Pressure Vessel Market

• The growing need for energy is driving the market growth

The Global Global Pressure Vessel Market Industry is projected to experience substantial growth over the next decade. By 2024, the market is expected to reach 50.8 USD Billion, with further expansion anticipated to 88.9 USD Billion by 2035. This growth trajectory suggests a compound annual growth rate of 5.22% from 2025 to 2035. Such projections indicate a robust demand across various sectors, including energy, chemicals, and manufacturing, driven by technological advancements and increased regulatory compliance. The market's evolution reflects the critical role pressure vessels play in modern industrial applications, highlighting their importance in ensuring safety and efficiency.

Technological advancements play a crucial role in shaping the Global Global Pressure Vessel Market Industry. Innovations in materials science and engineering have led to the development of more durable and efficient pressure vessels. For instance, the introduction of composite materials enhances the strength-to-weight ratio, enabling the design of lighter vessels without compromising safety. Furthermore, automation and smart technologies are being integrated into pressure vessel operations, improving monitoring and maintenance processes. These advancements not only enhance operational efficiency but also reduce costs, making pressure vessels more appealing to industries such as oil and gas, chemicals, and pharmaceuticals.

The Global Global Pressure Vessel Market Industry experiences a robust demand surge driven by the energy sector, particularly in oil and gas applications. As countries strive to enhance energy security and transition to cleaner energy sources, the need for efficient pressure vessels becomes paramount. In 2024, the market is projected to reach 50.8 USD Billion, reflecting the industry's pivotal role in supporting energy infrastructure. The increasing investments in renewable energy projects further amplify this demand, as pressure vessels are integral to various processes, including storage and transportation of gases and liquids. This trend indicates a sustained growth trajectory for the industry.

The expansion of the chemical manufacturing sector significantly influences the Global Global Pressure Vessel Market Industry. As chemical production ramps up globally, the need for high-quality pressure vessels to handle various substances safely and efficiently becomes critical. The industry is poised for growth, with projections suggesting a market size of 88.9 USD Billion by 2035. This expansion is attributed to the rising demand for specialty chemicals and petrochemicals, which require advanced pressure vessel technology for safe processing. Consequently, manufacturers are likely to invest in innovative designs and materials to meet stringent safety regulations, thereby driving market growth.

Increased investment in infrastructure development is a vital driver for the Global Global Pressure Vessel Market Industry. Governments and private entities are allocating substantial funds towards enhancing industrial infrastructure, particularly in emerging economies. This investment encompasses the construction of refineries, power plants, and chemical processing facilities, all of which require high-quality pressure vessels. As the market evolves, it is anticipated that the industry will witness a compound annual growth rate of 5.22% from 2025 to 2035. This growth trajectory underscores the importance of pressure vessels in supporting the expanding infrastructure landscape globally.

The Global Global Pressure Vessel Market Industry is significantly influenced by stringent regulatory compliance and safety standards. Governments worldwide are enforcing rigorous regulations to ensure the safe operation of pressure vessels, particularly in high-risk industries such as oil and gas and chemical manufacturing. Compliance with these regulations necessitates the use of advanced pressure vessel designs and materials that can withstand extreme conditions. As a result, manufacturers are compelled to invest in research and development to meet these standards, which in turn drives market growth. The emphasis on safety and reliability is likely to remain a key driver for the industry.

By Region, the study states market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Pressure Vessel market will dominate this market. The rising demand for high-energy pressure vessels due to an increase in the number of industrial activities is the major factor driving market revenue growth.

Further, the main countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Pressure Vessel Market Share By Region 2022 (%)

Source: Market Research Future Database, Secondary Research, Primary Research, and Analyst Review

Europe's Pressure Vessel market accounts for the second-largest market share due to rising concern over emissions of industrial pollutants such as sulfur dioxide, metal dust, and others have notably prompted industry professionals to adopt high-performance pressure vessels that have reduced emissions. Further, the German Pressure Vessel market held the largest market share, and the UK Pressure Vessel market was the fastest-growing market in the European Region.

The Asia-Pacific Pressure Vessel Market is expected to grow at the fastest CAGR from 2022 to 2032. This is due to the growing operations of nuclear powers and the growing demand from the chemical industries. Moreover, China’s Pressure Vessel market held the largest market share, and the Indian Pressure Vessel market was the fastest-growing market in the Asia-Pacific region.

For instance, On 19 January 2021, Boyd Corporation, a leading innovator of engineered material and thermal management technologies based in California, announced the construction of a new industrial facility in Juarez, Mexico which marks the company's expansion into North America.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Pressure Vessel market grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launching, contract-based agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Pressure Vessel industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Pressure Vessel industry to benefit clients and increase the market sector. In recent years, the Pressure Vessel industry has offered some of the most significant advantages to the pressure vessel market. Major players in the Pressure Vessel market, including Samuel Pressure Vessel Group. (U.S.A), Babcock and Wilcox Enterprises, Inc. (U.S.A), Bharat Heavy Electricals Limited. (India), Dongfang Electric Machinery Co., Ltd. (China) and others are attempting to raise market demand by investing in research and development operations.

Babcock & Wilcox Enterprises Inc. (B&W) is a provider of technologies, engineered solutions, and aftermarket services. Its solutions optimize businesses to align with market changes, reinforce customers' technology portfolios and allow secure growth across markets. The company's offerings include boilers, emissions control and cooling systems, ash & material handling, controls & monitoring, and associated parts. B&W also provides retrofit and upgrades, field technical services, and other services. It serves customers in the oil and gas, chemical, industrial, and power generation sectors across the Asia Pacific, Europe, the Americas, Africa, and other regions.

The company has R&D, manufacturing, administrative, warehouse, and service facilities in China, Scotland, Mexico, the US, Canada, Denmark, Germany, and Italy. B&W is headquartered in Barberton, Ohio, the US.

Samuel Pressure Vessel Group is a leader in designing, distributing, and producing pressure vessel solutions. They offer a wide range of capabilities in fabricating stock, custom, and engineered-to-order vessel designs. Materials include carbon, stainless steel, and other high-alloy metals, Vessel fabrications range from 2" to 192" in diameter, up to 160,000+ pounds, and pressures from full vacuum to 3,000 PSI. At Samuel, we employ over 400 ASME-certified welders combined with in-house customer care and engineering teams.

Whether you need an ongoing supply program for small standard vessels or have a one-time need for very large engineered-to-spec pressure vessels, our experienced team is ready to assist you.