Pressure Vessels Market Estimated At USD 75.82 Billion By 2030

 San Francisco, 20 Dec 2023: The Report Pressure Vessels Market Size, Share & Trends Analysis Report By Material (Titanium, Steel), By Product (Boiler, Nuclear Reactor), By End-use (Chemicals & Petrochemicals, Power Generation), By Region, And Segment Forecasts, 2023 - 2030

The global pressure vessels market size is expected to reach USD 75.82 billion by 2030 registering a CAGR of 3.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growing demand for pressure vessels in chemical & petrochemical and oil & gas industries is expected to drive market growth.

Pressure vessels are containers used to hold high-pressure gases and liquids in various application industries including petrochemicals, chemicals, natural gas storage systems, nuclear reactor vessels, distillation towers, and hot water storage tanks. The ever-increasing need for energy is anticipated to propel the product demand in various application industries.

Increasing chemical demand from various end-use industries is encouraging new capital investment in chemical industry. The production capacity of chemicals is expected to increase on account of setting up of new chemical facilities. This is expected to augment the demand for various types of pressure vessels and storage tanks used in different chemical processes.

The global market is fragmented with major companies striving for market leadership. Key players focus on forward integration to maximize their profits and expand their regional presence across the globe. In addition, manufacturers are expected to tie up with engineering solution providers to deliver high-quality product solutions at affordable prices.

Access Research Report of Pressure Vessels Market @ https://www.grandviewresearch.com/industry-analysis/pressure-vessel-market

Pressure Vessels Market Report Highlights

• The steel segment accounted for the largest revenue share of 30.2% in 2022 in the pressure vessels market owing to its characteristics, such as high chemical & corrosion resistance and ability to withstand sunlight, humid conditions, and high temperature
• The boiler segment accounted for the largest revenue share of 59.6% in 2022 owing to the superior performance of boilers in various industrial processes
• The chemical & petrochemical segment accounted for the largest revenue share of 39.6% in 2022. This dominance is attributed to the increased demand for chemicals and chemical products from various end-use applications.
• Asia Pacific dominated the market and accounted for the largest revenue share of 37.2% in 2022. Moreover, the region is expected to expand at the fastest CAGR of 5.1% during the forecast period.
• Europe accounted for the second-largest market share, in terms of revenue, in 2022. Factors such as product innovation and extensive R&D by key manufacturers are anticipated to bolster regional product demand for different industrial processes across various end-use applications.

Pressure Vessels Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 58.14 billion
Revenue forecast in 2030	USD 75.82 billion
Growth Rate	CAGR of 3.8% from 2023 to 2030
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030

List of Key Players of Pressure Vessels Market

• IHI Corporation
• Babcock & Wilcox Enterprises, Inc.
• Pressure Vessels (India)
• MITSUBISHI HEAVY INDUSTRIES, LTD.
• Samuel, Son & Co.
• Alloy Products Corp.
• Abbott Pressure Vessels
• Doosan Corporation
• Bharat Heavy Electricals Limited
• LARSEN & TOUBRO LIMITED
• MERSEN PROPERTY
• Xylem
• Tinita Engg Pvt. Ltd
• WCR Inc.

Access Press Release of Pressure Vessels Market @ https://www.grandviewresearch.com/press-release/global-pressure-vessel-market