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Pressure Vessels Market Estimated to Cross US$ 252 Bn by 2030

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The global Pressure Vessels market size is expected to reach USD 252 billion by 2030 and is expected to expand at a CAGR of 5.8% from 2021 to 2030.

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Pressure vessels are used to store liquids and gases at high pressure. The particular parameters of pressure vessels differ according to regional regulations and the application, but the primary requirement of pressure vessels is the ability to withstand the high internal pressure. Pressure vessels in the past were much more accident prone than modern designs, which are constructed with the help of intensive R&D and the support of stringent government regulations. The increasing demand from the oil and gas and chemical industries is a major driver propelling the global pressure vessels market at present.

Drivers and Restraints

The major driver for the global pressure vessels market is the rising need for energy around the world. Boilers, which are the dominant type of pressure vessel in the global market, are used in several energy generation procedures, which is expected to sustain their demand in the coming years.

The increasing attention paid by governments all over the world to the renewable energy sector has also benefitted the pressure vessels market massively. Due to the mounting scarcity of natural fuels, which are an exhaustible resource, renewable sources of energy such as solar power have risen to the fore in the global energy scenario, benefitting the global pressure vessels market.

The rising demand from the chemicals industry is also a major driver for the global pressure vessels market. Chemicals that can react violently with atmospheric compounds need to be transported and stored in pressure vessels. The expanding chemicals industry is thus a major driver for the global pressure vessels market. The customizability of pressure vessels is another key driver for the global pressure vessel market.

On the other hand, the drop in mining activities has restrained the pressure vessels market to a degree. Pressure vessels need large amounts of metals, since they need to provide a barrier thick enough to contain even highly reactive and potentially destructive materials. Thus, the reduction in the extraction of metals has hurt the pressure vessels industry.

Report Highlights

Base on Material, Steel led the market and accounted for over 32% of the global share in 2020. Carbon steel and stainless steel remained the preferred choice of material on account of their low prices, high resistance to corrosion, excellent tensile strength, resistance toward vibrations & shocks, easy recyclability, and capability to withstand humid conditions or high temperatures.

Nickel & nickel alloys are projected to register a robust growth rate over the forecast period on account of various characteristics, such as heat resistance, carburization & oxidation resistance, reliability, and suitability for harsh environments. The different types of nickel alloys include hastelloy, incoloy, monel, and carpenter alloy 60. Nickel and nickel alloys are widely used for manufacturing nuclear reactors.

Boiler product segment accounted for the largest market share of 61% in 2020 owing to the superior performance of boilers in various industrial processes. Boilers are available in various types including utility, industrial, super thermal power plant, and supercritical parameter boilers up to 1,000 MW unit size. Boiler manufacturers focus more on designing and providing application-specific products.

Nuclear reactor is anticipated to register the fastest CAGR of 6.6% over the forecast period. The increasing demand for energy is expected to augment the number of nuclear power plants, thereby, driving the segment over the forecast period. A nuclear reactor is an equipment used for initiating and controlling a self-sustained nuclear chain reaction. They are primarily used at nuclear power plants for the generation of electricity and in nuclear marine propulsion.

A separator is a type of pressure vessel used for separating well fluids, which are produced from oil & gas wells, into liquid and gaseous components. The separator used for petroleum production consists of a large vessel designed for separating production fluids to their constituent components, namely water, oil, and gas. The versatile product functioning coupled with the availability of various separators is anticipated to augment the product demand over the forecast period.

Base on End-use, Chemical & petrochemical end-use segment led the market by accounting for a share of 40.5% in 2020. This dominance is attributed to the increased demand for chemicals and chemical products from various end-use applications. Increasing number of chemical facilities in several economies across the globe is also one of the major factors driving product demand.

Increasing number of oil & gas projects across various economies is likely to have a positive impact on market growth over the forecast period. Rising shale gas exploration activities on account of technological advancements in exploration, such as horizontal and hydraulic drilling, and increasing utilization of shale gas in the manufacturing and energy industries are expected to augment the product demand.

