Market Size of Pressure Vessel Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 2.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Pressure Vessel Market Analysis
The Pressure Vessel Market is expected to rise at a CAGR of more than 2% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, factors such as a constant increase in the total power generation capacity and refining capacity of oil and gas will likely drive the pressure vessel market.
- On the other hand, rising investments in renewable energy generation that rarely require pressure vessels are expected to restrain the market.
- Nevertheless, technological development in pressure vessels such as pressure boilers, which can be used to combust different types of fuels and thus are used under the availability and cost-effectiveness of the power, is expected to create several opportunities for the Pressure Vessel Market in the future.
- The Asia-Pacific region dominates the market and is likely to witness the highest CAGR during the forecast period. This growth is attributed to the increasing investments in oil and gas, chemical, and fertilizer industries in the countries of this region, including India, China, and Japan.
