Pressure Vessels Market Size (2023-2028):

The Global Pressure Vessels Market size is estimated to reach a valuation of US$ 62.7 billion by 2028 and is predicted to register a CAGR of 4.5% during 2023-2028.

Market Overview:

Pressure vessels are mostly cylindrical, made of steel, and used in industry to store compressed air or water. The pressure vessels are also used as boilers, distillation towers, and autoclaves. Pressure vessels are used in oil refineries, nuclear reactors, petrochemical plants, submarines, and spaceships. The working pressure required in a vessel in the industry is 2900 psi, while that in a handheld pressure vessel like a fire extinguisher is 4400 psi. The closures of pressure vessels also need to be designed well to retain the pressure.

Market Drivers:

Production and usage of various kinds of chemicals are increasing day by day. As pressure vessels are used for distillation, mixing, and storage of chemicals, chemicals are now being developed to fulfil specific requirements. With the increasing demand for chemicals, the use of pressure vessels is also rising at a higher rate. 

Governments are making more and more investments in all nations as well as private sector firms for the development of nuclear power plants. Nuclear power plants are one of the biggest consumers of the pressure vessel in the form of nuclear reactors. Public and private companies' investments in nuclear reactors are surging the demand in the pressure vessels market. 

Advancement in the education system is one of the reasons for the growth in the market share of the pressure vessel market, as equipment like autoclaves is a basic requirement in any institute. Thus, the production of chemicals, developments in nuclear power, and advancements in education are the factors that drive the pressure vessels market toward growth.

Market Restraints:

Pressure vessel manufacturing, as well as maintenance, is a process that is way too expensive. As per the requirement, the raw material needs to be changed, and the design and structure of the pressure vessel are planned as per the material it is going to carry. After dealing with all these, it also needs to be ensured that the strength and integrity of the pressure vessel are according to the standards. When a pressure vessel is manufactured as per all these set standards, the cost of manufacturing increases manyfold. A pressure vessel must tolerate extreme conditions like high temperatures and low pressure or vice versa, for which a special kind of raw material is required, including carbon steel or a specific variety of stainless steel. Regular maintenance of these materials is necessary and is very steep on pockets.

Market Opportunities:

The developments in nuclear power generation facilities and the generation of more and more energy using nuclear power is one of the biggest opportunities for the pressure vessels market. In nuclear power plants, the nuclear reactors, which are pressure vessels, must be replaced after a certain time. With time, the wear and tear of the walls of the pressure vessels happens, which shows the corrosive effects. Now as all the prominent nations are investing in nuclear energy, nuclear power generation plants are increasing.

COVID-19 Impact on the Pressure Vessels Market:

COVID-19 has impacted negatively the shares of the pressure vessels market in 2020 due to disruptions in the supply chain and lockdown restrictions. During the COVID-19 lockdown, the main use of pressure vessels was to transport fuel in different forms, especially natural gas. In India, the import of natural gas increased, but at the same time, the consumption decreased a bit., All the industrial operations across the industries were shut down and along with that, the global supply chain got disturbed, which resulted in the decline in the growth rate of the pressure vessels market.

PRESSURE VESSELS MARKET REPORT COVERAGE:

Market Segmentation:

Pressure Vessels Market - By Type:

• Boilers
• Reactors
• Separators

The boilers contain water, which produces steam that generates electricity when heated. A reactor is a pressure vessel used to carry out chemical reactions, and separators are the kind of pressure vessels used to separate two or more chemicals, either in liquid or gas form. Nuclear reactors are mostly used among various kinds of reactors, and their usage will increase in the future.

Pressure Vessels Market - By Application:

• Storage vessel 
• Processing vessel

The storage vessels are used to store fluids at a specific pressure as per the requirement of the fluid. Its major consumers are in the food processing, oil and gas, and chemical industries.

The processing vessels conduct chemical processes, separating two or more liquids from a mixture.

Pressure Vessels Market - By Heat Source:

• Fired pressure vessel 
• Unfired pressure vessel

The unfired pressure vessel segment is dominating the pressure vessel market by the heat source. The unfired pressure vessel is used in power generation, food and beverages, and pharmaceuticals. Direct firing or heating is not required in this type of vessel. In a fired pressure vessel, heating or fire needs to be provided.

Market Regional Analysis: 

The Global Pressure Vessels Market Report includes the segmentation of regions:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Asia Pacific region is ruling with the highest market share of around 36% amongst all the regions. The demand for pressure vessels is increasing from the chemical industry as the pharma industry is booming in this region, especially in China and India, to produce generic medicines. Industries in all sectors are enjoying rapid growth in this region. 

North America is second, followed by Asia Pacific in the pressure vessels market. The extensive power consumption in the region is the reason for the increasing demand for pressure vessels for the power generation industry in The United States.

Europe region is to register a prominent growth rate of the pressure vessels market. As Europe is the biggest consumer of oil and gas, the oil and gas processing industry demands pressure vessels in the region.

In Latin America, the economies like Brazil, Mexico, and Argentina have the biggest share of the pressure vessels market. The food and beverages industry holds the greatest market value in the Latin American region. The chemical processing industry is also slowly growing in the region, which can further expand the market for pressure vessels.

The Middle East & Africa region has the lowest market share in the pressure vessels market of all the regions.

Market Key Players:

1. Larson and Toubro Ltd. (L&T) (India)
2. General Electrics (US)
3. Bharat Heavy Electricals Ltd (India)
4. Hitachi Zosen Corporation (Japan)
5. Mitsubishi Hitachi Power Systems (Japan)
6. Alfa Laval (Sweden)

Market Recent Developments:

• In December 2022, Bharat Heavy Electrical Limited agreed with Sumitomo, a Finland-based corporation, to develop an advanced boiler for India and the overseas market.
• In January 2023, Larson & Toubro Ltd. (L&T) partnered with a Norway-based H2C to work on developing renewable sources of energy using floating green ammonia.
• In May 2022, Aker Carbon Capture, a Norway-based company, developed a new variety of pressure vessels that is to be used for carbon capture applications at a reasonable cost with greater efficiency.