by The pressure vessels market plays a crucial role in various industrial sectors by carrying hazardous and flammable substances at high pressures and temperatures. Pressure vessels find wide usage in oil & gas, chemical, power generation, and several other process industries due to their ability to safely store gases and liquids. They consist of a storage tank designed to hold gases or liquids at pressures substantially different from the ambient pressure.
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.
Pressure vessels offer several advantages including safety, reliability, and cost-efficiency. They ensure worker and environmental safety by preventing leaks and ruptures of hazardous substances. Their sturdy nature also makes them highly dependable for withstanding pressure changes without failure. Furthermore, pressure vessels deliver significant energy savings by allowing compact storage and transportation of substances. Growing industrialization and automation across sectors like oil & gas, chemical, and power generation has increased the demand for pressurized process equipment. This in turn is projected to drive the demand for pressure vessels during the forecast period.
Key Takeaways
Key players operating in the pressure vessels market are 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 demand for pressure vessels is projected to grow substantially over the forecast period. This can be attributed to rapid industrialization in emerging economies along with capacity expansion of industries in developed regions. Furthermore, stringent safety regulations regarding storage and transportation of flammable substances is also expected to drive the sales of pressurized process equipment.
The pressure vessels market is observing global expansion with players targeting high growth markets like Asia Pacific and Middle East & Africa. They are investing in new manufacturing plants, acquiring regional companies, and strengthening distribution networks across these regions. International standards regarding design, material certification, and manufacturing are also harmonizing pressure vessels trade globally.
Market Key Trends
Rising automation and mechanization across process industries has increased focus on operational safety. This has augmented the replacement demand for old pressure vessels with advanced materials and condition monitoring systems. Alloys like stainless steel and high nickel alloys offering corrosion resistance find increasing usage in manufacturing pressure vessels for petrochemical and desalination plants. Meanwhile composite materials like carbon fiber are gaining popularity due to benefits like light weight and flexibility in design.
Porter’s Analysis
Threat of new entrants: New entrants face moderate threat as setting up new manufacturing units require huge capital investments. However, growing demand for pressure vessels offers opportunities.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of pressure vessels from multiple global and regional players. Buyers can negotiate on pricing and demand customized products.
Bargaining power of suppliers: Suppliers of raw materials like steel have low to moderate bargaining power due to availability of substitutes and presence of large number of suppliers.
Threat of new substitutes: Threat of substitutes is low as pressure vessels are indispensable for various industrial processes requiring high pressure and temperature operations.
Competitive rivalry: Intense competition exists among established players to gain higher market share through product innovation, competitive pricing and expansion into new regions.
Pressure Vessels Market Regional Analysis as Geographical Regions
North America accounts for the largest share of the global pressure vessels market in terms of value due to robust demand from oil & gas, chemicals and power generation industries in the US and Canada.
Asia Pacific is anticipated to be the fastest growing regional market during the forecast period owing to rapid industrialization, urbanization and increasing energy demand in major economies like China and India. Continuous capacity addition in process industries will drive the pressure vessels market in the region.
*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, 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, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
