Pressure Vessel Market: Current Analysis and Forecast (2021-2027)

Report Description

The Pressure Vessel market demand is increasing at an extensive rate over the years and is expected to witness significant growth during the forecasted period as well.  Factors that are accelerating the demand for pressure vessels across the globe are the growing need for energy which requires pressure vessels for operations coupled with soaring investment in the renewable energy sector and the growing chemical and petrochemical industry requires a wide range of pressure vessels.

In addition, increasing demand for customized vessels has created opportunities for new entrants, especially in developed economies. Furthermore, growing awareness regarding the regulation standards by agencies has boosted the demand for ASME (American Society of Mechanical Engineers)-certified products in recent years are also driving the market size of a pressure vessels.

The global Pressure Vessel market is expected to register a CAGR of more than 4.5 % throughout 2021-2027. Tanks, vessels, and pipelines that carry, store or receive fluids are called pressure vessels. Pressure vessels are leak-proof containers that store liquid or gas. Pressure vessels of various sizes and shapes have been produced for different purposes. Generally, preferred geometries are spherical, conical, and cylindrical. Moreover, pressure vessels are widely used in various industries such as petrochemical, oil and gas, chemical, and food processing industries. Factors that are positively escalating the market size of the pressure vessel are the increasing requirement for the industrial equipment to hold their gases, liquids, and vapors at high pressures for various end-user industries.

Moreover, the rapid growth of the energy sector is driven by the robust development of the global economy and the rising demand for cooling and heating equipment are propelling the market size of a pressure vessel. In addition, technological advancement such as supercritical and ultra-critical technologies for thermal power generation is also creating demand for pressure vessels across the globe.

Babcock and Wilcox Enterprises, General Electric, Hitachi Zosen, Doosan Heavy Industries & Construction Co, Mitsubishi Heavy Industries, Bharat Heavy Electricals, Larsen & Toubro, Dongfang Electric Machinery, IHI Corporation, Halvorsen are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Based on material, steel segment accounted for the majority share in the market in 2020”

Based on the material, the pressure vessel market is classified into hastelloy, titanium, nickel & nickel alloys, tantalum, steel, and others. The steel segment caters to extensive market share in the pressure vessel market. Steel is most commonly used in manufacturing pressure vessels when compared to composites and other alloys. The advancements in the steel alloy have improved its properties such as strength, and corrosive resistance nature.

“Amongst product, boiler segment is expected to witness highest CAGR during the forecast period”

Based on the product, the pressure vessel market is categorized into the boiler, nuclear reactor, separator, and others. The boiler segment acquired a considerable market share in the pressure vessel market. As boilers have high strength to endure such high pressures and thermal stress that their demand is soaring in many end-user industries.

“Based on application, oil & gas segment expected to witness extensive CAGR during the forecast period”

Based on application, the pressure vessel market is segmented into chemicals & petrochemicals, oil & gas, power generation, food & beverages, and fertilizers. The oil & gas segment is expected to account for a significant market share in the forecast period. Increasing demand for liquefied natural gas (LNG) & compressed natural gas (CNG) in the transportation system are fueling the market size of pressure vessels across the globe.

“Asia Pacific to witness significant growth during the forecast period”

The Asia Pacific is expected to hold a significant market share in the forecast period owing to the growing rapid expansion of the power sector in the region coupled with the rising installation of nuclear powerhouses and rapidly expanding oil & gas and chemical sectors are expected to boost the regional market growth. Moreover, increasing R&D activities in oil and gas industries coupled with technological advancements in pressure vessels are creating opportunities for pressure vessel growth in the Asia Pacific region. Also, new technologies are replacing the aged thermal power plants making them eco-friendly, and energy-efficient creating demand for supercritical and ultra-critical technologies for thermal power generation is also building up demand for pressure vessels in the region. Besides the higher use of renewable energy sources such as solar, wind, and hydropower are also being encouraged, owing to the fact that these sources can be made available as part of a cyclical process that can be used repetitively and are environmentally sustainable.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

Global Pressure Vessel market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

You can also purchase parts of this report. Do you want to check out a section wise price list?

Get in touch with team

Research Methodology

Research Methodology for the Global Pressure Vessel Market Analysis (2021-2027)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Pressure Vessel market were the three major steps undertaken to create and analyze the adoption of the Pressure Vessel in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Pressure Vessel market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Pressure Vessel market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Pressure Vessel market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as material, product, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Pressure Vessel market. Further, we conducted factor analysis using dependent and independent variables such as various materials, product, and applications of the pressure vessel. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Pressure Vessel market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Pressure Vessel market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Pressure Vessel market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Pressure Vessel market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Pressure Vessel market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of material, product, and application in the global Pressure Vessel market.

The main objective of the Global Pressure Vessel Market Study

The current & future market trends of the global Pressure Vessel market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Pressure Vessel market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of material, product, and application.
• Define and analysis of the regulatory framework for the Pressure Vessel market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Pressure Vessel market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the world.
• Company profiles of the Pressure Vessel market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise price list?

Get in touch with team