by A pressure vessel is a closed container used to hold gases or liquids at a pressure substantially different from the ambient pressure. Pressure vessels find application in several industries such as oil & gas, chemicals, power generation, and many others. They are used to store gases and fluids under high pressure. The growing demand for energy and petroleum products has fueled the demand for pressure vessels in recent years. Pressure vessels offer advantages such as high strength, corrosion resistance, and durability. They safely store flammable, toxic, and reactive materials.
The Global Pressure Vessels Market is estimated to be valued at US$ 77.88 Bn in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the pressure vessels market include Doosan Corporation, IHI Corporation, Babcock & Wilcox Enterprises, Inc., Pressure Vessels (India), MITSUBISHI HEAVY INDUSTRIES, LTD., Samuel, Son & Co., Alloy Products Corp., Abbott Pressure Vessels, Bharat Heavy Electricals Limited, LARSEN & TOUBRO LIMITED, MERSEN PROPERTY, Xylem, Tinita Engg Pvt. Ltd, WCR Inc., Teknoflow Green Equipments Pvt. Ltd., Nano-Mag Technologies, Delpro Equipments Pvt. Ltd., Shreno Engineering Limited, Jaysons Machinery & Equipments Pvt.Ltd., and Varadraj Industries.
The growing demand from end-use industries such as oil & gas, chemicals, power generation etc. presents significant opportunities for growth for pressure vessels manufacturers. New technological advancements in material science have led to development of advanced high-performance steel alloys and composite materials for pressure vessels construction providing improved strength, durability and corrosion resistance.
Advancements in pressure vessel designs including thinner vessel walls, optimized vessel geometry, and use of advanced coating technologies are increasing energy efficiency and reducing carbon footprint of pressure vessels.
Market Drivers
Rising energy demand worldwide coupled with increasing oil & gas exploration and production activities is a key growth driver for the pressure vessels market. Growing requirement of storing liquefied natural gas is further fueling the demand. Stringent safety regulations regarding storage and transportation of industrial gases and flammable liquids also compel end-use industries to use pressure vessels. Technological advancements in material science and vessel designing are enhancing productivity and reducing costs of pressure vessels.
Current Challenges in Pressure Vessels Market
The pressure vessels market is facing challenges like rising raw material prices, shortage of skilled workforce and stringent safety regulations. Steep inflation in steel and alloy prices is negatively impacting manufacturing costs. The material costs contribute nearly 50-60% of total project costs. Finding and retaining experienced welders, engineers and inspectors has become difficult due to attractive job opportunities in other industries. Strict compliance with ASME, U Stamp and CE marking certification standards increases testing, inspection and documentation expenses. These factors collectively increase the overall project delivery timelines and costs.
SWOT Analysis
Strength: High demand from oil & gas, petrochemical and power generation industries due to need for transportation and storage of fluids and gases at high pressures. Well-established global manufacturing capacities of major players to cater to diverse product requirements.
Weakness: Capital intensive nature of business requiring large investments in specialized manufacturing facilities. Strict adherence to safety certifications increases compliance burdens.
Opportunity: Growing need for hydrogen storage tanks with the expansion of green hydrogen economy. Rising demand for CNG vehicles and fueling stations boosts opportunities in composite pressure vessels market.
Threats: Volatility in raw material prices can squeeze profits. Alternative technologies like carbon fiber composite vessels pose competitive threats in some applications.
Pressure Vessels Market Regional Analysis as Geographical Regions with High Market Concentration
The Asia Pacific region dominates the global pressure vessels market in terms of value, accounting for over 35% share. China, Japan and India have large oil & gas, petrochemical and power industries utilizing a wide range of pressure equipment. North America is the second largest region benefiting from shale gas and tight oil drilling activities. Countries like US and Canada have vast onshore and offshore oil & gas reserves.
Fastest Growing Geographical Region
Europe is projected to be the fastest growing regional market during the forecast period. This is attributed to rising investments in hydrogen infrastructure and fuel cells across nations. Many European countries have announced hydrogen strategies and roadmaps to become carbon neutral by 2050. Germany, UK, France and Netherlands are actively supporting development of green hydrogen value chain including production and transportation equipment like pressure vessels.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
