(MENAFN- GlobeNewsWire - Nasdaq) Pressure Vessels market size was valued at 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).Westford, USA, Nov. 14, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global pressure vessels market size will reach a value of USD 77.46 Billion by 2031 , with a CAGR of 6.1% during the forecast period (2024-2031). The substantial growth of the chemical and petrochemical sectors as well as the increasing use of supercritical power generation technology are responsible for this industry boom. Pressure containers have beneficial properties including corrosion and cross-contamination resistance. They are therefore employed in a number of chemical processes. As a result, it is anticipated that the chemical industry's explosive growth and the advantages the product provides will be a primary driver of the global pressure vessels market share within the sector.
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Pages – 157
Tables – 92
Figures – 76
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Pressure Vessels Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 48.24 Billion |
| Estimated Value by 2031 | USD 77.46 Billion |
| Growth Rate | Poised to grow at a CAGR of 6.1% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Material, Product, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Development of more robust and effective vessels |
| Key Market Opportunities | Growth in the production of nuclear energy |
| Key Market Drivers | Global chemical output is increasing |
Boilers Product to Hold Significant Growth due to Rising Demand for Efficient Energy Production
Boilers dominate the global pressure vessels market due to rising demand for efficient energy production across industries like power generation, petrochemicals, and manufacturing. This necessitates the advancements of the boiler technology to maximize their operational performance and to make them study more, hence enhancing their market attractiveness. Moreover, vigorous environmental policies compel the sectors to adopt high-efficiency boilers solidifying their dominance in the global vessels market outlook.
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Oil and Gas Application to Lead Market due to need for Safe, High-Capacity Storage and Transport Solutions
The oil and gas sector leads the global pressure vessels industry due to its need for safe, high-capacity storage and transport solutions for volatile substances. This need spurs high demand for pressure vessels in various processes including extraction, refining and transportation. Furthermore, increased energy exploration and growing energy use more than stress the need for tough pressure vessel systems in the sector.
North America to Dominate Market due to High Demand for Reliable Containment and Processing Solutions
North America dominates the global pressure vessels market due to its strong oil and gas sector, which drives high demand for reliable containment and processing solutions. This demand spurs investment in advanced, high-quality pressure vessels, meeting stringent safety standards. Additionally, technological advancements and regulatory support for energy projects further strengthen North America's leadership in the market.
Pressure Vessels Market Insight
Drivers:
Increasing Global Energy Consumption
Expanding Industries like Petrochemicals & Chemicals
High Adoption of Low-Emission Pressure Vessels
Restraints:
Capital-Intensive Nature of Pressure Vessel
Compliance with Stringent International Safety Standards
Fossil-Fuel-Based Industries Facing Scrutiny
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Prominent Players in Pressure Vessels Market
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)
Key Questions Answered in Global Pressure Vessels Market Report
What is the projected market value of the market by 2031?
Which industry sector primarily drives the demand for the global pressure vessels market share?
Why is North America expected to dominate the market?
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This report provides the following insights:
Analysis of key drivers (Industrialization in emerging economies, nuclear power plants require robust pressure vessels, investment in oil & gas exploration), restraints (Certification processes is complex, limited availability of high-quality raw materials), opportunities (Growing renewable energy projects, increased offshore oil and gas exploration).
Market Penetration : Comprehensive information on the product portfolios offered by the top players in the pressure vessels market.
Product Development/Innovation : Detailed insights on the upcoming trends, R&D activities, and product launches in the pressure vessels market.
Market Development : Comprehensive information on lucrative emerging regions
Market Diversification : Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment : In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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