The global pressure vessel market is projected to generate USD 68.2 billion revenue by 2030, advancing at a CAGR of 4.60% during 2022–2030. The key factors driving the industry include the increasing thermal energy demand, the rising need for clean energy, the growing chemical and petrochemical sectors, and the surging use of supercritical power generation technologies. Moreover, pressure vessels are used in many different chemical processes due to their resistance to corrosion and cross-contamination.
Furthermore, technical advancements, particularly in the U.S., have a big positive impact on the industrial sector. As a result, investments in production and other operations have increased in recent years in a number of industries, including oil and gas, power, chemicals, and food & beverages. This is projected to accelerate the market expansion in the years to come. The applications of pressure vessels in these industries include industrial compressed air receivers, diving cylinders (scuba diving), domestic hot water storage tanks, recompression chambers, autoclaves (in the medical industry to sterilize), oil refineries, distillation towers, petrochemical plants, pneumatic and hydraulic reservoirs, nuclear reactor vessels, and storage vessels for liquefied gases.
The steel alloy category held the largest revenue share, of more than 42%, in 2022. This is mainly because alloy steel is significantly stronger, easier to weld, and can resist corrosion than conventional carbon steel, as alloy steel has a number of different components. Furthermore, alloy steel is frequently heat-treated to improve its strength, which further increases its resistance to wear and strain. Additionally, a number of techniques, including arc welding, gas welding, and resistance welding, can be used to weld alloy steel.
Based on the heat source segment, the unfired category is expected to grow at a higher CAGR during the forecast period. This can be because an unfired vessel has a lesser risk of overheating, it serves as a heat exchanger, and it is very beneficial in preventing corrosion brought on by exceptionally high temperatures and other associated factors.
Geographically, Europe held the second-largest market share in 2022. This is mainly attributed to product innovation and extensive R&D by manufacturers of pressure vessels, and the growing oil & gas industry in the region. Europe is expected 433 oil and gas projects will commence operations during the period 2022–2026. Of these, midstream projects would be the highest with 196 projects. For instance, a field located around 120 km from the Scottish Shetland Islands, the Rosebank project is one of the most important upcoming gas projects. A 3-year extension was given to the field's players for the production, which is expected to contain 240 million barrels of oil and gas.
The major players operating in the pressure vessel market include Babcock & Wilcox Enterprises Inc., General Electric, Larsen & Toubro Ltd., Mitsubishi Power Ltd., Hitachi Zosen Corporation, IHI Corporation, Bharat Heavy Electricals Limited, Doosan Mecatec Co. Ltd., Dongfang Turbine Co. Ltd., and Samuel Son & Co.