Press release
The Surging Global Thermal Energy Demand Fueling The Adoption Of Pressure Vessels: A Significant Driver Propelling The Pressure Vessel Market In 2025
Pressure Vessel
What Is the Pressure Vessel Market Size and Projected Growth Rate?
The market size of the pressure vessel has seen a robust expansion in the past few years. The market, which is estimated at $40.08 billion in 2024, is expected to surge to $42.11 billion in 2025, indicating a compound annual growth rate (CAGR) of 5.1%. This growth in the historical period is a result of factors such as industrial growth and expansion, a rise in energy consumption, developments in material and fabrication methods, strict safety regulations, advancements in non-destructive testing as well as infrastructure development initiatives. The increase in nuclear power generation and the globalization of the manufacturing sector also contributed to this growth.
In the coming years, the pressure vessel market is anticipated to experience robust growth, expected to reach $52.83 billion in 2029 with a compound annual growth rate (CAGR) of 5.8%. The projected increase in the forecast period can be credited to the shift towards cleaner energy sources, emphasis on sustainable manufacturing, growth in the chemical and petrochemical sectors, a prominent role in carbon capture, the creation of small-scale modular reactors, and heightened usage of pressure vessels in water treatment. Leading trends during the forecast period are expected to be advancements in materials and manufacturing, tailoring and engineering solutions, focus on lightweight materials, consideration of lifecycle costs, ability to resist external forces, and the implementation of non-destructive testing methods.
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What Are the Major Segments in the Pressure Vessel Market?
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 Are The Driving Pressure Vessel Market Evolution?
The primary catalyst for the market's expansion is the escalating worldwide demand for thermal energy, resulting in the increased use of pressure vessels. Thermal energy refers to the energy in a system that establishes its temperature. Nuclear energy, utilized for generating thermal power, involves various pressure vessels in the generation process, serving as one of the barriers that prevent the extinction of radioactive matter from the environment. As per the forecasts from the International Atomic Energy Agency (IAEA), a transnational organization headquartered in Austria, the global nuclear power capacity is likely to more than double, reaching 873 gigawatts net electrical (GW(e)) by 2050, compared to the existing levels of approximately 390 GW(e) in 2021. Therefore, the escalating worldwide demand for thermal energy, stimulating the escalated use of pressure vessels, is the primary catalyst promoting the market's expansion.
Which Firms Dominate The Pressure Vessel Market Segments?
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
What Trends Are Expected to Dominate the Pressure Vessel Market in the Next 5 Years?
The emergence of technological advancements is a notable trend in the pressure vessel industry. Key industry players are progressively concentrating on developing smarter and safer safety systems, aiming to improve design, analysis, and maintain a competitive position in the market. For example, in September 2024, NPROXX, a company based in the Netherlands specializing in hydrogen storage options, introduced the AH620-70 hydrogen pressure vessel. Designed to function at 700 bar, this vessel is aimed at the heavy vehicle sector, including long-distance trucks and the automotive field. It adheres to strict standards such as R134 and HGV2, which ensures safety and dependability for hydrogen storage applications. The AH620-70 sports a lightweight build that boosts the performance and range of hydrogen-fueled vehicles, symbolizing significant progress in the realm of sustainable transport solutions.
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Which Is The Largest Region 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Pressure Vessel Market?
2. What is the CAGR expected in the Pressure Vessel Market?
3. What Are the Key Innovations Transforming the Pressure Vessel Industry?
4. Which Region Is Leading the Pressure Vessel Market?
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