Pressure Vessels Market
Pressure Vessels Market Analysis by Application (Boilers, Reactors, Heat Exchangers, Autoclaves), Primary Material (Stainless Steel, Titanium, Aluminum, Others), by Industry (Oil & Gas, Food & Beverages, Chemical, Others) & by Region (North America, Latin America, Europe, East Asia, South Asia & Pacific, MEA) – 2023 to 2033
Analysis of Pressure Vessels Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Pressure Vessels Market Outlook (2023 to 2033)
Newly released Pressure Vessels Market analysis report by Fact.MR reveals that global sales of Pressure Vessels in 2022 were held at US$ 11.1 Billion. With a 4.9% projected CAGR from 2023 to 2033, the market is expected to reach a valuation of US$ 18.7 Billion by the end of the forecast period. Autoclaves are expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 4.3% from 2023 to 2033.
Global Pressure Vessels Market Size (2023)
US$ 11.6 Billion
Global Pressure Vessels Market Size (2033)
US$ 18.7 Billion
Global Pressure Vessels Market CAGR
U.S Pressure Vessels Market CAGR
(2023 – 2033)
Key Companies Covered
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Revenue of Pressure Vessels Market from 2018 to 2022 Compared to Demand Outlook for 2023 to 2033
As per the Pressure Vessels Market research by Fact.MR - a market research and competitive intelligence provider, historically, from 2018 to 2022, the market value increased by around 0.9% CAGR. With an absolute dollar opportunity of US$ 7 Billion, the market is projected to reach a US$ 18.7 Billion valuation by 2033.
What Key Factors are influencing the Market Expansion?
Industrial growth and increasing safety regulations are the two key market drivers. Firstly, industrial growth plays a significant role in driving the demand for pressure vessels. As various industries expand and develop, the need for efficient storage and transportation of liquids and gases also increase. Pressure vessels are crucial components in sectors like oil and gas, chemical processing, power generation, and pharmaceuticals, where they are used for storing and transporting substances under high pressure or temperature conditions.
According to the United Nations Industrial Development Organization (UNIDO), global manufacturing output has been steadily increasing. In 2022, global manufacturing value added reached US$ 16.38 Trillion, representing steady growth rate of 15.38% compared to the previous year. This indicates the growing global industrialization, which will further lead to the increased pressure vessels demand.
Along with these regulations and quality standards imposed by government, regulatory bodies play a crucial role in driving the market. Government regulations establish a framework that manufacturers must comply with to meet specific safety requirements. For instance, the American Society of Mechanical Engineers (ASME) Boilers and Pressure Vessel Code sets comprehensive standards for the design, construction, and inspection of pressure vessels in the United States. Manufacturers must adhere to these codes to obtain the necessary certifications and permits for their products.
Similar regulatory framework exists in other regions and countries, such as the pressure equipment directive (PED) in European Union and the National Board Inspection Code (NBIC) in Canada. Compliance with these regulations ensures that the pressure vessels meet minimum safety requirements and are suitable for their intended applications. Moreover, regulatory bodies conduct inspections and audits to verify compliance with regulations and standards.
These oversight mechanisms create a level playing field for manufacturers, ensuring that they meet the same standards and maintain a certain level of product quality. Consequently, this promotes healthy competition and drives manufacturers to continuously improve their processes and product offerings. Thus, by driving manufacturers to meet these requirements, regulatory framework, and quality standards contribute to the overall growth and sustainability of the pressure vessels manufacturing market.
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Which Region is projected to offer Significant Demand for Pressure Vessels?
North America had a market size of US$ 3.2 Billion in 2022 and is projected to have a market worth US$ 5.1 Billion by 2033.
The expanding industrial sector, increasing energy demand, and stringent safety regulations, especially in the U.S. have contributed to the growth in pressure vessels demand. The region’s industrial sectors, particularly oil and gas, chemical processing, and power generation rely on pressure vessels for their generation.
Additionally, North America accounts for 109 nuclear reactors out of 411 reactors present globally. This makes North America a dominant market for pressure vessels and due to its growing investments in nuclear projects and crude oil refineries, it will continue to remain the leading market for pressure vessels by 2033.
United States Pressure Vessels Market Analysis :
The United States Market is expected to grow to be worth US$ 4 Billion with an absolute dollar growth of US$ 1.5 Billion from 2023 to 2033. Pressure Vessels in the United States have grown at a CAGR of 0.6% from 2018 to 2022 and is expected to grow at a CAGR of 4.3% from 2023 to 2033.
The Oil & Gas industry is a key driver of the US pressure vessels market. With the increasing demand for energy, the exploration and production activities in the US have expanded significantly, leading to a higher requirement for pressure vessels in oil & gas processing plants. Furthermore, the shale gas revolution in the US has spurred investment in infrastructure, including pipelines and storage facilities, driving the demand for pressure vessels.
United Kingdom Pressure Vessels Market Analysis :
The United Kingdom Market is expected to grow to be worth US$ 433 Million by 2033, with an absolute dollar growth of US$ 194.7 Million from 2023 to 2033. Pressure vessels demand in the United Kingdom have grown at a CAGR of 1.7% from 2018 to 2022 and are expected to grow at a CAGR of 5.6% from 2023 to 2033.
