Report Feature
Pressure Vessel Trends and Forecast
The future of the global pressure vessel market looks promising with opportunities in the chemical & petrochemical, oil & gas, and power generation markets. The global pressure vessel market is expected to reach an estimated $61.8 billion by 2030 with a CAGR of 4.3% from 2024 to 2030. The major drivers for this market are growth in global energy consumption due to fast urbanization and growing reliance on smart gadgets, rising demand for heating and cooling equipment, as well as, significant expenditures made by top oil and gas firms in exploration and production.• Lucintel forecasts that steel will remain the largest segment over the forecast period.
• Within this market, chemical & petrochemical will remain the largest segment.
• APAC will remain the largest region over the forecast period.
USA: ASME revises pressure vessel codes for nuclear power plants, prioritizing enhanced safety standards. China: Chinese government invests in domestic manufacturing of high-pressure vessels for the chemical industry. Germany: Siemens unveils a new line of composite pressure vessels for hydrogen storage applications. India: Indian oil & gas companies announce plans to upgrade pressure vessel infrastructure at refineries. A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Pressure Vessel by Segment
The study includes a forecast for the global pressure vessel by material type, product type, end use, and region.Pressure Vessel Market by Material Type [Shipment Analysis by Value from 2018 to 2030]:
• Titanium
• Nickel & Nickel Alloys
• Tantalum
• Steel
• Others
Pressure Vessel Market by Product Type [Shipment Analysis by Value from 2018 to 2030]:
• Boiler
• Nuclear Reactor
• Separator
• Others
Pressure Vessel Market by End Use [Shipment Analysis by Value from 2018 to 2030]:
• Chemicals & Petrochemicals
• Oil & Gas
• Power Generation
• Others
Pressure Vessel Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Pressure Vessel Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies pressure vessel companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the pressure vessel companies profiled in this report include-• IHI Corporation
• Babcock & Wilcox Enterprises
• Pressure Vessels
• MITSUBISHI HEAVY INDUSTRIES
• Samuel
• Alloy Products
• Abbott Pressure Vessels
• Doosan Corporation
• Bharat Heavy Electricals
• LARSEN & TOUBRO
Recent Development in the Pressure Vessel Market
ASME: Revised pressure vessel codes for nuclear power plants, emphasizing stricter safety standards for design, fabrication, and operation. Siemens: Unveiled a new line of composite pressure vessels specifically designed for hydrogen storage applications. Doosan Heavy Industries: Focuses on developing high-pressure cryogenic pressure vessels for next-generation liquefied natural gas (LNG) projects. Mitsubishi Heavy Industries: Expands its manufacturing capacity for large-scale pressure vessels used in the chemical and petrochemical industries. Baker Hughes: Partners with a leading oil and gas company to develop new inspection and maintenance technologies for aging pressure vessel infrastructure. Schneider Electric: Introduces a digital platform for pressure vessel lifecycle management, allowing for remote monitoring, data analysis, and predictive maintenance. China National Petroleum Corporation: Building new domestic manufacturing facilities for high-pressure vessels used in the chemical industry.Features of the Global Pressure Vessel Market
Market Size Estimates: Pressure vessel market size estimation in terms of value ($B). Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions. Segmentation Analysis: Pressure vessel market size by material type, product type, end use, and region in terms of value ($B). Regional Analysis: Pressure vessel market breakdown by North America, Europe, Asia Pacific, and Rest of the World. Growth Opportunities: Analysis of growth opportunities in different material types, product types, end uses, and regions for the pressure vessel market. Strategic Analysis: This includes M&A, new product development, and competitive landscape of the pressure vessel market. Analysis of competitive intensity of the industry based on Porter’s Five Forces model.FAQ
Q1. What is the pressure vessel market size? Answer: The global pressure vessel market is expected to reach an estimated $61.8 billion by 2030. Q2. What is the growth forecast for pressure vessel market? Answer: The global pressure vessel market is expected to grow with a CAGR of 4.3% from 2024 to 2030. Q3. What are the major drivers influencing the growth of the pressure vessel market? Answer: The major drivers for this market are growth in global energy consumption due to fast urbanization and growing reliance on smart gadgets, rising demand for heating and cooling equipment, as well as, significant expenditures made by top oil and gas firms in exploration and production. Q4. What are the major segments for pressure vessel market? Answer: The future of the global pressure vessel market looks promising with opportunities in the chemical & petrochemical, oil & gas, and power generation markets. Q5. Who are the key pressure vessel market companies? Answer: Some of the key pressure vessel companies are as follows:• IHI Corporation
• Babcock & Wilcox Enterprises
• Pressure Vessels
• MITSUBISHI HEAVY INDUSTRIES
• Samuel
• Alloy Products
• Abbott Pressure Vessels
• Doosan Corporation
• Bharat Heavy Electricals
• LARSEN & TOUBRO Q6. Which pressure vessel market segment will be the largest in future? Answer: Lucintel forecasts that steel will remain the largest segment over the forecast period. Q7. In pressure vessel market, which region is expected to be the largest in next 5 years? Answer: APAC will remain the largest region over the forecast period. Q8. Do we receive customization in this report? Answer: Yes, Lucintel provides 10% customization without any additional cost.
Table of Contents
1. Executive Summary
6.2 Emerging Trends in the Global Pressure Vessel Market
6.1.1 Growth Opportunities for the Global Pressure Vessel Market by Material Type
6.1.2 Growth Opportunities for the Global Pressure Vessel Market by Product Type
6.1.3 Growth Opportunities for the Global Pressure Vessel Market by End Use
6.1.4 Growth Opportunities for the Global Pressure Vessel Market by Region
Methodology
Lucintel has been in the business of market research and management consulting since 2000 and has published over 1000 market intelligence reports in various markets / applications and served over 1,000 clients worldwide. This study is a culmination of four months of full-time effort performed by Lucintel's analyst team. The analysts used the following sources for the creation and completion of this valuable report:
- In-depth interviews of the major players in this market
- Detailed secondary research from competitors’ financial statements and published data
- Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
- A compilation of the experiences, judgments, and insights of Lucintel’s professionals, who have analyzed and tracked this market over the years.
Extensive research and interviews are conducted across the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts. Below is a brief summary of the primary interviews that were conducted by job function for this report.
Thus, Lucintel compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. Lucintel then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process. The figure below is a graphical representation of Lucintel’s research process.
Buy Now
Choose a license that fits your team. Instant PDF delivery.
Prices exclude taxes. Instant delivery. Custom licensing available on request.
Key Questions
- • What are some of the most promising, high-growth opportunities for the pressure vessel market by material type (titanium, nickel & nickel alloys, tantalum, steel, and others), product type (boiler, nuclear reactor, separator, and others), end use (chemicals & petrochemicals, oil & gas, power generation, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
- • Which segments will grow at a faster pace and why?
- • Which region will grow at a faster pace and why?
- • What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
- • What are the business risks and competitive threats in this market?
- • What are the emerging trends in this market and the reasons behind them?
- • What are some of the changing demands of customers in the market?
- • What are the new developments in the market? Which companies are leading these developments?
- • Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
- • What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
- • What M&A activity has occurred in the last 5 years and what has its impact been on the industry? For any questions related to Pressure Vessel Market, Pressure Vessel Market Size, Pressure Vessel Market Growth, Pressure Vessel Market Analysis, Pressure Vessel Market Report, Pressure Vessel Market Share, Pressure Vessel Market Trends, Pressure Vessel Market Forecast, Pressure Vessel Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.
