"Actionable Insights to Fuel Your Growth"

Pressure Vessel Market Size, Share & Industry Analysis, By Vessel Type (Boilers, Reactors, Separators, and Others), By Construction Type (Type I, Type II, Type III, and Type IV), By Application (Storage and Processing), By End-User (Power, Oil & Gas, Chemicals & Petrochemicals, Fertilizers, and Others), and Regional Forecast, 2024-2032

Last Updated: December 02, 2024 | Format: PDF | Report ID: FBI105677

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global pressure vessel market size was valued at USD 53.57 billion in 2023. The market is projected to grow from USD 55.74 billion in 2024 to USD 81.60 billion by 2032, exhibiting a CAGR of 4.88% during the forecast period. 


A pressure vessel is a container designed to hold gases or liquids at a pressure substantially different from the ambient pressure. These vessels can be hazardous and must be constructed according to strict standards to ensure safety. Common applications include industrial compressed air receivers, hot water storage tanks, and chemical reactors.


Pressure vessels are increasingly used in renewable energy applications such as hydrogen storage for fuel cells and thermal energy storage systems. They help support sustainability goals and promote the transition toward clean energy solutions. Design innovations focus on reducing energy consumption and improving efficiency in industrial processes, driving the demand for customized solutions. Continued emphasis on compliance with international standards such as the ASME Boiler and Pressure Vessel Code (BPVC), European Pressure Equipment Directive (PED), and China National Standards (GB/T) ensures the safety and reliability of vessels.


The global impact of the COVID-19 pandemic on the market growth is moderate, as it hampered the consumption and installation of pressure vessels such as boilers, reactors, and separators in many end-users. This was due to supply chain disruption of services and technology and hindrance in activities due to social distancing norms. Furthermore, China, the U.S., and India are among the significant countries processing and deploying vessels. These countries have undergone various regional and national level shutdowns of industrial operations to contain the spread of this viral infection, which led to a fall in demand from end-use sectors.


Pressure Vessel Market


Pressure Vessel Market Trends


Integrating Sensors and IoT Technology into Pressure Vessels Can Enhance Safety and Operational Efficiency, Creating New Market Opportunities


Sensors can continuously monitor pressure, temperature, and other critical parameters within the market, ensuring that any deviations from normal operating conditions are immediately detected. In the event of abnormal conditions, the system can trigger immediate alerts to operators, enabling rapid response to prevent accidents or failures. By analyzing data trends over time, IoT systems can predict potential failures before they occur, allowing for proactive maintenance and reducing the risk of unexpected breakdowns.


Integrating vessels with other IoT-enabled equipment can streamline operations, improving overall system performance and coordination. IoT technology enables remote monitoring and control of vessels, providing flexibility and reducing the need for on-site personnel. Manufacturers can develop and market advanced "smart" pressure vessels equipped with IoT technology, differentiating their products in a competitive market.


Request a Free sample to learn more about this report.


Pressure Vessel Market Growth Factors


Demand for Pressure Vessel in the Oil & Gas Industry to Drive Market Growth


Pressure vessels are essential in upstream activities, such as the separation, storage, and transportation of extracted oil and gas. Advanced techniques in EOR, such as gas injection and thermal recovery, require specialized pressure vessels to manage the increased pressure and temperature conditions.


Transporting oil and gas through pipelines and storing them in large tanks necessitate robust pressure vessels that can handle varying pressures. Refining operations that convert crude oil into usable products such as gasoline, diesel, and petrochemicals rely heavily on pressure vessels for various processes such as cracking, distillation, and catalytic reforming.


The increasing demand for LNG as a cleaner fuel alternative boosts the need for vessels capable of handling low temperatures and high pressures required for LNG storage and transportation. The oil and gas industry is subject to stringent safety and environmental regulations, necessitating high-quality vessels that comply with international standards such as those from ASME, API, and ISO. Pressure vessels are crucial in mitigating risks associated with high-pressure operations, including explosions and leaks, ensuring safe operations. Developing corrosion-resistant and high-strength materials for these vessels enhances their performance and longevity, making them more suitable for harsh environments typical in the oil and gas sector.


Use of Pressure Vessels in Chemicals and Petrochemicals Industry Boosts Product Demand 


Many chemical processes require controlled environments in which these vessels contain reactions involving high pressures and temperatures. They are essential for catalytic processes in the growing chemical industry, ensuring the necessary pressure and temperature conditions for efficient reactions. Furthermore, these vessels store raw materials, intermediates, and finished products that may be volatile, reactive, or require specific pressure conditions. The safe handling and containment of hazardous chemicals necessitate that these vessels are designed to withstand internal pressures and prevent leaks or explosions.


