Global Pressure Vessels
Market Report
2025
The global Pressure Vessels market size is USD 50.7 billion in 2024. The Pressure Vessels market will show strongest growth with a compound annual growth rate (CAGR) of 4.3% from 2024 to 2031. This growth can be attributed to increasing energy demand and power generation.
The base year for the calculation is 2024. The historical will be 2021 to 2024. The year 2025 will be estimated one while the forecasted data will be from year 2025 to 2033. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, the global Pressure Vessels market size will be USD 50.7 billion in 2024 and will expand at a compound annual growth rate (CAGR) of 4.3% from 2024 to 2033.
• North America held the largest share of the global Pressure Vessels market around XX% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2033.
• Asia Pacific held a market share of around XX% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2033.
• Europe accounted for a share of over XX% of the global market size of USD XX million.
• The Latin American market is around XX% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2033.
• Middle East and Africa held the major market of around XX% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2033.
2021 | 2025 | 2033 | CAGR | |
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Global Pressure Vessels Market Sales Revenue | 121212 | 121212 | 121212 | 4.3% |
Base Year | 2024 |
Historical Data Time Period | 2021-2024 |
Forecast Period | 2025-2033 |
Market Split by Type |
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Market Split by Heat Source |
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Market Split by Application |
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Market Split by End Use Industry |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Market Drivers:
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Market Restrains:
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Report scope is customizable as we have a huge database of Pressure Vessels industry. We can deliver an exclusive report Edition/Consultation as per your data requirements. Request for your Free Sample Pages.
Pressure Vessels Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
According to Cognitive Market Research, the Global Pressure Vessels Market Size will be USD XX Billion in 2025 and is set to achieve a market size of USD XX Billion by the end of 2033 growing at a CAGR of XX% from 2025 to 2033. Pressure vessels are enclosed containers that are made to contain gases or liquids at a pressure level much different from the environment outside. They find applications in industries like oil & gas, chemicals, power generation, and aerospace for uses that involve controlled containment of pressure. The market for pressure vessels is increasing as sectors such as oil & gas, chemicals, power generation, and aerospace depend on the vessels to carry gases and liquids under high pressure for storage and transportation. Industrial processing and storage of energy ensure their demand for numerous applications. Advances in materials like composites and stainless steel are enhancing the strength, efficiency, and safety of these vessels while decreasing weight. The increasing movement towards clean energy, especially hydrogen storage and carbon capture, is driving demand. Yet stringent safety protocols, exorbitant production costs, and regular maintenance needs pose challenges for producers. In spite of these issues, clean energy investment, industrial automation, and infrastructure renovations are set to continue propelling market growth.
Increased thermal power demand worldwide is a major driver for expanding the deployment of pressure vessels. Pressure vessels are critical equipment in many industrial processes, especially in power generation, where they are employed to store and transfer thermal energy. With the growing consumption of energy, the demand for effective and efficient thermal energy storage and transfer solutions, such as pressure vessels, will also grow. The demand for thermal energy is on the rise globally due to factors such as population growth, industrialization, and the transition to renewable energy sources. Pressure vessels are of vital importance to power generation systems such as nuclear power plants, thermal power plants, and renewable energy plants like solar thermal and geothermal power plants. They are utilized for the storage and transfer of heat, steam, and other fluid under pressure for the operation of these systems. Aside from power production, pressure vessels are also applied in industrial procedures such as manufacturing chemicals, processing food, and pharmaceutical production.
In addition, the International Atomic Energy Agency (IAEA), an Austria-based intergovernmental organization, estimates that nuclear capacity worldwide will grow to 873 gigawatts net electrical (GW€) by 2050, greater than twice the present level of about 390 GW€ as of 2021. Thus, the prime driver fueling market expansion is the growing global demand for thermal energy, prompting increased use of these ships.
https://www.iaea.org/newscenter/pressreleases/iaea-projections-for-nuclear-power-growth-increase-for-second-year-amid-climate-energy-security-concerns#:~:text=In%202021%2C%20the%20Agency%20revised%20its%20up,with%20current%20levels%20of%20around%20390%20GW(e).