Pressure vessels are widely used in various power generation facilities including nuclear, hydro, and thermal power plants. Thus, power generation end-use segment is anticipated to augment at the fastest CAGR of 6.5% over the forecast period. Other application industries include mining, pulp & paper, water treatment, HVAC & refrigerators, submarine & space ship habitats, and pharmaceuticals. Increased product adoption in the aforementioned industries is attributed to the availability of product variations, such as storage tanks, heat exchangers, boilers, and reactors.

Asia Pacific led the global market with a share of 36% in 2020 owing to rising installation of nuclear powerhouses and rapidly expanding oil & gas and chemical sectors in the region.

Europe was the second-largest regional market in 2020 on account of technological advancements, pertaining to the superior performance of various types of pressure vessels.

Report Coverage Details
Market Size US$ 252 Billion by 2030
Growth Rate CAGR of 5.8% from 2021 to 2030
Base year 2020
Historic Data 2017 to 2020
Forecast Period 2021 to 2030
Segments Covered Product, End User, Material
Regional Scope North America, Europe, Asia Pacific, Central & South America, Middle East & Africa
Companies Mentioned Samuel Pressure Vessel Group, Doosan Heavy Industries & Construction, Mitsubishi Heavy Industries, Ltd., Bharat Heavy Electricals Limited, Larsen & Toubro Limited, Westinghouse Electric Company LLC., General Electric, Halvorsen, IHI Corporation, and Pressure Vessels (India)

Key Players

The key players operating in the global pressure vessel market for alternative fuels are Samuel Pressure Vessel Group, Doosan Heavy Industries & Construction, Mitsubishi Heavy Industries, Ltd., Bharat Heavy Electricals Limited, Larsen & Toubro Limited, Westinghouse Electric Company LLC., General Electric, Halvorsen, IHI Corporation, and Pressure Vessels (India).

Market Segmentation

Material Outlook

  • Hastelloy
  • Titanium
  • Nickel & Nickel Alloys
  • Tantalum
  • Steel
    • Stainless Steel
    • Duplex Steel
    • Carbon Steel
    • Super Duplex Steel
  • Others

Product Outlook

  • Boiler
  • Nuclear Reactor
  • Separator
  • Others

End-use Outlook

  • Chemicals & Petrochemicals
  • Oil & Gas
  • Power Generation
  • Others

Regional Outlook

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • Italy
  • Asia Pacific
    • China
    • India
    • Japan
  • Central & South America
    • Brazil
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • South Africa
    • Turkey
    • Nigeria

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Research Methodology

The research methodology adopted by analysts for compiling the global pressure vessels market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.

During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.

For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global pressure vessels market.

Table of Contents

Table of Contents

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. Market Dynamics Analysis and Trends

