According to Fact.MR, a market research and competitive intelligence provider, Pressure Vessels Market revenues were estimated at US$ 11.1 Billion in 2022 and are anticipated to grow at a CAGR of 4.9% from 2023 to 2033, according to a recently published Fact.MR report. By the end of 2033, the market is expected to reach a valuation of US$ 18.7 Billion. Pressure vessels demand in Autoclaves is projected to grow at a CAGR of 4.3% from 2023 to 2033.
Firstly, the growing renewable energy sector is playing an important role in revitalizing the pressure vessel industry. As the world shifts to cleaner and more sustainable energy sources, the demand for pressure vessels for renewable energy applications such as solar thermal power plants, wind farms, and biomass energy systems is steadily increasing.
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The International Energy Agency reports that biomass is the largest source of renewable energy in the world, accounting for over 60% of total renewable energy consumption. This indicates a significant market opportunity for pressure vessels in the biomass energy sector.
Secondly, the expanding district heating system plays an important role in the development of the pressure vessel market. This system relies on the use of pressure vessels to efficiently store and distribute hot water or steam throughout the network. In European countries such as Denmark, about 65% of buildings are equipped with district heating systems, while in Sweden the figure is over 45%, in Russia about 40%, and in China over 15%. China is the leader in the use of district heating in industry and accounted for about 55% of total global consumption in 2021, up from about 35% in 2010.
These two factors are among the leading factors that are responsible for the growing demand for pressure vessels and will continue to significantly affect the market in the coming years.
Competitive Analysis:
Key players in the Pressure Vessels Market are Bharat Heavy Electricals Limited, Mitsubishi Heavy Industries, IHI Corporation, Babcock & Wilcox, Larsen and Toubro, Hitachi Zosen Corporation, General Electrics, Buhman Macatec, Alfa Laval, and Godrej and Boyce.
- In January 2022, L&T received an order to deliver two reactors weighing 1,200 MT to an overseas petrochemical complex. These reactors are required in the production of mono-ethylene glycol.
- In April 2022, MHI and the Japan Atomic Energy Agency (JAEA) started the first round of the demonstration program for hydrogen production using a high-temperature engineering test reactor. Under this program, the HTTR owned by JAEA will be connected to a newly built hydrogen production plant.
- In January 2021, L&T won a contract from HPCL to provide two LC Max reactors. These reactors weigh around 2,313 MT and will enable the HPCL refinery to convert the heaviest oil to high-quality BS-VI diesel.
- In January 2021, Alfa Laval collaborated with marine industry players to accelerate decarbonization. The aim is to develop solid fuel cell technology, to use green fuels to generate electricity.
- In May 2020, Alfa Laval developed HEXpert, a tool to help customers select the right heat exchanger. An online selector tool enables customers to get expert guidance for their process demand.
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Key Companies Covered
- Bharat Heavy Electricals Limited
- Mitsubishi Heavy Industries
- IHI Corporation
- Babcock & Wilcox
- Larsen And Toubro
- Hitachi zosen corporation
- General Electrics
- Buhman Macatec
- Alfa Laval
- Godrej and Boyce
- Sieco Engineers
- Acme Engineering Products
- Paul Mueller Company
- Karbonsan Pressure Vessels
- Trading Co.
Segmentation of the Global Pressure Vessels Market
- By Application:
- Boilers
- Reactors
- Heat Exchangers
- Autoclaves
- By Primary Material:
- Stainless Steel
- Titanium
- Aluminum
- Others (Carbon Steel, Nickel alloy, Hastelloy)
- By Industry:
- Oil & Gas Industry
- Food & Beverages Industry
- Chemical Industry
- Energy Industry
- Other (Paper & Pulp, Pharmaceuticals, etc.)
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Cascara Sagrada market, presenting historical market data (2018-2022) and forecast statistics for the period from 2023 to 2033.
The study reveals extensive growth in Global Pressure Vessels by Application (Boilers, Reactors, Heat Exchangers, Autoclaves), Primary Material (Stainless Steel, Titanium, Aluminum, Others), Industry (Oil & Gas, Food & Beverages, Chemical, Energy, Others), by Region (North America, Latin America, Europe, East Asia, South Asia & Pacific, MEA) – 2023 to 2033.
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