Global Pressure Vessels Market Analysis Report 2023-2028: Burgeoning Opportunities in Hydrogen Storage Systems and Nuclear Power

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Sep 21, 2023, 19:45 ET

DUBLIN, Sept. 21, 2023 /PRNewswire/ -- The "Pressure Vessels Market by Type (Boilers, Reactors, Separators), Material, Heat Source (Fired Pressure Vessel and Unfired Pressure Vessel), Application (Storage Vessels and Processing Vessels), End-User Industry and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The global pressure vessels market is poised for significant growth, projected to increase from USD 50.3 Billion in 2023 to USD 62.7 Billion by 2028, with a notable CAGR of 4.5% throughout the forecast period. This expansion is primarily attributed to the upsurge in global chemical production, which propels the demand for pressure vessels.

This comprehensive report offers an in-depth exploration of the key market drivers, challenges, opportunities, and restraints. It encompasses critical facets of the pressure vessels market, encompassing a competitive landscape analysis, market dynamics, and value-based market estimates. Furthermore, it casts light on future trends anticipated to shape the pressure vessels market.

The market exhibits substantial growth prospects in various vessel categories, including flash drums and heat exchangers. These vessel types play an integral role in industries engaged in separation processes, heat exchange, and phase alterations. The surge in worldwide chemical production is a pivotal driving force behind the escalating demand for pressure vessels, particularly storage vessels, which are indispensable components for various sectors.

The Middle East and Africa are poised to emerge as the second-fastest-growing pressure vessels market during the forecast period. North America witnesses a substantial demand for pressure vessels, driven by increased horizontal drilling activities, particularly in unconventional reserves like tight oil and shale gas. Additionally, large-scale brownfield developments in the region contribute significantly to the regional pressure vessel market's growth.

The pressure vessels market is characterized by the dominance of a few major players with extensive regional presence. Key market leaders include Bharat Heavy Electricals Limited (India), Mitsubishi Hitachi Power Systems (Japan), IHI Corporation (Japan), Babcock & Wilcox (US), and LARSEN & TOURBO LIMITED (India).

In terms of applications, the pressure vessels market is categorized into two main types: processing vessels and storage vessels. The demand for storage vessels is robust across diverse industries, driven by the need to store liquids and gases at precise temperatures. Infrastructure projects, such as oil and gas pipelines, refineries, chemical plants, and power plants, rely on storage vessels for various purposes, which is expected to drive their demand, particularly in emerging economies.

Regarding vessel types, the pressure vessel market is segmented into boilers, separators, reactors, and others, encompassing flash drums and heat exchangers. The demand for flash drums and heat exchangers is closely aligned with processes involving separation, heat transfer, and phase change.

Industries requiring efficient separation of liquid and vapor phases or effective heat exchange, such as distillation, fractionation, or vaporization processes, are key drivers for flash drums and heat exchangers. Notably, the chemical industry is expected to fuel moderate growth in this segment during the forecast period, primarily due to the high demand for heat exchangers across various applications.

Premium Insights

Growing Chemical Production and Technological Advancements and Material Innovations Worldwide to Accelerate Market Growth
Power Industry and China Held Largest Shares of Market in Asia-Pacific in 2022
Boilers to Dominate Market in 2028
Processing Vessels to Lead Market in 2028
Fired Pressure Vessels to Command Market in 2028
Power Industry to be Largest Stakeholder of Pressure Vessel Market in 2028

Market Overview

Drivers

Growing Chemical Production Industry
Thriving Oil & Gas Industry

Restraints

High Manufacturing and Maintenance Costs

Opportunities

Increasing Focus on Nuclear Power Generation
Evolving Technologies Such as Hydrogen Storage Systems

Challenges

Stringent Manufacturing Standards and Quality Guidelines to be Followed by Pressure Vessel Manufacturers
Volatile Prices of Raw Materials

Trends/Disruptions Impacting Customer Business

Revenue Shifts and New Revenue Pockets for Pressure Vessel Manufacturers
Market Mapping

Value Chain Analysis

Raw Material Providers/Suppliers
Component Manufacturers
Pressure Vessel Manufacturers/Assemblers
Distributors/End-users
Post-Sales Service Providers

Tariff and Regulatory Landscape

Tariff for Pressure Vessel Components Classified Under Hs Code 8402
Tariff for Pressure Vessel Components Classified Under Hs Code 8401
Tariff for Pressure Vessel Components Classified Under Hs Code 8507
Tariff for Pressure Vessel Components Classified Under Hs Code 841950
Regulatory Bodies, Government Agencies, and Other Organizations

Case Study Analysis

Scientists from Imperial College Used Nuclear Fuel Cladding Technique to Enhance Fuel Efficiency and Improve Reactor Safety Standards
Babcock Wanson Deployed Boilers at Bedford Hospital for Precise Control Over Steam Output and Quality

Company Profiles

Key Players

Bharat Heavy Electricals Limited
Mitsubishi Hitachi Power Systems
Ihi Corporation
Larsen & Toubro Limited
Bumhan Mecatec
General Electric
Babcock & Wilcox Enterprises
Hitachi Zosen Corporation
Dongfang Turbine Co., Ltd.
Samuel, Son & Co.
Westinghouse Electric Company
Halvorsen Company
Pressure Vessels (India)
Kelvion Holding GmbH
Viflow

Other Players

Ergil
Gladwin Tank
Robinson Pipe & Vessel
Halliburton
Alfa Laval

For more information about this report visit https://www.researchandmarkets.com/r/rnh5c4

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