PUBLISHER: The Business Research Company | PRODUCT CODE: 1661996
PUBLISHER: The Business Research Company | PRODUCT CODE: 1661996
A pressure vessel serves as a specialized container engineered to contain gases or liquids at pressures significantly different from the surrounding atmospheric pressure. These vessels find application in storing various substances, including petroleum products, chemicals, and high-pressure gases or liquids like air and water.
Pressure vessels come in several key types, such as boilers, reactors, separators, and other variations. Boilers specifically function to heat liquids and materials, designed to operate at pressures notably higher than ambient pressure-typically exceeding 15 psig. These vessels serve as heating sources, encompassing both fired and un-fired varieties, utilized across storage and processing applications. Pressure vessel materials range from steel alloys to composites and other diverse materials, catering to end-user sectors such as power, oil and gas, food and beverages, pharmaceuticals, chemicals, and various other industries.
The pressure vessel market research report is one of a series of new reports from The Business Research Company that provides pressure vessel market statistics, including pressure vessel industry global market size, regional shares, competitors with a pressure vessel market share, detailed pressure vessel market segments, market trends and opportunities, and any further data you may need to thrive in the pressure vessel industry. This pressure vessel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The pressure vessel market size has grown strongly in recent years. It will grow from $40.08 billion in 2024 to $42.11 billion in 2025 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to industrial expansion and growth, increased energy consumption, advancements in materials and fabrication techniques, stringent safety regulations, infrastructure development projects, rise in nuclear power generation, globalization of manufacturing, advances in non-destructive testing.
The pressure vessel market size is expected to see strong growth in the next few years. It will grow to $52.83 billion in 2029 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to transition to cleaner energy sources, focus on sustainable manufacturing, expansion of chemical and petrochemical sectors, increasing role in carbon capture, development of small-scale modular reactors, increased adoption of pressure vessels in water treatment. Major trends in the forecast period include advancements in materials and manufacturing, customization and engineering solutions, focus on lightweight materials, life cycle cost considerations, resilience to external forces, adoption of non-destructive testing techniques.
The increasing global demand for thermal energy, which is driving the growing adoption of pressure vessels, is the primary factor contributing to market growth. Thermal energy refers to the energy within a system that influences its temperature. Nuclear energy is a key source for generating thermal power, and various pressure vessels are utilized in the production process, serving as barriers that prevent radioactive materials from escaping into the environment. For instance, projections from the International Atomic Energy Agency (IAEA), an intergovernmental organization based in Austria, indicate that the world's nuclear generating capacity is expected to more than double to 873 gigawatts net electrical (GW(e)) by 2050, up from approximately 390 GW(e) in 2021. Therefore, the rising global demand for thermal energy, which leads to an increased adoption of pressure vessels, is a significant driver of market growth.
The growing adoption of renewable energy sources is significantly driving the expansion of the pressure vessel market. Renewable energy is derived from natural resources that replenish themselves more quickly than they are consumed. Pressure vessels are essential in renewable energy applications, particularly for the storage and utilization of various gases. Moreover, they are used for the storage and transportation of hydrogen, which is crucial for green hydrogen production for fuel cells and other clean energy technologies. For example, a report by the International Energy Agency, an autonomous intergovernmental organization based in Paris, indicates that global renewable power capacity is projected to increase by 2,400 gigawatts (GW) between 2022 and 2027. This growth is 30% higher than previous forecasts made in 2021, underscoring the rapid policy support governments are providing for renewables. Over the next five years, renewables are expected to represent over 90% of global electricity expansion, surpassing coal to become the largest source of electricity worldwide by early 2025. Consequently, the increased adoption of renewable energy sources is anticipated to boost the growth of the pressure vessel market.
Technological innovation is a significant trend gaining traction in the pressure vessel market. Key players are increasingly focused on integrating smarter and safer safety systems to improve design and analysis while gaining a competitive advantage. For example, in September 2024, NPROXX, a company based in the Netherlands that specializes in hydrogen storage solutions, introduced the AH620-70 hydrogen pressure vessel, engineered to operate at a pressure of 700 bar. This vessel targets the heavy vehicle market, including long-haul trucks and the automotive sector. It adheres to 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, representing a significant advancement in sustainable transportation solutions.
Major companies are forming collaborations and partnerships to bolster their positions in the market. A strategic business partnership refers to a structured alliance between two or more commercial entities, typically established through one or more agreements or contracts. For instance, in September 2022, Steelhead Composites, a US-based company specializing in composite materials, collaborated with Graphmatech, a Sweden-based company recognized for its graphene technology. This partnership aims to enhance the development of hydrogen storage tanks by integrating graphene into their design. By utilizing the unique properties of graphene, the collaboration seeks to create lighter and more efficient storage solutions, which are crucial for promoting hydrogen as a clean energy source. This initiative is part of a broader effort to improve the safety and performance of hydrogen storage systems, making significant contributions to innovations in the hydrogen sector.
In April 2024, BEA Technologies, an Italy-based manufacturer of automatic filtration systems, acquired TECNO INOX for an undisclosed sum. Through this acquisition, BEA Technologies intends to utilize TECNO INOX's expertise in stainless steel pressure vessels to enhance its automatic filtration system offerings, thereby expanding its product portfolio for applications across various industries, including food, beverage, and pharmaceuticals, while also improving manufacturing processes and quality standards. TECNO INOX is an Italy-based company that specializes in pressure vessels.
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
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.
The countries covered in the pressure vessel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The pressure vessel market consists of sales of glassware, autoclaves, compressed gas cylinders, compressors and vacuum chambers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Pressure Vessel Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on pressure vessel market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for pressure vessel ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The pressure vessel market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.