Pressure Vessel Industry Growth Analysis: Drivers, Restraints, and Forecast 2023-2032



The Pressure Vessel Market is an integral component of numerous industrial sectors, such as oil and gas, chemical processing, power generation, and petrochemicals. Pressure vessels are containers designed to store gases or liquids at significantly different pressures from ambient levels – they ensure safety, efficiency, and productivity across industries. This thorough analysis explores factors impacting this market including recent developments, future growth prospects, and regional insights.

Pressure Vessel industry size is expected to be worth around USD 296.7 Bn by 2032 from USD 189.6 Bn in 2022, growing at a CAGR of 4.7% during the forecast period from 2023 to 2032.

Key Market Segments

Material type Analysis

  • Steel
  • Hastelloy
  • Titanium
  • Nickel & Nickel Alloys
  • Tantalum
  • Others

End-use industry Analysis

  • Chemicals & Petrochemicals
  • Oil & Gas
  • Power Generation
  • Fertilizers

Type Analysis

  • Boiler
  • Nuclear Reactor
  • Separator
  • Others

Present Trends in the Pressure Vessel Market:

Current market trends include an increasing use of composite materials and automation in manufacturing processes. A focus on energy-efficiency by increasing pressure vessel energy-saving potential is also emerging as an industry trend. Furthermore, digitalization and IoT (Internet of Things) for real-time monitoring and predictive maintenance is becoming more prominent in this space.

Top Key Players in Pressure Vessel Market

  • Abbott
  • Bharat Heavy Electricals
  • Larsen & Toubro
  • Samuel Pressure Vessel
  • Barton Firtop
  • Babcock & Wilcox
  • Doosan
  • General Electric
  • Mitsubishi

Recent Developments (Yearly):

  • 2020-2021: Increased adoption of stainless steel pressure vessels due to their corrosion-resistant properties; as well as growing investments in hydrogen storage pressure vessels to support the hydrogen economy.
  • 2022: New nondestructive testing techniques can improve pressure vessel inspection and safety.

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