Pressure Vessels Market worth $62.7 billion by 2028

Aug 23, 2023

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07 Jun, 2023, 05:00 ET

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CHICAGO, June 7, 2023 /PRNewswire/ -- Pressure Vessels Market is projected to reach USD 62.7 billion in 2028 from USD 50.3 billion in 2023 at a CAGR of 4.5% according to a new report by MarketsandMarkets™. Pressure vessel is a closed container which are designed to hold fluids or gases at a pressure that is significantly different from the ambient pressure. It is constructed to withstand the internal pressure exerted by the enclosed substance and maintain its structural integrity. Pressure vessels are commonly used in various industries for storing, processing, or transporting substances under high pressure conditions

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Browse in-depth TOC on "Pressure Vessels Market"146 - Tables49 - Figures204 - Pages

Pressure Vessels Market Scope:

Report Coverage

Details

Market Size

USD 62.7 billion in 2028

Growth Rate

4.5% of CAGR

Largest Market

North America

Market Dynamics

Drivers, Restraints, Opportunities & Challenges

Forecast Period

2023-2028

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Pressure Vessels Market by type, heat source, application, end-user industry, and region.

Geographies Covered

Asia Pacific, North America, Europe, South America, and Middle East & Africa

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Increase in the nuclear power generation worldwide

Key Market Drivers

Growing chemical production world-wide

Power, by end-user industry, is expected be the largest market during the forecast period.

Based on end-user industry, the Pressure Vessels Market has been split into power, oil & gas, food & beverages, pharmaceuticals, chemicals, and others which include agriculture, marine, paper & pulp, and aerospace. In the power generation industry, the pressure vessels have a high demand in the boilers. They contain water or steam under high pressure, which is heated to generate steam that drives turbines for electricity generation. Apart from boilers, the pressure vessels are also used in the nuclear power plants. The global wide rise in the number of nuclear power plants in the power generation sector is driving the market.

The processing vessels segment, by application is expected to be the fastest segment during the forecast period

This report segments the Pressure Vessels Market based on application into two segments: processing vessels, and storage vessels. Processing vessels are a specific category of pressure vessels designed for handling and containing fluids or gases in industrial processing operations. They are utilized in diverse industries such as oil and gas, chemical, pharmaceutical, food and beverage, pulp and paper, and many others.

North America is expected to be the second fastest region in the Pressure Vessels Industry

North America is expected to be the largest Pressure Vessels Market during the forecast period. the region has the largest shale reserves, making it a lucrative market for drilling and oilfield service providers. The vast potential of the shale reservoirs has been attracting more drilling operations in the North American oil industry. The increase in oil and gas activities would consequently increase the demand for pressure vessels in North America.

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Key Market Players:

Some of the major players in the Pressure Vessels Companies are Bharat Heavy Electricals Limited (India), Mitsubishi Hitachi Power Systems (Japan), IHI Corporation (Japan), Babcock & Wilcox Enterprises (US), and LARSEN & TOURBO LIMITED (India). The major strategies adopted by these players include acquisitions, sales contracts, product launches, partnerships, and expansions.

Recent Developments

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