5.1. Market Dynamics

5.1.1. Market Drivers

5.1.2. Market Restraints

5.1.3. Market Opportunities

5.2. Porter’s Five Forces Analysis

5.2.1. Bargaining power of suppliers

5.2.2. Bargaining power of buyers

5.2.3. Threat of substitute

5.2.4. Threat of new entrants

5.2.5. Degree of competition

Chapter 6. Competitive Landscape

6.1.1. Company Market Share/Positioning Analysis

6.1.2. Key Strategies Adopted by Players

6.1.3. Vendor Landscape

6.1.3.1. List of Suppliers

6.1.3.2. List of Buyers

Chapter 7. Global Pressure Vessels Market, By Product

7.1. Pressure Vessels Market, by Product Type, 2021-2030

7.1.1. Boiler

7.1.1.1. Market Revenue and Forecast (2017-2030)

7.1.2. Nuclear Reactor

7.1.2.1. Market Revenue and Forecast (2017-2030)

7.1.3. Separator

7.1.3.1. Market Revenue and Forecast (2017-2030)

7.1.4. Others

7.1.4.1. Market Revenue and Forecast (2017-2030)

Chapter 8. Global Pressure Vessels Market, By Application

8.1. Pressure Vessels Market, by Application, 2021-2030

8.1.1. Chemicals & Petrochemicals

8.1.1.1. Market Revenue and Forecast (2017-2030)

8.1.2. Oil & Gas

8.1.2.1. Market Revenue and Forecast (2017-2030)

8.1.3. Power Generation

8.1.3.1. Market Revenue and Forecast (2017-2030)

8.1.4. Others

8.1.4.1. Market Revenue and Forecast (2017-2030)

Chapter 9. Global Pressure Vessels Market, By Material 

9.1. Pressure Vessels Market, by Material, 2021-2030

9.1.1. Hastelloy

9.1.1.1. Market Revenue and Forecast (2017-2030)

9.1.2. Titanium

9.1.2.1. Market Revenue and Forecast (2017-2030)

9.1.3. Nickel & Nickel Alloys

9.1.3.1. Market Revenue and Forecast (2017-2030)

9.1.4. Tantalum

9.1.4.1. Market Revenue and Forecast (2017-2030)

9.1.5. Steel

9.1.5.1. Market Revenue and Forecast (2017-2030)

9.1.6. Others

9.1.6.1. Market Revenue and Forecast (2017-2030)

Chapter 10. Global Pressure Vessels Market, Regional Estimates and Trend Forecast

