPROXX, a firm based in the Netherlands that provides hydrogen storage services, presented the AH620-70 hydrogen pressure vessel. This device, created to work at a 700 bar pressure, is aimed at the heavy vehicle sector, comprising of long-distance trucks and the car industry. Adhering to strict standards such as R134 and HGV2, it guarantees safety and dependability for hydrogen storage applications. The AH620-70 vessel, featuring a lightweight design, improves the effectiveness and range of hydrogen-fueled vehicles, signifying a noteworthy progression in eco-friendly transportation solutions.
Who Are the Key Players In The Pressure Vessel Market?
Major companies operating in the pressure vessel market include:
• General Electric Company
• Larsen & Toubro
• Mitsubishi Hitachi Power Systems
• Hitachi Zosen
• Bharat Heavy Electricals Limited
• Samuel Pressure Vessel Group
• Halvorsen Company
• Doosan Heavy Industries & Construction Co. Ltd.
• DongFang Turbine Co. Ltd.
• Westinghouse Electric Company
• Kelvion Holding GmbH
• Ergil Grup
• Alfa Laval AB
• Abbott & Co (Newark) Ltd.
• Alloy Products Corp.
• GEA Group AG
• IHI Plant Services Corporation
• Fabrication Services Inc.
• Engineered Pressure Systems Inc.
• Andritz AG
• SPX Corporation
• Sumitomo Heavy Industries Ltd.
• Siemens AG
• Nooter/Eriksen Inc.
• NuScale Power LLC
• Zhejiang Shengda Steel Tower Co. Ltd.
• Parker Hannifin Corporation
• Mannesmann AG
What Is The Most Dominant Region In The Pressure Vessel Market?
North America was the largest region in the pressure vessel market share in 2024. Western Europe was the second-largest region in the pressure vessel market analysis. The regions covered in the pressure vessel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
