Press release
Key Trends Shaping the Future Pressure Vessel Market From 2025-2034: Technological Wave In The Pressure Vessel Market
Pressure Vessel Market Share
The major factor propelling the market's growth is the increasing demand for global thermal energy, which results in a wider adoption of pressure vessels. The thermal energy referred to here is the energy within a system that dictates its temperature. Nuclear energy plays a crucial role in the creation of thermal power where various pressure vessels are employed in the production process. These vessels act as one of the multiple barriers preventing radioactive material from contaminating the environment. For instance, the International Atomic Energy Agency (IAEA), which is an intergovernmental organization based in Austria, has projected that global nuclear generating capacity would likely more than double, reaching 873 gigawatts net electrical (GW(e)) by 2050. This is a significant increase from the current level, which is around 390 GW(e) in 2021. Therefore, this escalating demand for global thermal energy that encourages the increased use of pressure vessels is the primary driver catalyzing this market's growth.
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What growth opportunities are expected to drive the pressure vessel market's CAGR through 2034?
The value of the pressure vessel market has experienced robust expansion in recent times. Growth has been projected from $40.08 billion in 2024 to $42.11 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.1%. Causes for growth during the historic period include industrial growth and expansion, heightened energy use, progress in materials and production techniques, strict safety rules, infrastructure development initiatives, an increase in nuclear power production, manufacturing globalization, and improvements in non-destructive testing.
In the forthcoming years, the pressure vessel market is projected to experience significant growth, forecasted to escalate to $52.83 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 5.8%. The expected growth during the projection period is due to the shift towards cleaner energy sources, emphasis on sustainable manufacturing, growth in the chemical and petrochemical sectors, their growing usage in carbon capture, the invention of small-scale modular reactors, and the rising implementation of pressure vessels in water treatment. Key trends observed in the forecast period pertain to progress in materials and manufacturing, customization and engineering solutions, preference for lightweight materials, life cycle cost analysis, adaptability to external forces, and the acceptance of non-destructive testing techniques.
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What are the emerging trends shaping the future of the pressure vessel market?
The advent of technological advancements is becoming a vital trend in the pressure vessel sector. Prime companies are progressively concentrating on incorporating intelligent and robust safety mechanisms for superior development and analysis, and to secure a competitive advantage in the marketplace. For example, in September 2024, NPROXX, a firm based in the Netherlands that provides hydrogen storage services, presented the AH620-70 hydrogen pressure vessel. This device, created to work at a 700 bar pressure, is aimed at the heavy vehicle sector, comprising of long-distance trucks and the car industry. Adhering to strict standards such as R134 and HGV2, it guarantees safety and dependability for hydrogen storage applications. The AH620-70 vessel, featuring a lightweight design, improves the effectiveness and range of hydrogen-fueled vehicles, signifying a noteworthy progression in eco-friendly transportation solutions.
Which growth-oriented segments of the pressure vessel market are leading the industry's development?
The pressure vessel market covered in this report is segmented -
1) By Type: Boiler, Reactor, Separator, Other Types
2) By Heat Source: Fired, Un-Fired
3) By Material Type: Steel Alloys, Composites, Other Material Types
4) By Application: Storage Vessels, Processing Vessels
5) By End-User Channel: Power, Oil And Gas, Food And Beverages, Pharmaceuticals, Chemicals, Other End-User Channels
Subsegments:
1) By Boiler: Water-Tube Boilers, Fire-Tube Boilers
2) By Reactor: Batch Reactors, Continuous Reactors
3) By Separator: Gas-Liquid Separators, Liquid-Liquid Separators
4) By Other Types: Storage Tanks, Pressure Regulating Vessels, Heat Exchangers
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What regions are leading the charge in the pressure vessel market?
North America was the largest region in the pressure vessel market share in 2024. Western Europe was the second-largest region in the pressure vessel market analysis. The regions covered in the pressure vessel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the pressure vessel market?
Major companies operating in the pressure vessel market are General Electric Company, Larsen & Toubro, Mitsubishi Hitachi Power Systems, Hitachi Zosen, Bharat Heavy Electricals Limited, Samuel Pressure Vessel Group, Halvorsen Company, Doosan Heavy Industries & Construction Co. Ltd., DongFang Turbine Co. Ltd., Westinghouse Electric Company, Kelvion Holding GmbH, Ergil Grup, Alfa Laval AB, Abbott & Co (Newark) Ltd., Alloy Products Corp., GEA Group AG, IHI Plant Services Corporation, Fabrication Services Inc., Engineered Pressure Systems Inc., Andritz AG, SPX Corporation, Sumitomo Heavy Industries Ltd., Siemens AG, Nooter/Eriksen Inc., NuScale Power LLC, Zhejiang Shengda Steel Tower Co. Ltd., Parker Hannifin Corporation, Mannesmann AG
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What Is Covered In The Pressure Vessel Global Market Report?
• Market Size Forecast: Examine the pressure vessel market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the pressure vessel market for a structured understanding.
• Key Players Overview: Analyze major players in the pressure vessel market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the pressure vessel market.
• Segment Contributions: Evaluate how different segments drive overall growth in the pressure vessel market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the pressure vessel market.
• Industry Challenges: Identify potential risks and obstacles affecting the pressure vessel market.
• Competitive Landscape: Review strategic developments in the pressure vessel market, including expansions, agreements, and new product launches.
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