Pressure Vessel Market Size (US$ 30.2 Billion) | Industry Report 2023-2028

IMARC Group, a leading market research company, has recently releases report titled “Pressure Vessel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global pressure vessel market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the pressure vessel market?

The global pressure vessel market size reached US$ 23.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 30.2 Billion by 2028, exhibiting a growth rate (CAGR) of 4.4% during 2023-2028.

What is a pressure vessel?

Pressure vessels are specialized containers specifically engineered to store gases or liquids at significantly higher or lower pressures than the surrounding environment. Alternative fuels are also derived from sources other than petroleum, such as electricity, natural gas, propane, ethanol, methanol, butanol, and gaseous fuels, including hydrogen, natural gas, and propane. However, pressure vessels for alternative fuel are devices used to apply alternative fuel. These vessels are manufactured using materials such as steel, titanium, aluminum, and nickel alloy and possess a cylindrical or spherical shape.

They include catalyst support grids, distributor trays, baffles, and de-mister pads. Their sizes can vary from small, portable containers to intricate, large structures, and they are subject to strict safety regulations. The manufacturing of pressure vessels is inspected under the American Society of Mechanical Engineers (ASME) Boiler and Pressure Vessel Code. These standards are vital in eliminating redundant fabrication, streamlining traceability and inspection processes, enhancing quality control measures, and ultimately reducing overall costs. At present, pressure vessels find extensive applications in various industries such as chemical, petroleum, and nuclear power generation across the globe.

Request for a free sample copy of this report: https://www.imarcgroup.com/pressure-vessel-market/requestsample

What are the growth prospects and trends in the pressure vessel industry?

The global pressure vessel market is primarily driven by the rising demand for energy due to rapid urbanization and the growing dependence on intelligent devices. Moreover, pressure vessels are crucial as containment systems where high-temperature and high-pressure physical and chemical processes occur. In line with this, the rising product utilization in the oil and gas sector is positively influencing market growth. Along with this, pressure vessels are gaining popularity in the chemical industry as they aid in the combination, separation, and extraction phases of product development, providing advantages such as resistance to cross-contamination and corrosion. Additionally, key players are introducing innovative pressure vessel solutions like pressure boilers. This, coupled with the escalating application of supercritical power generation technology, has catalyzed market growth. Besides this, the rising use of compressed natural gas as a fuel source and the shifting preferences toward greener energy sources, such as natural gas, have accelerated the demand for pressure vessels in storing and transporting natural gas.

Furthermore, the increasing dependence of chemical and petrochemical industries on pressure vessels for the storage and transportation of assorted chemicals and gases is contributing to the market growth. Apart from this, surging investments in renewable energy platforms, such as wind and solar power, have augmented the sales of pressure vessels employed in energy storage uses. Other factors, including the rapid expansion of chemical and petrochemical sectors, the growing need for heating and cooling systems, and substantial investments in exploration and production activities by oil and gas companies, are also anticipated to drive the market further.

Buy Full Report With TOC: https://www.imarcgroup.com/checkout?id=4177&method=1

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Material:

• Hastelloy
• Titanium
• Nickel and Nickel Alloys
• Tantalum
• Steel
• Stainless Steel
• Duplex Steel
• Carbon Steel
• Super Duplex Steel
• Others
• Others

Breakup by Product:

• Boiler
• Nuclear Reactor
• Separator
• Others

Breakup by End Use:

• Chemicals and Petrochemicals
• Oil and Gas
• Power Generation
• Others

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

• 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)
• Samuel Son & Co.

Ask Analyst and Browse Full Report with TOC & List of Figure: https://www.imarcgroup.com/request?type=report&id=2247&flag=C

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC Group’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.