According to the latest report by IMARC Group, titled,“Pressure Vessel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“,The global pressure vessel market size reached US$ 23.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 30.2 Billion by 2028, exhibiting a growth rate (CAGR) of 4.4% during 2023-2028.
Industry Definition and Application:
Pressure vessels refer to spherical or cylindrical-shaped containers that are used for storing high-pressure gases or liquids. Some common components of pressure vessels are distributor trays, catalyst support grids, baffles, demister pads, etc. Pressure vessels are commonly used as receivers for high-temperature and high-pressure physical and chemical processes. They help in removing redundant fabrication, lowering traceability and inspection, enhancing quality control, reducing the overall cost, etc.
Pressure Vessel Market Trends:
The rising need for energy on account of elevating levels of urbanization is driving the pressure vessels market. Furthermore, the growing utilization of these vessels in the oil and gas industry for transportation purposes represents another growth-inducing factor. Moreover, pressure vessels are widely used in the chemical industry as they aid in the mixing and dividing different products. Furthermore, many manufacturers are introducing advanced pressure vessels, such as pressure boilers. that allow heat from an industrial process to be used or removed, which is bolstering the product demand. Additionally, various other factors, including the increasing requirement for cooling and heating equipment and extensive investments in the development of advanced product variants, are expected to fuel the market growth in the coming years.
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Global Pressure Vessel Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Abbott Co (Newark) Ltd.
- Alloy Products Corp.
- Babcock Wilcox Enterprises Inc.
- Bharat Heavy Electricals Limited
- Doosan Heavy Industries Construction
- GEA Group Aktiengesellschaft
- Halvorsen Company
- IHI Corporation
- Larsen Toubro Limited
- Mitsubishi Power Ltd.
- Pressure Vessels (India)
- Samuel Son Co.
The report has segmented the market on the basis on material, product and end use.
Breakup by Material:
- Hastelloy
- Titanium
- Nickel and Nickel Alloys
- Tantalum
- Steel
- Stainless Steel
- Duplex Steel
- Carbon Steel
- Super Duplex Steel
- Others
- Others
Breakup by Product:
- Boiler
- Nuclear Reactor
- Separator
- Others
Breakup by End Use:
- Chemicals and Petrochemicals
- Oil and Gas
- Power Generation
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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