The U.K. Chemical industry has seen a record high at the beginning of 2022. In 2021, the industry has grown by nearly 5.3% and 3.7% in 2020 and 2021 respectively. It has been one of the industries in the country to witness an increase in production in both years. The growing chemical industry in the U.K. will create a potential ground for pressure vessel manufacturers as pressure vessels like reactors and boilers are among the essential components of the chemical industry.
China Pressure Vessels Analysis :
The market in China is expected to grow to be worth US$ 4.9 Billion with an absolute dollar growth of US$ 2 Billion from 2023 to 2033. Pressure vessels demand in China have grown at a CAGR of 2% from 2018 to 2022 and is expected to grow at a CAGR of 4.8% from 2023 to 2033.
The industrial output of China in 2022 was around US$ 4.9 Trillion, a 2.1% increase from its 2021 industrial output which was US$ 4.8 Trillion, making it the leading country across the globe in industrial production. This value shows that China has experienced remarkable industrial production growth over the years, driven by several key industries that heavily rely on pressure vessels.
The country known as the world’s factory, with a diverse range of manufacturing activities. These industries require pressure vessels for various applications, such as the storage and transportation of gases and liquids, especially in the production of chemicals, pharmaceuticals, and consumer goods.
Germany Pressure Vessels Analysis :
In Germany, the market is expected to grow to be worth US$ 1.4 Billion with an absolute dollar growth of US$ 469.6 Million from 2023 to 2033. The market in Germany has grown at a CAGR of 1.9% from 2018 to 2022 and is expected to grow at a CAGR of 3.9% from 2023 to 2033.
The Energy transition of Germany known as the ‘Energiewende’ has been a significant market driver. The country has made substantial investments in renewable energy sources such as wind, solar, and biomass. As a result, there is a growing demand for pressure vessels like boilers and reactors that can efficiently convert these renewable resources into electricity or heat. Thus, Germany can be a potential market for pressure vessels in the forthcoming years.
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Which Pressure Vessels Application is projected to Witness Significant Demand?
Pressure vessels demand through Autoclaves is projected to witness the fastest growth with a CAGR of 1.2% from 2018 to 2022 and is expected to grow at a CAGR of 4.3% from 2023 to 2033.
Autoclave, a device used for sterilization and pressure treatments, plays a crucial role in various industries, including healthcare, research, manufacturing, and aerospace. It consists of a high-pressure chamber capable of generating steam and maintaining elevated temperatures to effectively eliminate microorganisms and ensure the safety and integrity of the material.
The wide range of applications and industries that depend on autoclaves for their operation creates a consistent demand for pressure vessels designed to withstand the rigorous conditions and pressures within the autoclave chambers. As industries continue to evolve and demand more efficient and reliable pressure treatment methods, the autoclave’s importance will further enhance the growth and expansion of the market.
Key players in the Pressure Vessels Market are Bharat Heavy Electricals Limited, Mitsubishi Heavy Industries, IHI Corporation, Babcock & Wilcox, Larsen and Toubro, Hitachi Zosen Corporation, General Electrics, Buhman Macatec, Alfa Laval, and Godrej and Boyce.
- In March 2023, Babcock & Wilcox (B&W) stated that its B&W Environmental business segment has won a contract worth over US$ 9 million to design and supply two cooling systems in Middle East for a production facility to produce clean hydrogen.
- In March 2023, GE partnered with EcoGreen Energy to develop a solar project in Turkey. According to the deal, GE will provide equipment beyond inverter stations and commissioning services.
- In November 2022, Babcock & Wilcox announced that it has won a project of more than US$ 24 million to supply a petroleum refinery in North America with two industrial boilers, auxiliary equipment, and advanced emission control technologies.
- In May 2022, Switzerland inaugurated its first industrial power-to-gas plant. This plant was built in collaboration with Hitachi Zosen Corporation, which helped to reduce carbon footprints.
- In March 2021, BHEL conducted the boiler light-up of 1 x 800 MW of capacity at the North Chennai Thermal Power Station, a Stage III project. It is the highest-rated thermal power project and also the first supercritical project to undergo boiler light-up in Tamil Nadu.
Segmentation of the Global Pressure Vessels Market
By Application :
- Heat Exchangers
By Primary Material :
- Stainless Steel
- Others (Carbon Steel, Nickel alloy, Hastelloy)
By Industry :
- Oil & Gas Industry
- Food & Beverages Industry
- Chemical Industry
- Energy Industry
- Other (Paper & Pulp, Pharmaceuticals, etc.)
By Region :
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa
- FAQs -
The market is estimated to be valued at US$ 11.1 Billion in 2022.
The market is estimated to be valued at US$ 11.6 Billion in 2023.
The market is expected to reach a valuation of US$ 18.7 Billion in 2033.
The global absolute market growth of pressure vessels from 2023 to 2033 is US$ 7 Billion.
The market registered a CAGR of 1.5% over the last 4 years.
The market is projected to witness a CAGR of 4.9% from 2023 to 2033.
Autoclaves are expected to garner a significant value share by 2023.
Stainless Steel is expected to garner a significant value share by 2023.
The United States Market is projected to witness a market size of US$ 4 Billion and is expected to grow at a 4.3% CAGR from 2023 to 2033.
Bharat Heavy Electricals Limited, Mitsubishi Heavy Industries, IHI Corporation, Babcock & Wilcox, Larsen And Toubro, Hitachi Zosen Corporation, General Electrics, Buhman Macatec, Alfa Laval, and Godrej and Boyce.