Pressure Vessels Market Size to grow by USD 43.8 billion between 2024-2028
According to a research report “ Pressure Vessels Market” by End-user (Chemicals, Power generation, Oil and gas, Others) Type (Boilers, Separators, Reactors) Geography (APAC, Europe, North America, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 43.8 billion, at a CAGR of 4.37% during the forecast period. The global pressure vessels market is poised for growth due to the increasing demand for water treatment plants. These vessels play a crucial role in optimizing water temperature and enhancing energy efficiency in manufacturing industries such as food and beverage, pharmaceuticals, and pulp and paper. With water being a critical element in these sectors, the rising demand for water is anticipated to fuel market expansion. Stringent environmental regulations and water conservation norms necessitate the establishment of new water treatment facilities and the replacement of old ones in developed and developing countries. This trend is driving the demand for pressure vessels to meet the stringent requirements of these industries and regulatory bodies..
Browse market data tables, figures, and in-depth TOC on “Pressure Vessels Market” by End-user (Chemicals, Power generation, Oil and gas, Others) Type (Boilers, Separators, Reactors) Geography (APAC, Europe, North America, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample
By End-user, the Chemicals segment is projected to dominate the market size in 2024
The chemical industry, a global leader in innovation and growth, is characterized by the production of advanced chemical and petrochemical products. This sector's expansion has led to a significant demand for efficient pressure vessels, making it a major end-user in the market. Pressure vessels play a crucial role in the chemical industry, ensuring the safe and effective containment of chemicals used in various applications. With the industry's continued growth, the demand for pressure vessels is projected to increase at an impressive rate during the forecast period. Effective management of chemicals throughout their lifecycle is essential to mitigate risks to human health and ecosystems and prevent substantial economic costs.
By Type, Boilers segment is expected to hold the largest market size for the year 2024
In the industrial landscape, pressure vessels, specifically boilers, play a pivotal role in generating steam from water or other fluids for diverse applications in power generation, oil and gas, chemical processing, and food processing industries. Two primary types of boilers exist: fire-tube and water-tube. Fire-tube boilers feature a large cylindrical vessel with a firebox at one end, while tubes transport the hot gases from the firebox, heating the water within and producing steam. Conversely, water-tube boilers consist of smaller vessels with tubes containing the water, which absorbs heat from the hot gases flowing outside. Both designs cater to various industrial requirements, ensuring optimal efficiency and productivity.
APAC is forecasted to hold the largest market size by region in 2024
The pressure vessels market encompasses the production and sale of cylindrical or spherical containers designed to withstand internal pressures. These vessels are integral to various industries, including oil and gas, power generation, and chemical processing. Market growth is driven by increasing demand for efficient energy production and the need for safer and more reliable containment solutions. Key players in this sector focus on innovation and cost-effective manufacturing to meet evolving customer needs.
The Pressure Vessels Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The global Pressure Vessels market is witnessing significant growth due to the increasing demand from various end-use industries such as nuclear power, chemical processing, and oil & gas. The market for pressure vessels is diverse, with materials ranging from cast iron and carbon steel to high-performance alloys like zirconium, nickel alloys, tantalum, Monel, Carpenter alloy, Hastelloy, Incoloy, and titanium. Fluoropolymer and carbon fiber are also gaining popularity due to their superior properties. In the nuclear reactor segment, the demand for high-strength materials like zirconium, nickel alloys, and stainless steel is high due to safety regulations and quality standards. The boiler segment is another significant end-user, with carbon steel and stainless steel being the most commonly used materials. Design codes and safety regulations play a crucial role in the pressure vessels market, ensuring the safety and reliability of these critical components. Alloy metals like nickel alloys, Monel, Hastelloy, Incoloy, and Carpenter alloy are preferred in applications requiring high corrosion resistance and high-temperature performance. Aluminum and titanium are also used in specific applications due to their lightweight properties. The cargo handling industry is another end-user, with carbon steel and stainless steel being the materials of choice for their strength and durability. Overall, the pressure vessels market is expected to continue its growth trajectory, driven by the increasing demand from various end-use industries and the need for high-performance materials.
Market Research Overview
The Pressure Vessels market encompasses various industries such as HVAC and refrigeration, water treatment, pulp and paper, mining, thermal power plants, hydro power plants, and power generation segment. In the power generation sector, pressure vessels are extensively used in nuclear reactors, boilers, unfired pressure vessels, fired pressure vessels, flash drums, heat exchangers, reactors, separators, and other power generation systems. Materials used in pressure vessels include reinforced concrete, cast iron, fluoropolymer, carbon fiber, zirconium, aluminum, tantalum, nickel alloys, titanium, steel, Monel, Carpenter alloy, Hastelloy, Incoloy, and stainless steel. The nuclear reactor segment is a significant consumer of alloy metals like zirconium, nickel alloys, and stainless steel due to their high-strength properties and resistance to corrosion. The energy sector, including nuclear power, is a major consumer of pressure vessels. Quality standards and safety regulations are stringent in this sector, ensuring the use of high-quality materials and adherence to design codes. Pressure vessels are used in cargo handling, water treatment, chemical facilities, and mining industry, among others. The market for pressure vessels is expected to grow due to the increasing demand for power generation and the need for efficient and safe pressure vessels.
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