Pressure Vessels Market Share Analysis: Overview, Size, Share Insights, Trends, and Growth Forecast by 2024-2031 | Doosan Corporation, IHI Corporation

The pressure vessels market is estimated to be valued at USD 60.39 Bn in 2024 and is expected to reach USD 77.88 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.

The global Pressure Vessels Market Report offers a comprehensive analysis from 2024 to 2031, encompassing all significant aspects. It assesses both current and future market opportunities within the Pressure Vessels industry. This market is distinct from product types, manufacturers, applications, and geographical locations. The report evaluates the Pressure Vessels market based on key manufacturers and regional segments. Additionally, it includes supplier data such as revenue, costs, gross profits, business overviews, distribution channels, and insights from interviews, providing consumers with a deeper understanding of the competitive landscape.

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The "Pressure Vessels " report, featuring a forecast from 2024 to 2031, provides a professional analysis for businesses based on historical data and future market opportunities. This report includes an evaluation of key producers in the enterprise sector, an assessment of marketing traders or distributors, development trends, production analysis, consumption volume and price analysis, as well as sales and market popularity. A concise overview of the Pressure Vessels industry included in the report covers enterprise data analysis, policy evaluations, definitions, specifications, applications, and classifications.

Future opportunities of Pressure Vessels Market

1. Technological Advancements in Pressure Vessel Design and Materials: Innovations in materials science and design technologies offer significant growth opportunities in the pressure vessels market. Traditional materials such as carbon steel and stainless steel are being supplemented by newer materials like composite materials, titanium, and carbon fiber, which offer superior strength-to-weight ratios, better resistance to corrosion, and enhanced performance in extreme conditions. The use of advanced composite pressure vessels is gaining traction in industries like aerospace, automotive, and hydrogen storage due to their lightweight properties and ability to withstand high-pressure environments. Additionally, the incorporation of smart technologies in pressure vessel designs, such as sensors for real-time pressure monitoring and condition-based maintenance, is improving operational efficiency and safety. The growing trend toward additive manufacturing (3D printing) also opens up opportunities for the creation of custom-designed, optimized pressure vessels that are lighter, more cost-effective, and able to meet specific operational requirements.

2. Growing Demand in Renewable Energy and Green Technologies: As the world transitions toward renewable energy sources and green technologies, pressure vessels are increasingly being used in applications related to solar power, wind energy, hydrogen storage, and carbon capture technologies. In hydrogen energy storage, for example, high-pressure hydrogen storage vessels are critical for the transportation and storage of hydrogen as a clean energy carrier. With hydrogen gaining popularity as a fuel for fuel cells, transportation, and power generation, the demand for advanced pressure vessels that can handle hydrogen at high pressures is expected to rise. Similarly, pressure vessels are crucial in carbon capture and storage (CCS) projects, which aim to capture carbon dioxide (CO₂) from power plants and industrial processes to mitigate climate change. The clean energy transition will continue to present significant opportunities for manufacturers of pressure vessels, as these technologies require high-performance pressure vessels to store and transport gases safely.

3. Increasing Safety Regulations and Standards: As industries that rely on pressure vessels, such as oil & gas, chemical processing, and pharmaceuticals, become more safety-conscious, regulatory frameworks around the world are tightening. In response to the growing need for improved safety, durability, and compliance with stringent regulations (such as ASME codes and API standards), there is significant market potential for pressure vessels that meet or exceed these safety standards. Governments are increasingly focusing on preventing industrial accidents, and companies are seeking pressure vessels that are not only cost-effective but also engineered with enhanced safety features like burst disc protection, pressure relief valves, and automatic shut-off valves. As global standards continue to evolve, pressure vessel manufacturers who stay ahead of regulatory changes will be well-positioned to capitalize on demand from industries requiring compliance with international safety and environmental standards.

4. Expansion of the Oil & Gas Industry in Emerging Economies: The oil and gas industry remains one of the largest consumers of pressure vessels, particularly in the exploration, refining, and transportation of hydrocarbons. The global demand for energy continues to rise, especially in emerging economies such as China, India, Brazil, and the Middle East, where infrastructure projects and energy exploration are on the rise. In these regions, offshore oil and gas exploration and the development of petrochemical facilities present new opportunities for the pressure vessel market. The need for high-performance pressure vessels to withstand extreme operating conditions such as deep-sea exploration and high-pressure pipelines will continue to drive demand. Additionally, the push for oil & gas industry automation and digitization (such as using smart sensors for monitoring pressure, temperature, and other parameters) creates a growing opportunity for advanced pressure vessels that can integrate with automated control systems for improved operational efficiency.

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Detailed Segmentation and Classification of the report (Market Size and Forecast - 2031, Y-o-Y growth rate, and CAGR):

★ By Type:

• By Material Type: Titanium , Nickel & Nickel Alloys , Tantalum , Steel , and Others
• By Product Type: Boiler , Nuclear Reactor , Separator , and Others
• By End-User: Chemicals & Petrochemicals , Oil & Gas , Power Generation , and Others

★ By Regions and Countries
o North America
o Europe
o Asia-Pacific
o South America
o Middle East & Africa

★ Following are the players analyzed in the report:

• Doosan Corporation
• IHI Corporation
• Babcock & Wilcox Enterprises Inc.
• Pressure Vessels (India)
• MITSUBISHI HEAVY INDUSTRIES
• 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.
• Varadraj Industries

💡 Pressure Vessels Market Study Objectives Are:

• Investigate and analyze the current status and future projections of the global Pressure Vessels market, focusing on production, revenue, consumption, and historical data.
• The report details key manufacturers in the Pressure Vessels sector, including their production, revenue, market share, SWOT analysis, and development strategies for the upcoming years.
• The Pressure Vessels report categorizes data by regions, product types, manufacturers, and applications.
• Evaluate the market potential and advantages of the global Pressure Vessels landscape, including opportunities, challenges, constraints, and risks.
• The Pressure Vessels report highlights significant trends, driving forces, and influencing factors on both global and regional levels.
• Conduct a strategic analysis of each submarket, examining individual growth trends and their contributions to the overall Pressure Vessels market.
• The report assesses competitive developments such as expansions, partnerships, new product launches, and acquisitions within the Pressure Vessels market.

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💡 Major Advantages of the Pressure Vessels market Report:
• This report offers market leaders and newcomers precise revenue estimates for the overall Pressure Vessels market and its key subsegments, with forecasts extending from 2024 to 2031.
• Stakeholders can utilize this report to enhance their understanding of the competitive landscape, allowing them to strategically position their businesses and formulate effective go-to-market strategies.
• The report equips stakeholders with important insights into Pressure Vessels market dynamics, delivering a thorough analysis of key drivers, restraints, challenges, and opportunities, along with projections for future market developments.

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