Pressure Vessels Market - Global Industry Size, Share, Trends, Opportunity, & Forecast, 2020-2030

Steel is the fastest growing segment, Asia-Pacific is the largest market globally

The Global Pressure Vessels Market, valued at USD 56.00 Billion in 2024, is projected to experience a CAGR of 5.00% to reach USD 75.05 Billion by 2030. Pressure vessels are sealed containers engineered to hold gases or liquids at pressures significantly different from ambient conditions, serving critical functions across diverse industrial sectors. The market’s expansion is primarily supported by the increasing global demand for energy, fueling requirements in oil and gas processing, power generation, and renewable energy applications.

Key Market Drivers

The global pressure vessels market is significantly propelled by stringent global safety regulations and compliance requirements. These mandates compel industries to adhere to rigorous design, manufacturing, and operational standards for pressure containment solutions, necessitating ongoing investment in modern, compliant equipment to ensure operational safety across diverse sectors. For example, according to the Association of Equipment Manufacturers (AEM), in 2024, regulations for industrial machinery manufacturers increased by 68% since 2017, totaling 20,805 regulations. This surge in regulatory oversight directly influences demand for certified pressure vessels built to higher specifications, often leading to replacement cycles for older, non-compliant units.

Key Market Challenges

The high initial manufacturing and installation costs present a notable impediment to the growth of the global pressure vessels market. These expenses are driven by the necessity of employing costly raw materials, including specialized alloys and high-grade steels, coupled with the intricate engineering and fabrication processes required to meet stringent safety and performance standards. The substantial capital outlay for material procurement and complex manufacturing techniques, such as advanced welding and non-destructive testing, often deters new investments and lengthens project timelines for industrial endeavors.

Key Market Trends

The rise of smart pressure vessels, integrated with Internet of Things (IoT) sensors, is a significant trend, allowing real-time data collection on operational parameters such as pressure and temperature. This continuous monitoring enhances safety by enabling proactive identification of anomalies, reducing failures and minimizing unscheduled downtime. Operators obtain immediate insights into vessel health, optimizing performance and maintenance schedules. A November 2023 Eseye survey revealed 86% of manufacturing respondents planned to expand their IoT systems within 18 months, with 30% aiming to double connected devices. This digital integration supports compliance with safety regulations through enhanced data logging and traceability.

Key Market Players Profiled:

• IHI Corporation
• Babcock & Wilcox Enterprises, Inc.
• Pressure Vessels (India)
• Mitsubishi Heavy Industries, Ltd.
• Samuel, Son & Co.
• Alloy Products Corp.
• Abbott & Co (Newark) Ltd
• Doosan Corporation
• Bharat Heavy Electricals Limited (BHEL)
• Larsen & Toubro Limited

Report Scope:

In this report, the Global Pressure Vessels Market has been segmented into the following categories:

By Material:

• Titanium
• Steel

By Product:

• Boiler
• Nuclear Reactor

By End Use:

• Chemicals & Petrochemicals
• Power Generation

By Region:

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Pressure Vessels Market.

Available Customizations:

With the given market data, the publisher offers customizations according to a company's specific needs. The following customization options are available for the report:

• Detailed analysis and profiling of additional market players (up to five).

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