The global Pressure Vessels Marketis projected to reach USD 62.7 billion in 2028 from USD 50.3 billion in 2023 at a CAGR of 4.5% according to a new report by MarketsandMarkets™. Pressure vessel is a closed container which are designed to hold fluids or gases at a pressure that is significantly different from the ambient pressure. It is constructed to withstand the internal pressure exerted by the enclosed substance and maintain its structural integrity. Pressure vessels are commonly used in various industries for storing, processing, or transporting substances under high pressure conditions.
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End User Industry Segmentation
Based on end-user industry, the Pressure Vessels Market has been split into power, oil & gas, food & beverages, pharmaceuticals, chemicals, and others which include agriculture, marine, paper & pulp, and aerospace. In the power generation industry, the pressure vessels have a high demand in the boilers. They contain water or steam under high pressure, which is heated to generate steam that drives turbines for electricity generation. Apart from boilers, the pressure vessels are also used in the nuclear power plants. The global wide rise in the number of nuclear power plants in the power generation sector is driving the market.
Application Segmentation
This report segments the Pressure Vessels Market based on application into two segments: processing vessels, and storage vessels. Processing vessels are a specific category of pressure vessels designed for handling and containing fluids or gases in industrial processing operations. They are utilized in diverse industries such as oil and gas, chemical, pharmaceutical, food and beverage, pulp and paper, and many others.
Reginal Analysis
North America is expected to be the largest Pressure Vessels Market during the forecast period. the region has the largest shale reserves, making it a lucrative market for drilling and oilfield service providers. The vast potential of the shale reservoirs has been attracting more drilling operations in the North American oil industry. The increase in oil and gas activities would consequently increase the demand for pressure vessels in North America.
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Key Market Players:
Some of the major players in the Pressure Vessels Market are Bharat Heavy Electricals Limited (India), Mitsubishi Hitachi Power Systems (Japan), IHI Corporation (Japan), Babcock & Wilcox Enterprises (US), and LARSEN & TOURBO LIMITED (India). The major strategies adopted by these players include acquisitions, sales contracts, product launches, partnerships, and expansions.