Pressure vessels are integral to distillation processes and are used to separate mixtures into their components based on boiling points, a common operation in petrochemical refineries. Additionally, they are utilized to efficiently separate chemical compounds in various separation processes, including absorption, adsorption, and extraction. The growing demand for chemicals and petrochemicals in various industries, such as pharmaceuticals, agriculture, and consumer goods, fuels the need for vessels in production facilities. Expanding production capacities to meet the global demand involves the installation of new vessels in both existing and new plants.


RESTRAINING FACTORS


High Initial Cost of Pressure Vessels to Restrain Market Growth


The construction and installation of pressure vessels requires substantial upfront investment. This comprises the cost of raw materials, manufacturing, transportation, and installation. Smaller companies or start-ups may find it challenging to afford the high initial costs, limiting their ability to enter or expand within the market. Pressure vessels are typically made from high-strength materials such as stainless steel, carbon steel, and advanced composites. These materials are expensive, contributing significantly to the overall cost and may impede the pressure vessel market growth.


The production of vessels involves sophisticated techniques such as automated welding, precision machining, and rigorous quality testing. These processes add to the production cost. Installing vessels, especially large and complex ones, requires specialized skills and equipment, leading to higher installation costs.         Vessels require ongoing maintenance and periodic inspections to ensure safety and compliance with regulations. These costs can be substantial over the vessel's lifetime.


Pressure Vessel Market Segmentation Analysis


By Vessel Type Analysis


Boiler Holds Prominent Position in the Market Due to its High Efficiency 


Based on vessel type, the market is segmented into boilers, reactors, separators, and others.


The boilers segment is dominant as they are being installed in large amounts in various industries. Some of which include, power generation, petrochemicals, and manufacturing, where they are used to generate steam or heat fluids under pressure.


The reactors is the second segment as it is highly used, particularly in industries such as chemicals, pharmaceuticals, and petrochemicals. They are essential for carrying out chemical reactions under controlled conditions of temperature, pressure, and stirring. Their critical role in these processes makes them a significant segment of the market alongside boilers and other types of vessels.


By Construction Type Analysis


Type I Construction Type Leads with its Resistance to Temperature and Durability


Based on construction type, the global market is segmented into type I, type II, type III, and type IV.


The type I segment dominates the market due to its superior ability to withstand pressure. However, its dominance is more a result of its performance characteristics rather than a classification based on construction and usage standards. Pressure vessels are generally categorized into types based on factors like design, materials, and intended applications (e.g., type I, type II, type III, often related to factors like design pressure, temperature, and safety standards).


Type IV segment is anticipated to be the fastest growing as it typically refers to those that use a combination of materials, often with a non-metallic liner (such as plastic) and a reinforcing structure made of composite materials such as carbon fiber. These vessels are known for their lightweight nature and high strength-to-weight ratio, making them popular in industries such as aerospace, automotive, and hydrogen fuel cell applications.


By Application Analysis


Storage is the Leading Application Due to Pressure Vessels Custom Designs in Various Industries


Based on application, this market is segmented into storage and processing.


The storage segment dominates the market as pressure vessels are designed for storage purposes and used across various industries to store compressed gases, liquids, and other substances under pressure. This includes applications in industries such as oil and gas, chemical processing, water treatment, and the transportation of gases.


The processing segment is used for various processing operations such as chemical reactions, heat exchange, and other industrial processes where fluids or gases need to be contained and manipulated under pressure. This segment includes reactors, heat exchangers, separators, and other specialized vessels designed for specific processing needs.


By End-User Analysis


To know how our report can help streamline your business, Speak to Analyst


Growing Demand for Hot Water Steam in the Chemicals and Petrochemicals Industry to Lead Market


Based on end-user, this market is segmented into power, oil & gas, chemicals & petrochemicals, fertilizers, and others.


The chemicals & petrochemicals segment dominates and held the largest pressure vessel market share in 2023. These industries rely heavily on pressure vessels for various critical processes such as chemical reactions, distillation, fractionation, and storage of chemicals and petrochemical products. These vessels are designed to handle corrosive substances, high temperatures, and pressures, making them essential for ensuring safety and efficiency in production processes.


The power generation segment holds the second dominating position in the market. This segment includes various types of vessels, such as boilers, steam generators, heat exchangers, and condensers, used in thermal and nuclear power plants to produce electricity.


REGIONAL INSIGHTS


The market has been studied geographically across five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.


