Global Pressure Vessel Market Is Predicted to Grow Around USD 78.1 Billion By 2030

Global Pressure Vessel Market Size Will Growing at CAGR of 5.4% By 2030

The global pressure vessel market size was worth around USD 52.5 Billion in 2022 and is predicted to grow to around USD 78.1 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.4% between 2023 and 2030.

Enclosed containers known as pressure vessels are used to store gases, liquids, and vapors at pressures that are either considerably higher or lower than the ambient air pressure. They are extensively employed in several different industries, including the petrochemical, oil and gas, chemical, and food processing sectors. Pressure containers include equipment like reactors, flash drums, separators, and heat exchangers. Each aspect of pressure vessels is governed by several standards and laws. The most widely used collection of generally accepted regulations governing the design, construction, installation, testing, inspection, and certification of boilers, pressure vessels, and nuclear power plant components is the ASME Boiler and Pressure Vessel Code (BPVC).

One of the main factors bolstering the global pressure vessel market's development is the significant increase in energy demand across the globe as a result of rapid urbanization and growing dependence on smart devices. As receivers for physical and chemical processes that take place at high temperatures and pressures, pressure containers are frequently used. As a consequence, the employment of these vessels in the global oil and gas industry has increased significantly. Pressure vessels are also widely used in the chemical business because they make it easier to combine, divide, and remove product directions.

They also provide advantages like resilience to corrosion and cross-contamination. Leading companies are also launching sophisticated pressure vessels, like pressure boilers. This is leading to a positive market forecast along with the rising use of supercritical power generation technology. In addition, the rising demand for customized vessels is providing market participants around the world with prosperous growth possibilities.

Other significant factors that are anticipated to influence the pressure vessel industry include the expanding cooling and heating equipment market, the booming chemical and petrochemical sector, and significant investments in research and production by top oil and gas companies. However, the corrosion that takes place in the metal parts is expected to hinder the growth of the market over the forecast period.

The global pressure vessel market is segmented based on material, product, end-use, and region.

Based on the material, the global market is bifurcated into Hastelloy, titanium, nickel & nickel alloys, tantalum, steel, and others. The Hastelloy segment is expected to hold a significant market share over the forecast period. Hastelloy, the first metal created by Haynes International, Inc., is an alloy made of nickel, chromium, and molybdenum. Reactors, pressure containers, and heat exchangers are frequently made of it in the petrochemical, energy, and oil and gas industries.

It is a substance that can be used in nuclear reactors. It has exceptional resilience to cracking, oxidizing, and reducing agents as well as corrosion. High temperatures do not affect its strength. Due to its excellent ductility, it can be formed, shaped, and welded with ease. Its service life can last up to several decades with proper maintenance, which improves its cost-efficiency. Thus, driving the segmental growth over the forecast period.

Based on the product, the global pressure vessel industry is segmented into the boiler, nuclear reactor, separator, and others.

Based on the end-use, the global pressure vessel market is segmented into chemicals & petrochemicals, oil & gas, power generation, and others. The oil & gas segment is growing at a substantial rate over the forecast period. Over the forecast period, the expansion of oil and gas projects in various countries is likely to favorably affect market growth. Shale gas utilization in the manufacturing and energy sectors is anticipated to increase, as are rising shale gas research activities as a result of technological developments in exploration, such as horizontal and hydraulic drilling. On the other hand, the power generation segment is growing at the highest CAGR during the forecast period. Numerous power production facilities, such as nuclear, hydroelectric, and thermal power plants, use pressure vessels extensively. Thus, driving segmental growth.

The Asia Pacific is expected to dominate the pressure vessel industry during the projected period. The region's explosive growth of the power industry is largely responsible for the increase in dominance. Rising nuclear power plant construction as well as the quickly growing hydrocarbon, gas, and chemical industries are anticipated to drive regional market expansion. Besides, the pressure vessel in the North American market is growing substantially owing to the growing demand from various sectors such as Oil & Gas, Power, and Others.

This review is based on a report by Zion Market Research, titled “Pressure Vessel Market By Material (Hastelloy, Titanium, Nickel & Nickel Alloys, Tantalum, Steel, And Others), By Product (Boiler, Nuclear Reactor, Separator, And Others), By End-Use (Chemicals & Petrochemicals, Oil & Gas, Power Generation, And Others) And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030.”- Report at https://www.zionmarketresearch.com/report/pressure-vessel-market

Recent Development:

• In September 2021, Hexagon Purus ASA, a Norwegian provider of hydrogen type 4 high-pressure cylinders, battery packs, and vehicle systems integration for fuel cell electric and battery electric vehicles, paid EUR 43.3 million ($44.36 million) for a 100% stake in Wystrach GmbH. The acquisition reinforces Hexagon Purus' position as the world's leading provider of zero-emission mobility solutions. Wystrach is a German company that specializes in high-pressure storage and transportation of hydrogen and other gases.
• In November 2022, The first Nuclear Power Plant (NPP) in Bangladesh's second unit had its reactor pressure vessel installed, according to a statement from the Russian government-owned atomic energy company Rosatom.

The global pressure vessel market is dominated by players like:

• Babcock & Wilcox Enterprises Inc.
• IHI Corp.
• Pressure Vessels (India)
• Mitsubishi Hitachi Power Systems Ltd.
• Alloy Products Corp.
• Samuel
• Son & Co.
• Abbott & Co (Newark) Ltd.
• Doosan Heavy Industries & Construction
• Bharat Heavy Electricals Ltd.
• Mersen
• Larsen & Toubro Ltd.
• Xylem Inc.
• Tinita Engineering Pvt. Ltd.
• WCR Inc.

The global pressure vessel market is segmented as follows:

By Material

• Hastelloy
• Titanium
• Nickel & Nickel Alloys
• Tantalum
• Steel
• Others

By Product

• Boiler
• Nuclear Reactor
• Separator
• Others

By End-Use

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

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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