Pressure Vessel Market: Technological Advancement in Pressure Vessels Such As Pressure Boilers Influencing the Pressure Vessel Market Growth

The Pressure Vessel Market size was valued at USD 45.14 Bn. in 2022 and the total revenue is expected to grow by 4.93% from 2023 to 2029, reaching nearly 63.22 Bn.

A Pressure Vessel refers to a container specially designed to keep gases, vapors, or liquids at a certain pressure that is somewhat different from the ambient pressure. These pressure vessels have the potential to be incredibly dangerous, hence everything associated with one, including its design, construction, and use, is governed by engineering authority and subject to legal obligations.

They are created with consideration for safety, minimum design temperature, and corrosion allowance. The pressure vessel must undergo a substantial amount of testing, starting with non-destructive testing and continuing with radiography, hydrostatic testing, pressure testing, and ultrasonic testing.

The market for pressure vessels is growing predominantly as a result of factors including the rising need for electricity globally, the capacity to customize pressure vessels, and rising usage in the power generation sector. However, the decline in metal mining is expected to be able to limit the growth of the market.To know about the Research Methodology :- Request Free Sample Report
Pressure Vessel Market Dynamics:
Growing Demand for Composite Pressure Vessels

One of the biggest and fastest-growing industries for advanced composites, notably filament-wound carbon fiber composites, are high-pressure gas storage vessels. The major end markets are for the storage of liquid propane gas (LPG), compressed natural gas (CNG), renewable natural gas (RNG), and hydrogen gas, despite the fact that they are employed in self-contained breathing apparatuses and supply oxygen and gas storage on aerospace vehicles (H2). In developing countries like India, China, and Brazil there is a rising market for cooking and heating equipment in addition to the usage of LPG tanks in automobiles.

A rising global commitment to decrease the impacts of climate change by moving from fossil fuels to renewable, low-emission fuels (such as CNG, RNG, and H2) and aiming for zero emissions by 2050 is the major driver of composite pressure vessel demand.

Hydrogen is positioned to fuel composites growth, which has invested in the development of a fuel cell Class 8 truck and a hydrogen combustion engine. Composites already produce more than half a million internal combustion engines (ICEs) annually for buses, medium-duty, and heavy-duty trucks. By the end of this decade, it is expected that these solutions would approach the total cost of ownership (TCO) of a diesel engine, and that heavy-duty transportation in the future would be fueled by hydrogen, fuel cells, or battery electricity rather than diesel.

The Growing adoption of Pressure Vessels in Thermal Power Plants

The demand for electricity in various industries is what essentially drives the world's thermal power plants. Even though conventional coal-fired power plants are subject to severe restrictions about climate change, the industry is working to improve plant operations and make them more environmentally and energy-friendly.

In this case, supercritical and ultra-supercritical technologies are being used. As a result, these factors are driving the demand for pressure vessels. One of the main factors predicted to drive up demand for pressure vessels is the shift to more advanced technologies as a result of local restrictions.

As a thermal power plant develops, its efficiency reduces, and there are now some plants that are about to be shut down in industrialized countries including the United States, Canada, the United Kingdom, and Germany. The equipment at these facilities has to be updated, and new pieces must always be incorporated.

Boiler demand is rising as a result of this. According to MMR analysis statistics, the development of existing power plants costs 10000 billion US dollars. Coal-fired power plants use 334% of this total quantity. The pressure vessel market is being driven by these investments in the construction of power plants.Incapability to Extend the Asset Life Cycle

For pressure vessels, pricey assets that can survive for decades and represent a sizeable investment for any firm, asset life cycle management is essential. Due to their intricate architecture, pressure vessels can be challenging to maintain over time. Numerous factors, including external impact (such as high-impact corrosion), internal corrosion (which can result in leaks), erosion from friction or chemical wear, fatigue from repeated cycles of pressurization and depressurization, bimetallic corrosion (which can result in cracks), and others, can have an impact on how well they perform. As a result, these factors are expected to hamper the market growth.
Pressure Vessel Market Segment Analysis:
By Product, the Pressure Vessel Market is segmented into Boiler, Nuclear Reactor, and Separator. Boiler product segment accounted for the largest market share of 58.9% in 2022. The segment’s growth is attributed to the superior performance of boilers in various industrial processes. There are several different types of boilers, including industrial, utility, cryogenic parameters, and superthermal power plant boilers with unit size up to 1,000 MW. More focus is devoted to designing and offering application-specific products by boiler manufacturers.

Over the forecast period, a nuclear reactor segment is expected to experience a significant growth rate. The segment is expected to grow due to the rising energy demand, which would increase the number of nuclear power plants. A nuclear reactor is a piece of machinery used to start and regulate a self-sustaining nuclear chain reaction. They are largely employed in nuclear marine propulsion as well as the production of energy at nuclear power stations.

A separator is a type of pressure vessel used to separate the liquid and gaseous components of fluids, which are produced by oil and gas wells. The separator used in petroleum production is a sizable vessel created for the purpose of separating production fluids into their individual components, specifically water, oil, and gas. The availability of numerous separators and the product's adaptable functionality are both expected to increase demand for the product over the forecast period.By End Use, the Pressure Vessel Market is segmented into Oil & Gas, Chemicals, Power Generation Chemicals & Petrochemicals, and others. The Chemicals segment held the largest market share accounting in 2022. Pressure vessels are needed by the chemical industry to keep industrial liquids and other materials needed for the creation of their finished goods; occasionally, they are also used to store the finished goods until shipping.

