Pressure Vessels Market Analysis, Challenges, Opportunities and Forecast 2033
Fact.MR, a source of competitive intelligence and market research, estimates that the pressure vessel market will generate US$ 11.1 billion in revenue in 2022 and will increase at a compound annual growth rate (CAGR) of 4.9% from 2023 to 2033. This information was recently released in a Fact.MR analysis. It is anticipated that the market will be valued US$ 18.7 billion by the end of 2033. The demand for pressure vessels in autoclaves is anticipated to increase at a 4.3% CAGR between 2023 and 2033.
First off, the pressure vessel business is seeing a major resurgence thanks in large part to the expanding renewable energy sector. Pressure vessels are becoming more and more necessary for renewable energy applications like solar thermal power plants, wind farms, and biomass energy systems as the world moves toward greener, more sustainable energy sources.
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According to the International Energy Agency, biomass makes up more than 60% of all renewable energy consumed worldwide, making it the greatest renewable energy source. This suggests that pressure vessels have a sizable market opportunity in the biomass energy industry.
Second, the growth of the pressure vessel market is significantly influenced by the district heating system. In order to effectively store and transfer hot water or steam throughout the network, this system uses pressure vessels. approximately 65% of buildings in European nations like Denmark have district heating systems; in Sweden, the percentage is over 45%; in Russia, it is approximately 40%; and in China, it is over 15%. China is the world leader in the industrial use of district heating, accounting for around 55% of global consumption in 2021 (compared to approximately 35% in 2010).
These two variables will continue to have a major impact on the industry in the years to come and are among the main causes of the rising demand for pressure vessels.
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 of delivering 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.
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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