Pressure Vessel Market by Type (Boiler, Reactor, Separator), Material, Heat Source (Fired Pressure Vessel and Unfired Pressure Vessel), Application (Storage Vessels and Processing Vessels), End-User and Region - Global Forecast to 2027

The pressure vessel market is anticipated to grow from an estimated USD 47.1 Billion in 2022 to USD 59.5 Billion in 2027, at a CAGR of 4.8% during the forecast period. The market has a promising growth potential due to increased demand for boilers, especially in Asia-Pacific. The rapidly expanding power sector is also propelling demand for pressure vessels. The advancements in supercritical and subcritical technologies are expected to offer lucrative opportunities for the pressure vessel market during the forecast period.

“Steel Alloys: Widely used material for manufacturing pressure vessels, by materials“

The material segment is categorized as steel alloys, composites, and other alloys. Steel Alloys are stronger, Corrosion resistance when compared to other alloys. This is why steel alloys are expected to fuel the growth of the segment during the forecast period.

“Power segment is expected to emerge as the largest segment based on end-user industry”

The pressure vessel market has been segmented based on end-user industry into power, oil & gas, food & beverages, pharmaceuticals, chemicals, and others. The others segment includes agriculture, marine, paper & pulp, and aerospace. The power segment is expected to hold the largest market share owing to the growing use of boilers in steam generation processes. Emerging markets such as Asia Pacific, South Asia, Middle East & Africa, and Latin America are expected to be the main drivers of this growth.

“North America is expected to account for the second-largest market size during the forecast period.”

North America is expected to be the second-largest and fastest-growing market due to the growing need for petrochemical-derived products and oil & natural gas resources, upgrade of aging power infrastructure, as well as the growth of the chemicals industry. This is propelling the growth of the pressure vessel market.

Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:

By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%

By Designation: C-Level- 30%, Director Level- 25%, and Others- 45%

By Region: Europe- 20%, Asia Pacific- 33%, North America- 27%, the Middle East & Africa- 12%, and South America- 8%

Note: Others include product engineers, product specialists, and engineering leads.

Note: The tiers of the companies are defined based on their total revenues as of 2017. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million

The pressure vessel market is dominated by a few major players that have a wide regional presence. The leading players in the pressure vessel market are Babcock & Wilcox Enterprises (US), General Electric (US), Larsen & Toubro (India), Mitsubishi Hitachi Power Systems (Japan), and Hitachi Zosen (Japan), IHI Corporation (Japan).

Research Coverage:

The report defines, describes, and forecasts the global pressure vessel market, by type, material type, application type, heat source, end-user industry, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the pressure vessel market.

Key Benefits of Buying the Report

1. The report identifies and addresses the key markets for pressure vessels, which would help equipment manufacturers review the growth in demand.

2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.

3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.