Pressure vessels are critical equipment used across industries for storing and transporting liquids and gases under high pressure. They find widespread applications across industries such as oil and gas, chemicals and petrochemicals, power generation, pharmaceuticals, food processing and more. Pressure vessels help maintain pressure and temperature of liquids and gases efficiently and safely. They consist of a storage tank designed to hold gases or liquids at pressures substantially different from the ambient pressure. Key components include shell or tube, heads, nozzles and internals. Common pressure vessel materials include carbon steel and stainless steel owing to their high strength and resistance to corrosion.

The Global Pressure Vessels Market is estimated to be valued at US$ 77.88 Bn in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Pressure Vessels market are Doosan Corporation, IHI Corporation, Babcock & Wilcox Enterprises, Inc., Pressure Vessels (India), MITSUBISHI HEAVY INDUSTRIES, LTD., Samuel, Son & Co., Alloy Products Corp., Abbott Pressure Vessels, Bharat Heavy Electricals Limited, LARSEN & TOUBRO LIMITED, MERSEN PROPERTY, Xylem, Tinita Engg Pvt. Ltd, WCR Inc., Teknoflow Green Equipments Pvt. Ltd., Nano-Mag Technologies, Delpro Equipments Pvt. Ltd., Shreno Engineering Limited, Jaysons Machinery & Equipments Pvt.Ltd., and Varadraj Industries.

The Pressure Vessels Market size is experiencing significant growth due to a growing demand from various end-use industries such as oil & gas, chemical, and petrochemicals, driven by rapid industrialization and urbanization globally. Moreover, demand is further fueled by rising energy consumption worldwide.

Key players are expanding their global footprint by establishing production facilities in emerging countries through partnerships and joint ventures to capitalize on the growing local demand. For instance, Doosan Heavy Industries entered into an agreement with Turboservice to set up a joint venture for servicing and manufacturing of pressure vessels in Russia.

Market Key Trends

One of the key trends witnessed in the pressure vessels market is increased automation driven by Industry 4.0. Technologies such as IoT, artificial intelligence, augmented reality and advanced robotics are enabling enhanced automation in vessel manufacturing and operation. For instance, robotic vacuum heat treatment is increasingly replacing manual heat treatment to ensure uniform temperatures and consistent quality. Similarly, augmented reality aided inspections enable detecting defects and ensuring integrity of pressure vessels remotely thereby reducing manual interventions. Such advanced automation aids in improving productivity, reducing costs and ensuring safety in pressure vessel applications.

Porter's Analysis

Threat of new entrants: Low capital requirements and established suppliers limit threats of new entrants.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated products and switching costs for buyers.

Threat of new substitutes: Substitutes present in various industries pose moderate threat.

Competitive rivalry: Intense competition exists among established players.

Geographical regions  

The Pressure Vessels Market Regional Analysis indicates that Asia Pacific holds the maximum share in terms of value, owing to large demand from chemical, pharmaceutical, and oil & gas industries in countries such as China, India, and Japan. North America is another major region, driven by the chemical and petrochemical industries.

Fastest growing region
Asia Pacific region is expected to witness the fastest growth during the forecast period due to rising investments in process industries, power generation and nuclear power sectors in developing economies of India and China. Increasing industrialization and demand for cost-effective and durable pressure vessels will boost the market in this region.

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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)