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The Worldwide Pressure Vessel Industry is Expected to Reach $59.5 Billion by 2027

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Global Pressure Vessel Market

Global Pressure Vessel Market
Global Pressure Vessel Market

Dublin, Dec. 01, 2022 (GLOBE NEWSWIRE) -- The "Pressure Vessel Market by Type (Boiler, Reactor, Separator), Material, Heat Source (Fired Pressure Vessel and Unfired Pressure Vessel), Application (Storage Vessels and Processing Vessels), End-User and Region - Global Forecast to 2027" report has been added to's offering.

The pressure vessel market is anticipated to grow from an estimated USD 47.1 Billion in 2022 to USD 59.5 Billion in 2027, at a CAGR of 4.8% during the forecast period.

Report Attribute


No. of Pages


Forecast Period

2022 - 2027

Estimated Market Value (USD) in 2022

$47.1 Billion

Forecasted Market Value (USD) by 2027

$59.5 Billion

Compound Annual Growth Rate


Regions Covered


Steel Alloys: Widely used material for manufacturing pressure vessels, by materials

The material segment is categorized as steel alloys, composites, and other alloys. Steel Alloys are stronger, Corrosion resistance when compared to other alloys. This is why steel alloys are expected to fuel the growth of the segment during the forecast period.

Power segment is expected to emerge as the largest segment based on end-user industry

The pressure vessel market has been segmented based on end-user industry into power, oil & gas, food & beverages, pharmaceuticals, chemicals, and others. The others segment includes agriculture, marine, paper & pulp, and aerospace. The power segment is expected to hold the largest market share owing to the growing use of boilers in steam generation processes. Emerging markets such as Asia Pacific, South Asia, Middle East & Africa, and Latin America are expected to be the main drivers of this growth.

North America is expected to account for the second-largest market size during the forecast period.

North America is expected to be the second-largest and fastest-growing market due to the growing need for petrochemical-derived products and oil & natural gas resources, upgrade of aging power infrastructure, as well as the growth of the chemicals industry. This is propelling the growth of the pressure vessel market.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in Pressure Vessel Market
4.2 Pressure Vessel Market, by Type
4.3 Pressure Vessel Market, by Material
4.4 Pressure Vessel Market, by Heat Source
4.5 Pressure Vessel Market, by End-user
4.6 Pressure Vessel Market, by Region
4.7 Pressure Vessel Market in Asia-Pacific, by End-user & Country

5 Market Overview
5.1 Introduction
5.2 COVID-19 Health Assessment
5.3 COVID-19 Economic Assessment
5.4 Market Dynamics
5.4.1 Drivers Rising Global Thermal Energy Demand Growing Demand for Chemical Manufacturing
5.4.2 Restraints Increase in Decommissioning Activities of Nuclear Reactors Due to Environmental Concerns Significantly Higher Capital Requirements and Maintenance Costs
5.4.3 Opportunities Retrofitting with More Efficient Pressure Vessels in Aging Power Plants Technological Advancements in Materials, Testing Methodologies, and Designs of Pressure Vessels
5.4.4 Challenges Strict Emission Standards Related to Pressure Vessels and Volatile Raw Material Prices Halt on New Conventional Power Plants and Focus on Renewable Energy Projects
5.5 Trends/Disruptions Impacting Customers' Businesses
5.5.1 Revenue Shift and New Revenue Pockets
5.6 Ecosystem
5.7 Value Chain Analysis
5.7.1 Raw Material Providers/Suppliers
5.7.2 Component Manufacturers
5.7.3 Pressure Vessel Manufacturers/Assemblers
5.7.4 Distributors (Buyers)/End-users
5.7.5 Post-Sales Services
5.8 Market Map
5.9 Average Selling Price Trend
5.10 Technology Analysis
5.10.1 Drone Inspections
5.10.2 Hydrogen Storage Systems
5.11 Trade Data Statistics
5.12 Tariffs, Codes, and Regulations
5.12.1 Tariffs Related to Types of Pressure Vessels
5.12.2 Regulatory Bodies, Government Agencies, and Other Organizations
5.12.3 Codes and Regulations Related to Pressure Vessels
5.13 Porter's Five Forces Analysis
5.13.1 Threat of New Entrants
5.13.2 Bargaining Power of Suppliers
5.13.3 Bargaining Power of Buyers
5.13.4 Threat of Substitutes
5.13.5 Degree of Competition
5.14 Key Stakeholders & Buying Criteria
5.14.1 Key Stakeholders in Buying Process
5.14.2 Buying Criteria
5.15 Innovations and Patent Registrations
5.16 Case Study Analysis
5.17 Key Conferences & Events, 2022-2023

