Pressure vessels are cylindrical shells used to hold gases or liquids at pressures substantially different from the ambient pressure. They are commonly used in oil refineries, petrochemical, chemical, and liquefied natural gas plants to store gases and liquids under high pressures. Key applications include oil and gas production and transportation, cryogenic storage, desalination, power generation, and chemical processing.
The global pressure vessels market size 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, and LARSEN & TOUBRO LIMITED.
The key Pressure Vessels Market Trend in the market include increasing demand from power generation and chemical industries. Also, growing demand for cryogenic storage vessels from LNG terminals is expected to provide growth opportunities over the forecast period.
Major players are focusing on expanding their global footprint by opening new manufacturing plants in developing countries to leverage low labor and raw material costs. For instance, MERSEN PROPERTY opened a new manufacturing facility in Bengaluru, India in 2022.
Market Drivers
The key driver for the Pressure Vessels Market Challenges And Opportunities is the increasing oil and gas refining activities across the globe. Pressure vessels play a critical role in gas transportation and storage in refineries. According to International Energy Agency, global oil refining capacity is estimated to grow by 15 million barrels per day between 2019 to 2030 driven by new additions in Middle East and Asia Pacific regions. This is expected to fuel the demand for pressure vessels over the forecast period.
PEST Analysis
Political: The pressure vessel market is regulated by various government agencies and authorities which set the quality and safety standards to be followed by manufacturers. These regulations impact design, material selection, and manufacturing processes adopted by players.
Economic: Growth in key end-use industries such as oil & gas, chemicals & petrochemicals, power generation is driving the demand for pressure vessels from an economic perspective.
Social: With increasing global population and economic growth, demand for energy and manufactured goods is rising steadily. This increases the need for production activities where pressure vessels have important applications.
Technological: Advancements in materials as well as design and analysis software are allowing manufacturers to develop more efficient pressure vessels that can withstand higher pressures and temperatures. Use of composite materials and 3D printing offers new possibilities.
Geographical Regions of Concentration
The pressure vessel market in terms of value is highly concentrated in Asia Pacific and North America. Asia Pacific accounts for over 35% of the global market led by China, India, Japan and other emerging economies with rising energy demand and industrialization. North America is another major regional market supported by ongoing investments in shale oil & gas exploration and chemical projects in the US and Canada.
Fastest Growing Regional Market
The pressure vessel market in Middle East and Africa region is poised to witness the fastest value growth during the forecast period. This is owing to large investments planned for setting up new refineries and petrochemical facilities across GCC countries and other African nations to meet their growing domestic consumption needs.
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