Global Pressure Vessel Market to Reach USD 35.3 Billion by 2033, Propelled by the Growing Demand for Energy and Power

December 23, 2024 | Heavy Industry

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The latest report by IMARC, titled “Pressure Vessel Market Report by Material (Hastelloy, Titanium, Nickel and Nickel Alloys, Tantalum, Steel, and Others), Product (Boiler, Nuclear Reactor, Separator, and Others), End Use (Chemicals and Petrochemicals, Oil and Gas, Power Generation, and Others), and Region 2025-2033”, finds that the global pressure vessel market size reached USD 25.4 Billion in 2024. Pressure vessels refer to containers designed to hold gases or liquids at a pressure substantially different from the ambient pressure. They contain various components, such as catalyst support grids, distributor trays, baffles, and de-mister pads. These vessels range in size from small, portable containers to large, complex structures, and they are often subject to stringent safety regulations. Nowadays, pressure vessels are used in a variety of industries, including chemical, petroleum, and nuclear power generation.

Global Pressure Vessel Market Trends:

One of the primary factors driving the market is the growing demand for energy and power generation. Additionally, the increasing use of compressed natural gas as a fuel, and the expansion of the chemical and petrochemical industries is creating a positive market outlook. Besides this, the growing global population and urbanization have increased energy consumption, which has driven the demand for pressure vessels used in power plants and other energy generation facilities. Other than this, the shift toward cleaner energy sources, such as natural gas, has escalated the demand for pressure vessels used in natural gas storage and transportation. Besides this, the chemical and petrochemical industries also rely heavily on pressure vessels to store and transport various chemicals and gases, thus contributing to the market growth. In line with this, the increasing investments in renewable energy sources, such as wind and solar power, are expected to accelerate the sales of pressure vessels used in energy storage applications. Looking forward, IMARC Group expects the market value to reach USD 35.3 Billion by 2033, expanding at a CAGR of 3.57% during the forecast period (2025-2033).

Market Summary:

On the basis of the material, the market has been divided into Hastelloy, titanium, nickel and nickel alloys, tantalum, steel (stainless, duplex, carbon, super duplex, and other steels), and others.
Based on the product, the market has been segregated into boiler, nuclear reactor, separator, and others.
On the basis of the end use, the market has been categorized into chemicals and petrochemicals, oil and gas, power generation, and others.
Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
The competitive landscape of the market has also been diagnosed, with some of the key players Abbott & Co (Newark) Ltd., Alloy Products Corp., Babcock & Wilcox Enterprises Inc., Bharat Heavy Electricals Limited, Doosan Heavy Industries & Construction, GEA Group Aktiengesellschaft, Halvorsen Company, IHI Corporation, Larsen & Toubro Limited, Mitsubishi Power Ltd., Pressure Vessels (India), and Samuel Son & Co.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Billion USD
Segment Coverage	Material, Product, End Use, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Abbott & Co (Newark) Ltd., Alloy Products Corp., Babcock & Wilcox Enterprises Inc., Bharat Heavy Electricals Limited, Doosan Heavy Industries & Construction, GEA Group Aktiengesellschaft, Halvorsen Company, IHI Corporation, Larsen & Toubro Limited, Mitsubishi Power Ltd., Pressure Vessels (India) and Samuel Son & Co.
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Pressure Vessel Market to Reach USD 35.3 Billion by 2033, Propelled by the Growing Demand for Energy and Power

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