6 Pressure Vessel Market, by Type
6.1 Introduction
6.2 Boilers
6.2.1 Initiation of Refinery Projects and Aging Power Infrastructure to Drive Boiler Market
6.3 Reactors
6.3.1 Phase-Out of Nuclear Power Plants to Affect Market for Reactors in Coming Years
6.4 Separators
6.4.1 Growing Oil & Gas Operations in Middle East and Asia-Pacific to Boost Separator Market Growth
6.5 Others

7 Pressure Vessel Market, by Material
7.1 Introduction
7.2 Steel Alloys
7.2.1 High Demand for Steel Alloy-Based Pressure Vessels from Asia-Pacific Drive Market Growth
7.3 Composites
7.3.1 Technical Advancements Fuel Demand for Lightweight Composite Pressure Vessels
7.4 Other Alloys

8 Pressure Vessel Market, by Heat Source
8.1 Introduction
8.2 Fired Pressure Vessels
8.2.1 Requirement for Boiler Replacement from Conventional Power Plants Boosts Demand for Fired Pressure Vessels
8.3 Unfired Pressure Vessels
8.3.1 Increased Demand for High-Efficiency Pressure Vessels Accelerates Unfired Pressure Vessel Market Growth

9 Pressure Vessel Market, by End-user
9.1 Introduction
9.2 Power
9.2.1 Aging Power Plants Boost Demand for Pressure Vessels in Power Industry
9.3 Oil & Gas
9.3.1 Fluctuations in Upstream Oil & Gas Industry Affect Demand for Pressure Vessels
9.4 Chemicals
9.4.1 High Demand for Chemicals and Petrochemicals Propels Pressure Vessel Market Growth
9.5 Food & Beverages
9.5.1 Slackened Demand for Food and Beverages from Asia-Pacific and Middle East & Africa Due to COVID-19 Outbreak Affects Demand for Pressure Vessels
9.6 Pharmaceuticals
9.7 Others

10 Pressure Vessel Market, by Application
10.1 Introduction
10.2 Storage Vessels
10.2.1 High Demand for Storage Pressure Vessels from Asia-Pacific Drives Market Growth
10.3 Processing Vessels
10.3.1 Processing Pressure Vessels Dominate Market During Forecast Period

11 Geographic Analysis

12 Competitive Landscape
12.1 Key Player Strategies/Right to Win
12.2 Market Share Analysis
12.3 Market Evaluation Framework
12.4 Competitive Scenario
12.5 Company Evaluation Quadrant
12.5.1 Star
12.5.2 Emerging Leader
12.5.3 Pervasive
12.5.4 Participant
12.6 Start-Up/SME Evaluation Quadrant, 2022
12.6.1 Progressive Company
12.6.2 Responsive Company
12.6.3 Dynamic Company
12.6.4 Starting Block
12.6.5 Competitive Benchmarking

13 Company Profiles
13.1 Major Players
13.1.1 Babcock & Wilcox Enterprises
13.1.2 General Electric
13.1.3 Larsen & Toubro
13.1.4 Mitsubishi Hitachi Power Systems
13.1.5 Hitachi Zosen
13.1.6 IHI Corporation
13.1.7 Bharat Heavy Electrical Limited
13.1.8 Doosan Mecatec
13.1.9 Dongfang Turbine Co. Ltd
13.1.10 Samuel, Son & Co.
13.1.11 Westinghouse Electric Company
13.1.12 Halvorsen Company
13.1.13 Pressure Vessels (India)
13.1.14 Kelvion Holding Gmbh
13.1.15 VI Flow
13.1.16 Ergil
13.1.17 Gladwin Tank
13.1.18 Robinson Pipe & Vessel Company
13.1.19 Halliburton
13.1.20 Alfa Laval

14 Appendix

For more information about this report visit


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