Global Pressure Vessel Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

The Pressure Vessel Market report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint.

The global pressure vessel market report has been segmented on the basis of material, product type, application, and region.

This Pressure Vessel Market report is based on the synthesis, analysis, and interpretation of information gathered from various sources regarding the target market.

Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts, with the primary objective being to provide a holistic view of the target market.

In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as current impact, in order to make informed forecasts about the scenarios in the near and distant future.

Pressure Vessel Market Overview:

“The Pressure Vessel Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

A Pressure Vessel is an enclosed cylindrical structure used by various industries, that holds liquids and gases at high pressure. Designing of pressure vessel requires corrosion allowance, maximum safe operating pressure and temperature, minimum design temperature, and safety factor.

The operation and manufacturing of pressure vessels are highly governed by authorities supported by legislation.

Pressure Vessel Market Dynamics:

The global pressure vessel market is expected to register significant growth over the forecast period, owing to the increasing requirements for energy across the globe.

Pressure vessels are used in numerous power generation projects, and the rising demand for power generation, in turn, drives the growth of the global pressure vessel market over the forecast period. Increasing government support for the renewable sector is estimated to increase demand for pressure vessels in the market, leading to the growth of the global market.

Increasing demand for high-pressure vessels in chemical industries is also expected to drive the growth of the global pressure vessel market over the estimated time period. Pressure vessels form an integral part of these industries as it is engaged in the safe handling of gases and liquids which is crucial.

Moreover, increasing oil exploration activities, coupled with increasing investment in establishing proper infrastructure for such activities is also expected to augment the growth of the global pressure vessel market over the forecast period.

Increasing regulations and restrictions by government authorities on the operation and manufacturing of pressure vessels are expected to restrain the growth of the global market to a certain extent.

In addition, decreasing mining activities that use the application of pressure vessels, is expected to create a negative impact on the growth of the global market over the forecast period.

Research and studies have led to the development of new approaches to designing cost-effective pressure vessels.

The new approach-by-analysis method of designing has increased the ability to consider higher tolerable stresses and get real, reliable, and economical results, leading to an increase in demand for pressure vessels, thereby augmenting the growth of the global market.

Pressure Vessel Market Analysis by Region:

Asia Pacific market is currently dominating the global market over the forecast period, owing to the growing power & energy sector, coupled with increasing demand for power for the growing population in the region.

In addition, the increasing growth of various industries such as oil and gas industries, and chemical industries, is also expected to drive demand for pressure vessels, leading to the growth of the target market in the Asia Pacific.

The Middle East market is also estimated to grow at a high CAGR rate, owing to the deep-rooted oil & gas infrastructure in the region.

Global Pressure Vessel Market Segmentation:

Segmentation by Material:

• Steel Alloy
• Other Alloy
• Composites

Segmentation by Product Type:

• Boiler
• Nuclear Reactor
• Separator
• Others

Segmentation by End-use Application:

• Oil & Gas
• Chemical
• Power Generation
• Others

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa