The pressure vessels market consists of manufacturing equipment designed to hold and store gases or liquids at a pressure substantially different from the ambient air pressure. Pressure vessels find extensive applications across various end-use sectors including power generation, oil & gas, chemical, pharmaceutical, food & beverage, and renewable energy among others. Some key advantages of pressure vessels include ability to maintain high or low pressures, efficiently contain hazardous or flammable substances, withstand mechanical stress, and optimize storage capacity. Growing emphasis on developing renewable energy sources like solar, wind, and hydropower is driving the demand for pressure vessels to store high-pressure gases and liquids.
The Global Pressure Vessels Market is estimated to be valued at US$ 77.88 Bn in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the pressure vessels market are Doosan Corporation, IHI Corporation, Babcock & Wilcox Enterprises, Inc., Pressure Vessels (India), MITSUBISHI HEAVY INDUSTRIES, LTD., Samuel, Son & Co., Alloy Products Corp., Abbott Pressure Vessels, Bharat Heavy Electricals Limited, LARSEN & TOUBRO LIMITED, MERSEN PROPERTY, Xylem, Tinita Engg Pvt. Ltd, WCR Inc., Teknoflow Green Equipments Pvt. Ltd., Nano-Mag Technologies, Delpro Equipments Pvt. Ltd., Shreno Engineering Limited, Jaysons Machinery & Equipments Pvt.Ltd., and Varadraj Industries. Growing investments in renewable energy development projects around the world is driving demand for specialized pressure vessels. Rapid technological advancements are enabling design of compact and efficient pressure vessels for energy storage and transportation applications.
Pressure Vessels Market Trend is expected to witness significant growth owing to rising investments in renewable energy sector globally. Growing emphasis on developing carbon-neutral sources of energy to mitigate climate change is fueling demand for advanced pressure vessels. Rapid urbanization and industrialization in emerging economies are also augmenting the need for reliable power infrastructure and fuel storage, thereby contributing to market revenues. Emergence of advanced materials is allowing manufacture of lighter and more durable pressure vessels with improved performance characteristics.
Market Trends
Pressure Vessels Market Challenges And Opportunities Large scale capacity additions in solar and wind power projects are one of the key trends driving the pressure vessels market. Many countries are offering production-linked incentives and fiscal support for domestic manufacturing of equipment required for renewable energy infrastructure to achieve climate targets over the next decade. Another major trend is the growing popularity of hydrogen as an alternative to fossil fuels. Heavy investment in hydrogen bunkers, pipelines and fuel cell vehicles will drive the need for specialized pressure vessels for storage and transport of hydrogen.
Market Opportunities
Development of advanced composite materials for manufacture of lightweight yet durable pressure vessels present a major market opportunity. Their use can help optimize energy storage capacity. Growing focus on carbon capture, utilization and storage (CCUS) technologies also provides opportunities for innovations in pressure vessels designed for high-pressure transportation and storage of carbon dioxide. Adoption of industry 4.0 technologies like IoT and AI can facilitate remote monitoring of pressure vessels to predict maintenance needs and improve safety.
Impact of COVID-19 on Pressure Vessels Market
The COVID-19 pandemic has negatively impacted the growth of pressure vessels market. The imposed lockdowns and supply chain disruptions resulted in closure of manufacturing facilities and decline in new projects and equipment orders across industries such as oil & gas, chemicals, power generation etc. which use pressure vessels. With decline in economic activities, the demand from end use industries reduced significantly in 2020. However, with resumption of projects and restarting of manufacturing units in 2021, the demand is recovering gradually.
The pre-Covid growth of pressure vessels market was mainly driven by rising investments in development of oil & gas infrastructure, chemical plants, power generation capacities especially in Asian countries. The demand from refineries, LNG terminals, petrochemical plants etc. was steady. However, post-Covid the growth has slowed down temporarily due to pandemic induced economic slowdown. Further investments in energy sector are likely to resume in 2022 which will boost the demand.
The manufacturers need to focus on development of innovative and advanced pressure vessel designs to gain orders from new projects. Adopting digitization and automation can help improve efficiencies. Collaborating with end users for timely delivery and establishing new regional facilities can aid market recovery. Vaccination drives and resumption of global trade will be critical for full revival of demand trends in pressure vessels market in coming years.
Europe is currently the largest regional market for pressure vessels, accounting for over 30% of global market value, led by countries like Germany, UK, Italy, France etc. Strong manufacturing base of pressure vessel industry coupled with large energy and chemical sector drive the European market.
Asia Pacific region is expected to be the fastest growing market for pressure vessels during the forecast period from 2024 to 2031. This is mainly attributed to ongoing industrialization and infrastructure development activities in major economies like China, India, Indonesia, Japan, South Korea etc. Significant investments planned in energy projects, refineries, LNG terminals etc. will propel the demand for pressure vessels from the Asia Pacific region in coming years.
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