Pressure Vessels Market worth $62.7 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, June 7, 2023 /PRNewswire/ -- Pressure Vessels Market is projected to reach USD 62.7 billion in 2028 from USD 50.3 billion in 2023 at a CAGR of 4.5% according to a new report by MarketsandMarkets™.  Pressure vessel is a closed container which are designed to hold fluids or gases at a pressure that is significantly different from the ambient pressure. It is constructed to withstand the internal pressure exerted by the enclosed substance and maintain its structural integrity. Pressure vessels are commonly used in various industries for storing, processing, or transporting substances under high pressure conditions

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Pressure Vessels Market Scope:

Power, by end-user industry, is expected be the largest market during the forecast period.

Based on end-user industry, the Pressure Vessels Market has been split into power, oil & gas, food & beverages, pharmaceuticals, chemicals, and others which include agriculture, marine, paper & pulp, and aerospace. In the power generation industry, the pressure vessels have a high demand in the boilers. They contain water or steam under high pressure, which is heated to generate steam that drives turbines for electricity generation. Apart from boilers, the pressure vessels are also used in the nuclear power plants. The global wide rise in the number of nuclear power plants in the power generation sector is driving the market.

The processing vessels segment, by application is expected to be the fastest segment during the forecast period

This report segments the Pressure Vessels Market based on application into two segments: processing vessels, and storage vessels. Processing vessels are a specific category of pressure vessels designed for handling and containing fluids or gases in industrial processing operations. They are utilized in diverse industries such as oil and gas, chemical, pharmaceutical, food and beverage, pulp and paper, and many others.

North America is expected to be the second fastest region in the Pressure Vessels Industry

North America is expected to be the largest Pressure Vessels Market during the forecast period. the region has the largest shale reserves, making it a lucrative market for drilling and oilfield service providers. The vast potential of the shale reservoirs has been attracting more drilling operations in the North American oil industry. The increase in oil and gas activities would consequently increase the demand for pressure vessels in North America.

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Key Market Players:

Some of the major players in the Pressure Vessels Companies are Bharat Heavy Electricals Limited (India), Mitsubishi Hitachi Power Systems (Japan), IHI Corporation (Japan), Babcock & Wilcox Enterprises (US), and LARSEN & TOURBO LIMITED (India). The major strategies adopted by these players include acquisitions, sales contracts, product launches, partnerships, and expansions.

Recent Developments

• In December 2022, Bharat Heavy Electricals Limited (BHEL) has entered into a long-term Technology License Agreement (TLA) with Sumitomo SHI FW, Finland (SFW) for design, engineering, manufacturing, erection, commissioning and sale of subcritical as well as supercritical Circulating Fluidised Bed Combustion (CFBC) Boilers in India and in overseas territories except select countries.
• In May 2021, IHI Corporation (IHI) has decided to enter the Small Modular Reactor (SMR) market by investing in NuScale Power, LLC (NuScale), a U.S.-based developer of SMR technology, with JGC Holdings Corporation.
• In February 2021, The industry has experienced sweeping changes in the market demand for coal-fired power generation that have led to a sharp contraction in new plant construction. Addressing the market situation, Mitsubishi Power which is a parent company of Mitsubishi Hitachi Power Systems will consolidate the boiler manufacturing function of new construction and after-sales service, as well as the new facility design and the construction function, at the Nagasaki Works. At the Kure Works, management resources will be shifted to the boiler design and engineering services business and Air Quality Control System (AQCS) business, with the objective of strengthening competitiveness in both businesses.
• In January 2023, LARSEN & TOUBRO LIMITED announced the signing of a Memorandum of Understanding (MoU) with the Norway-based H2Carrier (H2C) to co-operate towards developing floating green ammonia projects for industrial-scale applications with an aim to decarbonise the global economy. H2C has proven expertise in developing and integrating Power-to-X (PtX) projects based on affordable, often stranded, non-commercial renewable power. Under the terms of the MoU, L&T will become a partner for EPCIC of the topsides for H2C's floating process plants.

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