Pressure vessels are also used in the chemicals industry to combine, blend, and heat raw components to create the finished product. The industry segment for chemicals is expected to grow at the fastest rate over the forecast period. This growth is linked to the global chemicals industry's increasing annual production growth. Pressure vessels would then need to be deployed as a result.

Over the duration of the forecast period, the growth of oil and gas projects in various economies is likely to benefit market expansion. The demand for the product is expected to rise due to rising shale gas exploration activities brought on by technology developments in exploration, such as horizontal and hydraulic drilling, and rising shale gas usage in the manufacturing and energy sectors.
Pressure Vessel Market Regional Insights:
The Asia Pacific is expected to continue to be the world's largest and fastest-growing market for pressure vessels through the forecast period. The region's exceptional growth includes a sizable fleet of passenger cars and M&HCVs, a rise in the demand for cars with alternative fueling capabilities, and sizable gas requirements for power generation to meet the needs of the region's emerging manufacturing, commercial, and residential sectors. Governmental attention and increased R&D expenditure are also significantly helping the pressure vessel business.

In addition, the Asia Pacific pressure vessel industry is increasing as a result of growing nuclear power operations and rising chemical sector demand. The gradual demand for energy would be ensured by the includes the ideas of urban and industrial infrastructure in the region in the years ahead. Due to the necessity of pressure vessels in the majority of conventional power generation processes, this will increase demand for them in the region.

North America is expected to grow at a significant growth rate through the forecast period. Rapid industrialization high-energy rising demand for high-energy pressure vessels are the main factors fueling the region’s revenue growth. Due to the presence of significant market participants and growing urbanization at the same time, the U.S. and Mexico accounted for the largest regional share. In addition, growing attention to the utilization of natural gas for power generation is expected to propel market revenue growth through the forecast period.
Pressure Vessel Market Competitive Landscape
Pressure vessel design and manufacture are among the most difficult engineering specialties. Customers are placing more and more pressure on businesses to deliver high-quality goods on schedule, cheaply, and without compromising on safety. These projects place a lot of demand on the engineers and designers to satisfy their clients, conduct correct analyses, and guarantee asset life and safety.

A number of significant competitors operate on both a global and regional scale in the pressure vessel market's competitive environment. To increase their individual product portfolios and establish a solid foothold in the global market, key players are working on product development and strategic alliances. General Electric, Hitachi Zosen Corporation, Larsen & Toubro Limited, Mitsubishi Heavy Industries, Ltd., Doosan Mecatec, Samuel, Son & Co., IHI Plant Services Corporation, Babcock & Wilcox Enterprises, Inc., Bharat Heavy Electricals Limited, Halvorsen Company, Dongfang Turbine Co. Ltd., and ERGIL are a few of the major companies mentioned in the market report.For instance, Boyd Corporation, a California-based pioneer in engineered material and thermal management technology development, announced on January 19, 2021, that it will be building a new industrial plant in Juarez, Mexico. This signifies the company's entry into the North American market. The industrial complex also includes cutting-edge automation systems that are fueled by renewable energy sources, integrate thermal management, and have the ability to manufacture a wide range of materials.
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Pressure Vessel Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 45.14 Bn.


Forecast Period 2023 to 2029 CAGR:
4.93%
Market Size in 2029:
US $ 63.22 Bn.


 Segments Covered:
by Product
1. Boiler
2. Nuclear Reactor
3. Separator


by Material
1. Steel Alloy
2. Other Alloy
3. Composite


by End Use
1. Oil & Gas
2. Chemical
3. Power Generation Chemicals & Petrochemicals
4. Other


by Application
1. Storage Vessels
2. Processing Vessels


by Source
1. Fired
2. Un-Fired



Pressure Vessel Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Pressure Vessel Market, Key Players are
1. Springs Fabrication(US)
2. Samuel Pressure Vessel Group(US)
3. Westinghouse Electric Company LLC.(US)
4. CB&I(US)
5. Babcock and Wilcox Enterprises,Inc.(US)
6. General Electric Company(US)
7. Doosan Heavy Industries & Construction(South Korea)
8. Bharat Heavy Electricals Ltd(India)
9. Larsen & Toubro Ltd.(India)
10. Dongfang Electric Machinery Co., Ltd..(China)
11. Shanghai Electric(China)
12. IHI Corporation(Japan)
13. Mitsubishi Heavy Industries, Ltd.(Japan)
14. IHI Corporation(Japan)
15. Kobelco(Japan)

FAQs:

1. What was the global market size of the Pressure Vessel Market in 2022?
Ans. The Global Pressure Vessel Market was valued at USD 45.14 Bn. in 2022.

2. What is the study period for the Pressure Vessel Market?
Ans. 2017-2029 is the study period for the Pressure Vessel Market.

3. What is the growth rate of the Pressure Vessel Market?
Ans. The Chatbots Market is growing at a CAGR of 4.93% over forecast the period.

4. What is the market size of the Pressure Vessel Market by 2029?
Ans. The market size of the Information Technology Market by 2029 is expected to reach at 63.22 Bn.

5. What is the forecast period for the Chatbots Market?
Ans. The forecast period for the Chatbots Market is 2023-2029.