Pressure Vessels Market Size, Share, Growth Analysis, By Material(Steel Alloys, Other alloys), By Product(Boilers, Nuclear reactors), By Application(Oil and gas, Chemicals) - Industry Forecast 2024-2031

Pressure Vessels Market size was valued at USD 45.46 billion in 2022 and is poised to grow from USD 48.24 billion in 2023 to USD 77.46 billion by 2031, growing at a CAGR of 6.1% in the forecast period (2024-2031).

A diverse array of manufacturers and industry participants vying for a market share in the busting market defines the competitive scene of the pressure vessel market. In order to retain their competitive advantage, these players partake in product innovation, strategic partnerships, mergers, and purchases. The market’s competitive nature is a direct result of the climbing demand for uber quality pressure vessels across several sectors like oil and gas, energy, and chemicals. 'Babcock and Wilcox Enterprises, Inc. (US)', 'Doosan Heavy Industries & Construction Co., Ltd. (South Korea)', 'Mitsubishi Heavy Industries Ltd. (Japan)', 'Bharat Heavy Electricals Limited (India)', 'Larsen & Toubro Limited (India)', 'Dongfang Electric Machinery Co., Ltd. (China)', 'General Electric Co (US)', 'Halvorsen (Norway)', 'IHI Corporation (Japan)', 'Pressure Vessels (India)', 'Samuel Pressure Vessel Group (US)', 'Westinghouse Electric Company LLC (US)', 'Foster Wheeler AG (Switzerland)', 'Thyssenkrupp AG (Germany)', 'CBI (Chicago Bridge & Iron) (US)', 'SPVG (South Korea)', 'CIMC (China)', 'Sumitomo Heavy Industries Ltd. (Japan)', 'McDermott International, Inc. (US)', 'Kelvion Holding GmbH (Germany)'

Manufacturers are consistently investing in research and development to enhance the design, materials, and manufacturing processes of pressure vessels. This drive for innovation results in the creation of more efficient and durable vessels, meeting the increasing demand for high-performance solutions. Moreover, advancements in materials like composite materials and alloys allow for lighter yet stronger pressure vessels, improving their overall efficiency and reducing operational costs.

Sustainability and Green Pressure Vessels: Industries are on the lookout for new ways to reduce their carbon footprint in the wake of increasing concerns for the environment globally. Resulting from this trend stems the demand for pressure vessels that meet the inflexible safety regulations with the use of eco-friendly materials and designs. Pressure vessel producers are now focusing on finding novel components like lightweight materials and energy-efficient designs to lessen the negative impact on the environment. This shift towards sustainability aligns with broader efforts to create more environmentally responsible industrial practices and is expected to significantly influence market dynamics in the coming years.

In the pressure vessel market, North America takes the lead with the largest market share. Its dominance can be credited to the region’s flourishing industrial sector, especially in the chemical, oil and gas, and energy fields. The key drivers of the demand for supreme quality pressure vessels sprouts from an increased emphasis on technological advancements and strict safety rules.