Press release
Pressure Vessel Market Expansion Continues, with Forecast Valuation of $50.9 Billion by 2029
Pressure Vessel Market
Pressure Vessel Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In the past few years, there has been a consistent growth in the size of the pressure vessel market. The market is projected to expand from a worth of $40.08 billion in 2024 to $41.37 billion in 2025, experiencing a compound annual growth rate (CAGR) of 3.2%. The progression seen in the past years can be credited to factors such as industrial expansion and growth, higher energy utilization, developments in materials and production methods, strict safety rules, infrastructure development projects, an increase in nuclear power production, the globalization of the manufacturing sector, and advancements in non-destructive testing methods.
Pressure Vessel Market Size Forecast: What's the Projected Valuation by 2029?
Strong growth is anticipated in the pressure vessel market size over the next few years. The market is projected to reach a value of $50.9 billion by 2029, with a compound annual growth rate (CAGR) of 5.3%. The driving factors behind this future growth include the shift towards cleaner energy sources, a focus on sustainable manufacturing, the growth of chemical and petrochemical sectors, an increased role in carbon capture, the creation of small-scale modular reactors, and greater adoption of pressure vessels in water treatment. Further trends expected during the forecast period include progression in materials and manufacturing, customized engineering solutions, an emphasis on lightweight materials, life cycle cost considerations, resilience to external pressures, and the use of non-destructive testing techniques.
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What Are the Drivers Transforming the Pressure Vessel Market?
The escalated worldwide demand for thermal energy, prompting the increased use of pressure vessels, is a key factor fueling the expansion of the market. Thermal energy is the phrase utilized to characterize the energy in a system that establishes its temperature. Nuclear energy generates thermal power and incorporates various pressure vessels in the production process. These vessels act as barriers, hindering radioactive material from entering the environment. For instance, the International Atomic Energy Agency (IAEA), a governmental organization based in Austria, predicts that the global nuclear generating capacity may even more than double to 873 gigawatts net electrical (GW(e)) by 2050, compared to its current levels of nearly 390 GW(e) in 2021. Therefore, the escalated worldwide demand for thermal energy, leading to the increased use of pressure vessels, is a significant factor stimulating the market growth.
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Which Fast-Growing Trends Are Poised to Disrupt the Pressure Vessel Market?
Technological innovation is a key trend gaining popularity in the pressure vessel market. The key players are increasingly focusing on integrating smarter and safer safety systems for better design and analysis as well as to gain a competitive edge in the market. For instance, in September 2024, NPROXX, a Netherlands-based company that offers hydrogen storage solutions, launched the AH620-70 hydrogen pressure vessel, designed to operate at a pressure of 700 bar. This vessel targets the heavy vehicle market, including long-haul trucks and the automotive sector. It complies with strict regulations such as R134 and HGV2, ensuring safety and reliability for hydrogen storage applications. The AH620-70 features a lightweight design that enhances the efficiency and range of hydrogen-powered vehicles, marking a significant advancement in sustainable transportation solutions.
Which Segments in the Pressure Vessel Market Offer the Most Profit Potential?
The pressure vesselmarket 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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Which Firms Dominate the Pressure Vessel Market by Market Share and Revenue in 2025?
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 Regions Offer the Highest Growth Potential 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.
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