According to Vision Research Reports, the global pressure vessels market size is predicted to hit around US$ 252 billion by 2030 and is anticipated to grow at a CAGR of 5.8% from 2021 to 2030.
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.
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.
|Market Size||US$ 252 Billion by 2030|
|Growth Rate||CAGR of 5.8% from 2021 to 2030|
|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)|
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).
This report focuses on pressure vessels market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall pressure vessels market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global pressure vessels market.
The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.
In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).
The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the pressure vessels market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the pressure vessels market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Pressure vessels market.
Market Segments: This part of the report discusses about product, application and other segments of the pressure vessels market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.
The report provides in-depth segment analysis of the global pressure vessels market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the pressure vessels market.
The report includes country-wise and region-wise market size for the period 2017-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2017-2030.
In this study, the years considered to estimate the market size of pressure vessels are as follows:
This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2017 to 2019.
The analysts have provided a comprehensive analysis of the competitive landscape of the global pressure vessels market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users) and other segments.
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.
The study objectives of this report are:
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