Pressure Vessels Market is driven by growing energy and power industry
The pressure vessels market includes a variety of closed or partially closed pressure vessels that store gases or liquids at pressures above atmospheric pressure. Pressure vessels are commonly used in petrochemical, power generation, oil & gas, chemical, and water treatment industries for storing, transporting, and processing gases or liquids. Pressure vessels are essential equipment for various industrial processes as they allow operations to be carried out safely at high pressures and temperatures. Some key advantages of pressure vessels include high strength, resistance to corrosion, ability to operate at high/low temperatures, and safety. The growing demand for energy and expanding power industry has increased the need for efficient pressure vessels.
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.
The demand for Pressure Vessels Market Trend is increasing due to the rapid expansion of various end-use industries such as oil & gas, power generation, chemical, and petrochemical globally. Continuous expansion of energy infrastructure in developing economies is providing a thrust to market growth.
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