Pressure Vessel Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Pressure Vessel Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Pressure Vessel Market

The global pressure vessel market size hit USD 53.57 billion in 2023. The market is anticipated to rise from USD 55.74 billion in 2024 to USD 81.60 billion by 2032, exhibiting a CAGR of 4.88% during the analysis period.

Pressure vessels find application in thermal energy storage systems, hydrogen storage for fuel cells, and other renewable applications and are anticipated to exhibit an escalating demand in the chemicals and petrochemicals sector. The vessels are used in several separation processes comprising extraction, adsorption, and absorption across the industry. Furthermore, the product demand is slated to rise in manufacturing units considering the mounting chemical and petrochemical demand across the consumer goods, agriculture, and pharmaceutical industries.

In addition to the soaring product demand across the chemical sector, the soaring integration of IoT-enabled equipment with pressure vessels is touted to augur well for industry expansion. The integration helps in the enhancement of overall system coordination and performance and the streamlining of operations. The use of IoT technology helps decrease the need for on-site personnel and offers flexibility by enabling remote control and monitoring of vessels.

Comprehensive Analysis of Pressure Vessel Market

The market has been studied on the basis of construction type, vessel type, end-user, application, and region. By vessel type, the market is divided into separators, reactors, boilers, and others. The boilers segment accounts for major share owing to soaring product usage for steam generation and fluid heating in several industries. Based on construction type, the market is categorized into type I, type II, type III, and type IV. The type I segment bags a dominating share and assists in the pressure vessel market growth.

By application, the market is divided into storage and processing. The storage segment registers a prominent share of the global market due to rising product usage for the storage and transportation of gases and fluids. On the basis of end-user, the market is segmented into chemicals & petrochemicals, oil & gas, power, fertilizers, and others. The chemicals and petrochemicals segment holds a leading share in the global market due to rising product usage for handling corrosive substances.

By region, the market has been analyzed across Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific accounts for a prominent pressure vessel market share owing to considerable investments in infrastructure development activities that comprise refineries, power plants, and production units. Furthermore, the Europe market has recorded an upsurge in R&D investments by key players for innovation in design, materials, and production processes.

Leading pressure vessel companies are focused on the launch of advanced solutions for strengthening their positions in the global market. The key industry participants are Alloy Products Corp (U.S.), Abbott & Co (Newark) Ltd (U.K.), Babcock & Wilcox (U.S.), Bharat Heavy Electricals Limited (India), GE (U.S.), Halvorsen Co. (U.S.), Hitachi Zosen Corporation (Japan), IHI Corporation. (Japan), Larsen & Toubro (India), Mitsubishi Power (Japan), Samuel, Son & Co. (Canada), Westinghouse Electric Company LLC (U.S.), Bumhan Mecatec. (South Korea), Pressure Tech (U.S.), and Örnalp Unozon AB (Sweden).

In May 2021, IHI Corporation announced plans to debut the SMR (small modular reactor) market by making an investment in U.S.-based SMR technology developer NuScale Power, LLC. The move would help transition toward a carbon-neutral economy.

Segmentation Table

Global Pressure Vessel Market Scope

Study Period 2019-2032

Base Year 2023

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 4.88% from 2024 to 2032

Unit Value (USD Billion)

Segmentation By Vessel Type, Construction Type, Application, End-user, and Region

Segmentation By Vessel Type

Boilers

Reactors

Separators

Others

By Construction Type

Type I

Type 2

Type 3

Type 4

By Application

Storage

Processing

By End-User

Power

Oil & Gas

Chemicals & Petrochemicals

Fertilizers

Others

By Region

North America (By Vessel Type, Construction Type, Application, End-User, and Country)

U.S. (by End-user)

Canada (by End-user)

Europe (By Vessel Type, Construction Type, Application, End-User, and Country)

Germany (by End-user)

U.K. (by End-user)

France (by End-user)

Spain (by End-user)

Italy (by End-user)

Russia (by End-user)

Rest of Europe (by End-user)

Asia Pacific (By Vessel Type, Construction Type, Application, End-User, and Country)

China (by End-user)

India (by End-user)

Japan (by End-user)

Australia (by End-user)

Southeast Asia (by End-user)

Rest of Asia Pacific (by End-user)

Latin America (By Vessel Type, Construction Type, Application, End-User, and Country)

Brazil (by End-user)

Mexico (by End-user)

Rest of Latin America (by End-user)

Middle East & Africa (By Vessel Type, Construction Type, Application, End-User, and Country)

GCC (by End-user)

South Africa (by End-user)

Rest of the Middle East & Africa (by End-user)