Pressure Vessels Market - Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Material (Titanium, Steel), By Product (Boiler, Nuclear Reactor), By End Use (Chemicals & Petrochemicals, Power Generation), By Region, and By Competition 2020-2030F

Market Overview

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. Furthermore, the continuous growth of the chemical and petrochemical industries, driven by the rising production of various chemicals and plastics, necessitates robust pressure containment solutions. According to the World Steel Association, in 2023, global steel prices increased by 15%, directly influencing manufacturing costs.

Another significant driver is the enforcement of stringent safety regulations and quality standards, which prompts industries to invest in modern, compliant pressure vessels and ensures operational safety. Concurrently, rapid industrialization and urbanization, particularly within the Asia Pacific region, contribute substantially to market demand. However, the global pressure vessels market faces a notable challenge in the form of high initial manufacturing and installation costs, influenced by expensive raw materials and complex engineering requirements.

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. The overall vitality of the manufacturing sector also underpins the broader market, with world manufacturing output reaching 16.177 trillion US dollars in 2023, representing a 0.84% increase from 2022 according to Macrotrends.

Advancements in material and design technologies further drive the market. Innovations in metallurgy, composite materials, and sophisticated computational design tools enable the development of pressure vessels capable of operating under more extreme conditions, including higher pressures and temperatures, with enhanced safety and longevity. These technological leaps facilitate weight reduction, improve resistance to corrosion and fatigue, and open new application possibilities in demanding industrial environments. For instance, according to Sifted, in February 2024, the European Commission outlined a strategy with a €500 million investment to accelerate the deployment of advanced materials within the European Union, underscoring the strategic importance and capital flowing into this area. Such investments in research and development directly translate into more capable and efficient pressure vessel solutions, expanding their utility and market reach.

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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.

This significant financial barrier directly limits the initiation of new projects and equipment upgrades across various sectors, thereby slowing overall market penetration. For instance, according to the U. S. Department of Energy, in 2024, the average cost of a large-scale industrial pressure vessel ranged from 100,000 USD to 200,000 USD. Such considerable investment requirements foster a cautious approach to equipment acquisition and replacement, consequently hindering the broader adoption of modern, compliant pressure containment solutions within end-user industries.

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. For example, Honeywell introduced an Emissions Management Suite in August 2024, certified for hazardous locations and marine vessels, offering near real-time visibility for platform operations. This transforms vessels into essential data-generating assets for improved operational efficiency and risk management.

The expansion of additive manufacturing for pressure vessel components is another crucial trend, facilitating the production of intricate and specialized parts. This technology enables complex geometries challenging for traditional methods, providing significant design flexibility. On-demand customization reduces lead times and material waste, while potentially improving component performance and longevity. A VDMA survey in April 2025 reported 77% of additive manufacturing companies expected domestic growth over the next two years, reflecting increased industry investment. This supports developing lighter, more efficient, and corrosion-resistant parts for demanding operational conditions. Siemens Energy, for instance, utilized additive manufacturing in April 2024 to create hydrogen combustion components for gas turbines, showcasing its role in high-performance energy applications. This adoption consequently drives innovation in pressure vessel design and production through advanced component fabrication.

Segmental Insights

The Global Pressure Vessels Market recognizes steel as a significantly expanding segment, driven by its exceptional material attributes and widespread industrial adoption. Steel, particularly carbon and stainless variants, experiences robust demand due to its cost-effectiveness, high tensile strength, and inherent durability. Its excellent corrosion resistance and ability to withstand extreme conditions make it the preferred choice across critical sectors like oil and gas, chemicals, and power generation. Furthermore, stringent safety regulations imposed by bodies such as the American Society of Mechanical Engineers (ASME) reinforce the need for reliable materials, further propelling steel's growth as industries expand globally to meet rising energy and chemical demands.

Regional Insights

Asia Pacific leads the global pressure vessels market, driven by rapid industrialization and urbanization across major economies such as China, India, and Southeast Asian nations. This significant growth stems from substantial investments in crucial sectors, including power generation infrastructure, encompassing thermal, nuclear, and renewable energy projects. Furthermore, the burgeoning chemical, petrochemical, and oil and gas industries in the region are considerable consumers of pressure vessels. Regional dominance is also supported by government initiatives promoting manufacturing growth, coupled with the availability of competitive raw material and labor costs, establishing the region as a primary hub for both production and consumption of pressure vessels.

Recent Developments

• In October 2025, GE Vernova Hitachi Nuclear Energy (GVH) and Samsung C&T, a prominent construction and engineering company, established a strategic alliance to accelerate the deployment of the BWRX-300 small modular reactor (SMR). This collaboration focuses on developing the supply chain and project delivery solutions for GVH’s SMR technology across strategic global markets outside North America. The partnership leverages Samsung C&T’s experience in infrastructure and nuclear power project execution, alongside GVH’s validated technological expertise. The manufacturing of key components, such as the reactor pressure vessel, is progressing, signifying an important development in the nuclear pressure vessel sector.

• In September 2024, NPROXX, a Netherlands-based company specializing in hydrogen storage solutions, introduced its new AH620-70 hydrogen pressure vessel. Engineered to operate at 700 bar pressure, this vessel was specifically designed for the heavy vehicle market, including long-haul trucks and the broader automotive sector. The product adheres to stringent regulations, such as R134 and HGV2, which ensured its safety and reliability for hydrogen storage applications. This lightweight pressure vessel significantly enhanced the efficiency and range of hydrogen-powered vehicles, representing a notable advancement in sustainable transportation solutions within the global pressure vessels market.

• In April 2024, BEA Technologies, an Italy-based manufacturer of automatic filtration systems, acquired TECNO INOX for an undisclosed sum. This strategic acquisition allowed BEA Technologies to integrate TECNO INOX's specialized expertise in stainless steel pressure vessels. The aim was to enhance BEA Technologies' existing automatic filtration system offerings, thereby expanding its product portfolio for various industrial applications, including the food, beverage, and pharmaceutical sectors. This move also aimed to improve manufacturing processes and elevate quality standards for products incorporating pressure vessel technology.

• In April 2024, Babcock & Wilcox (B&W) announced securing a substantial contract exceeding USD 7 million for upgrading renewable energy boilers in Southeast Asia. This project involved enhancing three waste-fueled boilers at a waste-to-energy power plant, specifically focusing on new pressure parts and advanced combustion equipment. The objective was to increase steam production and improve efficiency while simultaneously minimizing emissions. This upgrade demonstrated B&W's commitment to advancing sustainable energy solutions and extending the operational lifespan of critical pressure vessel components within the waste-to-energy sector.

Key Market Players

• 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, in addition to the industry trends which have also been detailed below:

• Pressure Vessels Market, By Material:

o   Titanium

o   Steel

• Pressure Vessels Market, By Product:

o   Boiler

o   Nuclear Reactor

• Pressure Vessels Market, By End Use:

o   Chemicals & Petrochemicals

o   Power Generation

• Pressure Vessels Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

Competitive Landscape

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

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Global Pressure Vessels Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

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