10.1. North America

10.1.1. Market Revenue and Forecast, by Product (2017-2030)

10.1.2. Market Revenue and Forecast, by Application (2017-2030)

10.1.3. Market Revenue and Forecast, by Material (2017-2030)

10.1.4. U.S.

10.1.4.1. Market Revenue and Forecast, by Product (2017-2030)

10.1.4.2. Market Revenue and Forecast, by Application (2017-2030)

10.1.4.3. Market Revenue and Forecast, by Material (2017-2030)

10.1.5. Rest of North America

10.1.5.1. Market Revenue and Forecast, by Product (2017-2030)

10.1.5.2. Market Revenue and Forecast, by Application (2017-2030)

10.1.5.3. Market Revenue and Forecast, by Material (2017-2030)

10.2. Europe

10.2.1. Market Revenue and Forecast, by Product (2017-2030)

10.2.2. Market Revenue and Forecast, by Application (2017-2030)

10.2.3. Market Revenue and Forecast, by Material (2017-2030)

10.2.4. UK

10.2.4.1. Market Revenue and Forecast, by Product (2017-2030)

10.2.4.2. Market Revenue and Forecast, by Application (2017-2030)

10.2.4.3. Market Revenue and Forecast, by Material (2017-2030)

10.2.5. Germany

10.2.5.1. Market Revenue and Forecast, by Product (2017-2030)

10.2.5.2. Market Revenue and Forecast, by Application (2017-2030)

10.2.5.3. Market Revenue and Forecast, by Material (2017-2030)

10.2.6. France

10.2.6.1. Market Revenue and Forecast, by Product (2017-2030)

10.2.6.2. Market Revenue and Forecast, by Application (2017-2030)

10.2.6.3. Market Revenue and Forecast, by Material (2017-2030)

10.2.7. Rest of Europe

10.2.7.1. Market Revenue and Forecast, by Product (2017-2030)

10.2.7.2. Market Revenue and Forecast, by Application (2017-2030)

10.2.7.3. Market Revenue and Forecast, by Material (2017-2030)

10.3. APAC

10.3.1. Market Revenue and Forecast, by Product (2017-2030)

10.3.2. Market Revenue and Forecast, by Application (2017-2030)

10.3.3. Market Revenue and Forecast, by Material (2017-2030)

10.3.4. India

10.3.4.1. Market Revenue and Forecast, by Product (2017-2030)

10.3.4.2. Market Revenue and Forecast, by Application (2017-2030)

10.3.4.3. Market Revenue and Forecast, by Material (2017-2030)

10.3.5. China

10.3.5.1. Market Revenue and Forecast, by Product (2017-2030)

10.3.5.2. Market Revenue and Forecast, by Application (2017-2030)

10.3.5.3. Market Revenue and Forecast, by Material (2017-2030)

10.3.6. Japan

10.3.6.1. Market Revenue and Forecast, by Product (2017-2030)

10.3.6.2. Market Revenue and Forecast, by Application (2017-2030)

10.3.6.3. Market Revenue and Forecast, by Material (2017-2030)

10.3.7. Rest of APAC

10.3.7.1. Market Revenue and Forecast, by Product (2017-2030)

10.3.7.2. Market Revenue and Forecast, by Application (2017-2030)

10.3.7.3. Market Revenue and Forecast, by Material (2017-2030)

10.4. MEA

10.4.1. Market Revenue and Forecast, by Product (2017-2030)

10.4.2. Market Revenue and Forecast, by Application (2017-2030)

10.4.3. Market Revenue and Forecast, by Material (2017-2030)

10.4.4. GCC

10.4.4.1. Market Revenue and Forecast, by Product (2017-2030)

10.4.4.2. Market Revenue and Forecast, by Application (2017-2030)

10.4.4.3. Market Revenue and Forecast, by Material (2017-2030)

10.4.5. North Africa

10.4.5.1. Market Revenue and Forecast, by Product (2017-2030)

10.4.5.2. Market Revenue and Forecast, by Application (2017-2030)

10.4.5.3. Market Revenue and Forecast, by Material (2017-2030)

10.4.6. South Africa

10.4.6.1. Market Revenue and Forecast, by Product (2017-2030)

10.4.6.2. Market Revenue and Forecast, by Application (2017-2030)

10.4.6.3. Market Revenue and Forecast, by Material (2017-2030)

10.4.7. Rest of MEA

10.4.7.1. Market Revenue and Forecast, by Product (2017-2030)

10.4.7.2. Market Revenue and Forecast, by Application (2017-2030)

10.4.7.3. Market Revenue and Forecast, by Material (2017-2030)

10.5. Latin America

10.5.1. Market Revenue and Forecast, by Product (2017-2030)

10.5.2. Market Revenue and Forecast, by Application (2017-2030)

10.5.3. Market Revenue and Forecast, by Material (2017-2030)

10.5.4. Brazil

10.5.4.1. Market Revenue and Forecast, by Product (2017-2030)

10.5.4.2. Market Revenue and Forecast, by Application (2017-2030)

10.5.4.3. Market Revenue and Forecast, by Material (2017-2030)

10.5.5. Rest of LATAM

10.5.5.1. Market Revenue and Forecast, by Product (2017-2030)

10.5.5.2. Market Revenue and Forecast, by Application (2017-2030)

10.5.5.3. Market Revenue and Forecast, by Material (2017-2030)

Chapter 11. Company Profiles

11.1. Samuel Pressure Vessel Group

11.1.1. Company Overview

11.1.2. Product Offerings

11.1.3. Financial Performance

11.1.4. Recent Initiatives

11.2. Doosan Heavy Industries & Construction

11.2.1. Company Overview

11.2.2. Product Offerings

11.2.3. Financial Performance

11.2.4. Recent Initiatives

11.3. Mitsubishi Heavy Industries, Ltd.

11.3.1. Company Overview

11.3.2. Product Offerings

11.3.3. Financial Performance

11.3.4. Recent Initiatives

11.4. Bharat Heavy Electricals Limited

11.4.1. Company Overview

11.4.2. Product Offerings

11.4.3. Financial Performance

11.4.4. Recent Initiatives

11.5. Larsen & Toubro Limited

11.5.1. Company Overview

11.5.2. Product Offerings

11.5.3. Financial Performance

11.5.4. Recent Initiatives

11.6. Westinghouse Electric Company LLC.

11.6.1. Company Overview

11.6.2. Product Offerings

11.6.3. Financial Performance

11.6.4. Recent Initiatives

11.7. General Electric

11.7.1. Company Overview

11.7.2. Product Offerings

11.7.3. Financial Performance

11.7.4. Recent Initiatives

11.8. Halvorsen

11.8.1. Company Overview

11.8.2. Product Offerings

11.8.3. Financial Performance

11.8.4. Recent Initiatives

11.9. IHI Corporation

11.9.1. Company Overview

11.9.2. Product Offerings

11.9.3. Financial Performance

11.9.4. Recent Initiatives

11.10. Pressure Vessels (India)

11.10.1. Company Overview

11.10.2. Product Offerings

11.10.3. Financial Performance

11.10.4. Recent Initiatives

Chapter 12. Research Methodology

12.1. Primary Research

12.2. Secondary Research

12.3. Assumptions

Chapter 13. Appendix

13.1. About Us

13.2. Glossary of Terms

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