Pressure Vessels Market size was valued at USD 51.46 billion in 2023 and is likely to cross USD 90.07 billion by 2036, registering more than 4.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of pressure vessels is estimated at USD 53.27 billion.
The global market is thriving on the back of the dynamic changes in the power generation technology, the growing fertilizer industry and the increase in demand for petrochemicals, thereby leading to the increasing construction of refinery. The market is also anticipated to grow on account of the growing trade on machineries, laboratory and plant equipment which may or may not be electrically heated, for the treatment of materials by a process involving a change of temperature such as cooking, roasting, heating, sterilising, steaming, evaporating, pasteurising, vaporising, condensing or cooling. According to the trade statistics by International Trade Center, the exports of machinery, plant or laboratory equipment for the period 2015 and 2018 was recorded as USD 7,319,599 thousand and USD 8,698,830 thousand respectively. As a result of rapid industrialization and a consistent demand for electricity/power supply. Moreover enormous demand for safety vessels for the transport of chemicals in the chemical and oil & gas industries is another major factor playing a vital role in the growth of the global pressure vessels market.Pressure vessels are available in the market in the form of storage vessels, heat exchangers and process vessels.
Growth Drivers
Global Increase in the Energy Consumption
Governments across the globe are in full support for taking in more and more renewable energy resources that is acting as a driving force for the global market. Unavailability of natural fuels, has encouraged the use of renewable sources of energy such as solar power that is going to benefit the market in the future. British Petroleum in its report Statistical Review 2020, 69th Edition stated that renewable source of energy, led by solar power and wind energy has increased tremendously, accounting for over 40% of the growth in primary energy in 2019. Also, the consumption of coal has fallen to an all-time low in the last 16 years in the global energy mix; this is the fourth time this has happened in the past six years.
Increasing Demand for Pressure Vessels From The Chemical And Oil And Gas Industries
Chemicals that may react violently with atmospheric elements need to be transported and stored in pressure vessels so that there is no leakage of any kind into the atmosphere. The chemical industry is expanding and as a result pressure vessels are required in large amount to store such highly reactive chemicals. On the other hand, there is a need to maintain a standard pressure for safety inside the vessel. This can be achieved through various methods such as providing an inbuilt safety valve also known as relief valve that keeps the pressure within the specified range during any operation. Such precautions ensure safety during transmission of chemicals making the process risk free. Moreover, accidental chemical spills or oil spills into the water, air and overall environment can be avoided as a result of using pressure vessels. Such factors are anticipated to drive the global pressure vessels market.
Challenges
Increasing Awareness for the Environment
There is a major drop in mining activities due to growing environmental concerns such as air pollution. The pressure vessels need loads of metal for building thick wall-like barriers to store highly reactive and potentially destructive materials. This further requires huge amount of mining activity that is a potential threat to the environment. Therefore, the decrease in the extraction of metals has resulted in a steady decline of the market. Also there is this concern regarding the accidental chemical spills in air/water during the use of pressure vessels that can cause a catastrophe inside the marine life, can pollute the air to dangerous levels harming the flora and fauna and can cause ecological damage. These liquid spills are anticipated to hamper the market growth upto a certain extent.
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
4.4% |
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Base Year Market Size (2023) |
USD 51.46 billion |
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Forecast Year Market Size (2036) |
USD 90.07 billion |
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Regional Scope |
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The pressure vessels market is segmented by material, type, application and by end user. On the basis of material, the market is further segmented into steel, composites, polymers and other alloys, out of which the pressure vessels made of steel is estimated to hold the leading share owing to the beneficial properties of steel which is known to have adequate mechanical strength and current standards. Moreover, steel also offers a high impact resistance, especially for vessels used in low temperatures.
On the basis of type, the market is bifurcated into boilers, separators and nuclear reactors, out of which the boiler type registered the largest market share as it is required for various industrial processes, such as for sizing, bleaching, and others in textile industries and in sugar mills, cement, agricultural and chemical industries. A boiler is a closed container in which water is heated until the water turns into steam at a certain pressure.
Our in-depth analysis of the global market includes the following segments:
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By Material |
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By Type |
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By Application |
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By End User |
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On the basis of regional analysis, the global pressure vessels market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Based on region, the market in Asia Pacific industry is anticipated to hold largest revenue share by 2036, attributed to increasing power and power generation investments in the region. Moreover, the increase in the establishments of nuclear power and the rise in demand for pressure vessels from chemicals and oil & gas industry has encouraged the growth of the global pressure vessels market. The on-going development of urban and industrial sector in the Asia Pacific region will provide for a consistent demand for electricity. This would enhance the demand for pressure vessels owing to the fact that the pressure vessels are a necessity in majority power generation procedures. The Middle East market is also anticipated to show growth owing to the deep-rooted oil & gas infrastructure in the region.
Author Credits: Dhruv Bhatia
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