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Pressure Vessel Market Trends That Will Shape the Next Decade: Insights from Technological Wave In The Pressure Vessel Market
Pressure Vessel
How Large Will the Pressure Vessel Market Size By 2025?
In the last few years, there has been a significant increase in the size of the pressure vessel market. It's anticipated to expand from $40.08 billion in 2024 to $42.11 billion in 2025, displaying a compound annual growth rate (CAGR) of 5.1%. The historic growth of this market can be credited to the expansion and growth in industries, heightened energy usage, improvements in materials and manufacturing methods, rigorous safety measures, the development of infrastructure projects, proliferation of nuclear power generation, globalization in the manufacturing sector and the advancement in non-destructive testing techniques.
How Big Is the Pressure Vessel Market Size Expected to Grow by 2029?
Strong growth is anticipated in the pressure vessel market size in the coming years, with projections forecasting it to reach $52.83 billion by 2029, reflecting a compound annual growth rate (CAGR) of 5.8%. The growth during the forecasted period can be credited to a shift towards cleaner energy sources, a commitment to sustainable manufacturing, growth in the chemical and petrochemical sectors, a more significant role in carbon capture, the evolution of small-scale modular reactors, and a rising adoption rate in water treatment for pressure vessels. The forecast period also indicates a variety of trends such as advancements in materials and manufacturing, personalised and engineered solutions, a focus on lightweight materials, life-cycle cost considerations, resilience to external influences, and a rising acceptance of non-destructive testing approaches.
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Which Key Market Drivers Powering Pressure Vessel Market Expansion and Growth?
The increase in global thermal energy use, which leads to an uptick in the utilization of pressure vessels, is a key driver in the market expansion. The term thermal energy refers to the energy within a system that determines its heat level. Nuclear power is applied to produce thermal energy, utilizing various pressure vessels throughout the process. These vessels serve as barriers to prevent radioactive material from impacting the environment. The International Atomic Energy Agency (IAEA), an intergovernmental organization based in Austria, predicts that world nuclear generating capacities will more than double to 873 GW(e) by 2050 from current figures of approximately 390 GW(e) in 2021. Therefore, the rise in global thermal energy demand prompting an increased use of pressure vessels is a primary driver fostering market growth.
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Which Fast-Growing Trends Are Poised to Disrupt the Pressure Vessel Market?
The advancement of technology is an important trend escalating in the pressure vessel industry. Predominant industry players are progressively concentrating on amalgamating smarter and safer safety systems for superior design and examination, and to secure a competitive advantage in the market. As an illustration, in September 2024, a company in the Netherlands called NPROXX, which provides hydrogen storage solutions, introduced the AH620-70 hydrogen pressure vessel. It is designed to function at a pressure of 700 bar and is aimed at the heavy vehicle market, such as long-haul trucks, and the automotive sector. This vessel adheres to rigorous protocols like R134 and HGV2, guaranteeing safety and dependability for hydrogen storage applications. The AH620-70 has a lightweight construct that boosts the efficiency and span of hydrogen-fueled vehicles, indicating a crucial progression in sustainable transportation resolutions.
What Are the Emerging 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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Who Are the Global Leaders 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
Which are the Top Profitable Regional Markets for the Pressure Vessel Industry?
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.
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