Asia Pacific Pressure Vessel Market Size, 2023 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample


Asia Pacific dominates with rapid industrialization in China, India, Japan, South Korea, and Southeast Asian nations where the demand for pressure vessels has significantly increased. They are essential for various industries, including chemicals, petrochemicals, oil and gas, power generation, and manufacturing. The region is witnessing substantial investments in infrastructure development, including power plants, refineries, and manufacturing facilities. These investments drive the demand for vessels used in the construction, operation, and maintenance of these facilities.


North America holds the second-largest market share and has a highly developed industrial base across sectors such as oil & gas, chemicals, power generation, aerospace, and pharmaceuticals. These industries require a wide range of vessels for processing, storage, and transportation purposes. North America is known for its advanced manufacturing capabilities and technological innovations in material science and engineering. This enables the production of high-performance products that meet stringent safety and regulatory requirements.


European companies are investing in research and development to innovate in materials, design, and manufacturing processes for pressure vessels. This includes the development of composite materials and smart technologies to enhance performance and safety.


KEY INDUSTRY PLAYERS


Companies Focus on Advancements in Manufacturing Techniques to Gain Competitive Edge


The global market is highly fragmented, with key players and some medium-scale regional players delivering a wide range of technologies in the vessels industry at local and country levels across the value chain. Numerous players are actively operating across different countries to cater to the specific demands of customers.


Shell has obtained CE certification from a third-party authority for a part 3D printed in-house, which can be used for the development of vessels. The integration of 3D printing and additive manufacturing techniques in the production of these vessels offers benefits such as reduced lead times, lower material waste, and the ability to create complex geometries that are difficult to achieve with traditional methods.


List of Top Pressure Vessel Companies:



  • 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.)

  • Örnalp Unozon AB (Sweden)


KEY INDUSTRY DEVELOPMENTS:



  • April 2024: Babcock & Wilcox announced that its subsidiary, Babcock & Wilcox Renewable Service A/S (B&W Renewable Service), secured a contract worth over USD 7 million. The contract involves upgrading three commercial and municipal waste-fueled boilers and combustion equipment at a Southeast Asia-based waste-to-energy power plant. This award follows the successful completion of B&W Renewable Service’s Front-End Engineering Design (FEED) study in 2023.

  • June 2023: Larsen and Toubro (L&T), an Indian multinational with expertise in infrastructure, high-tech manufacturing, and services, reaffirmed its commitment to Saudi Arabia's vision of a diversified and self-reliant economy. The company expanded its high-tech production capacity by ordering a modern and advanced heavy-wall vessel facility in Saudi Arabia. This facility reflects L&T's special capabilities in India and supports Aramco and Saudi Vision 2030's IKTVA initiative to enhance local content.

  • December 2022: Bharat Heavy Electricals (BHEL) entered into a long-term Technology License Agreement (TLA) with Sumitomo SHI FW (SFW). This agreement covers the design, engineering, manufacture, installation, commissioning, and sale of subcritical and supercritical Circulating Fluidized Bed Combustion (CFBC) boilers in India and overseas territories, excluding certain countries.

  • September 2022: Samuel, Son, and Co. was acquired by RAMP Inc. This acquisition enables Samuel, Son, and Co. to address complex manufacturing challenges, including bringing new products to market, optimizing cycle time and performance, and improving user safety.

  • August 2021: Thermax Group announced that its wholly-owned subsidiary, Thermax Babcock and Wilcox Energy Solutions (TBWES), has been awarded an EPC-based boiler package contract for a refinery and oil complex in Western India. The scope of supply includes the design, manufacture, installation, construction, commissioning, and testing of three oil and gas-fired boilers.


REPORT COVERAGE


The report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product processes, and leading business. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the growth of the market in recent years.


To gain extensive insights into the market, Request for Customization


Report Scope & Segmentation






















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



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



  • 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)







Frequently Asked Questions

As per a study by Fortune Business Insights, the market size was USD 53.57 billion in 2023.

The market is likely to grow at a CAGR of 4.88% over the forecast period (2024-2032).

By end-user, the chemicals & petrochemicals segment is expected to lead the market due to the vast installation of pressure vessels globally.

The market size of Asia Pacific stood at USD 20.59 billion in 2023.

The demand for pressure vessels in the oil & gas sector and the use of vessels in the chemicals & petrochemicals industry are the key factors driving market growth.

Some of the top players in the market are Abbott & Co (Newark) Ltd, Hitachi Zosen Corporation, and Mitsubishi Power.

The global market size is expected to reach USD 81.60 billion by 2032.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts
Speak to an Expert
  • 2019-2032
  • 2023
  • 2019-2022
  • 264
Multi-report Purchase Plan
    A Customized Plan Will be Created Based on the number of reports you wish to purchase
Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X