Therefore, increasing thermal energy demand drives the growth of pressure vessels market.
Key Restraints for Pressure Vessels Market
The initial high cost of pressure vessels is a major factor that can limit market growth, especially for small firms and new businesses. The building and installation of the vessels are costly in terms of raw materials, production, transportation, and skilled labor. Moreover, the requirement of stringent quality testing and regular maintenance also adds to the high initial investment. Pressure vessels are usually fabricated using high-strength materials like stainless steel, carbon steel, and high-technology composites. These high-strength materials are costly, and they contribute heavily to the cost, which might hinder the growth of the pressure vessel market.
The process of producing vessels includes advanced techniques like automated welding, precision machining, and strict quality testing. All these add to the cost of production. The installation of vessels, particularly big and complex ones, demands specialized equipment and skills, and hence the installation is more expensive. Vessels need maintenance on a continuous basis and regular inspections to meet safety and regulatory compliance standards. These can be quite high in the lifetime of the vessel.
For instance, according to HalvorsenUSA, minor pressure containers like knock-out pots, knock-out drums or vapor-liquid separators can cost anywhere from $10,000.00 to $50,000.00 whereas major pressure containers like those utilized in oil and gas refineries can cost anywhere from $100,000.00 to $1,000,000.00 to produce and ship.
https://www.halvorsenusa.com/resources/pressure-vessel-cost-estimations-pricing-rates-expenses/
Small companies could find it hard to pay for the initial high costs, possibly restricting their capability to enter or grow within the market. Small companies could find it hard to pay for the initial high costs, possibly restricting their capability to enter or grow within the market.
For instance, the development of one high-pressure vessel is likely to cost millions, affecting small companies or start-ups.
https://info.ornl.gov/sites/publications/files/pub41882.pdf
Thus, high initial cost may hamper the growth of pressure vessels market.
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Competitive Landscape: Pressure Vessels Market
In order to meet the increasing demands of consumers the industry players are now investing and giving more attention to their research and development of Pressure Vessels so that they sustain and survive in the competition. ensuring a competitive edge. Robust distribution networks and adherence to quality standards amplify market presence, fostering an environment where agility and innovation define industry leaders.
Recent Development
In April 2024, Babcock & Wilcox (B&W) revealed a major contract aimed at upgrading renewable energy boilers in Southeast Asia, with a value exceeding USD 7 million. This initiative focuses on improving three waste-fuelled boilers at a waste-to-energy power facility, emphasizing the installation of new pressure components and advanced combustion technology to enhance steam output and efficiency while reducing emissions. This upgrade underscores B&W's dedication to promoting sustainable energy solutions and extending the operational lifespan of the region's waste-to-energy industry.
https://www.babcock.com/home/about/corporate/news/babcock-and-wilcox-awarded-contract-to-upgrade-renewable-energy-boilers-in-southeast-asia
In June 2023, Larsen & Toubro (L&T) inaugurated a state-of-the-art Heavy Wall Pressure Vessel facility in Saudi Arabia, aligning with the Saudi Vision 2030 and the IKTVA initiative. Situated in the Royal Commission Jubail Industrial Area, this advanced facility is designed to bolster local manufacturing capabilities for heavy wall thicknesses and complex metallurgy.
https://www.larsentoubro.com/pressreleases/2023/2023-06-22-lt-inaugurates-heavy-wall-pressure-vessel-facility-in-saudi-arabia/
In December 2022, Bharat Heavy Electricals Limited (BHEL) entered into a long-term Technology License Agreement (TLA) with Sumitomo SHI FW of Finland (SFW) for the design, engineering, manufacturing, installation, commissioning, and sale of subcritical and supercritical Circulating Fluidised Bed Combustion (CFBC) Boilers in India and select international markets.
https://www.business-standard.com/article/news-cm/bhel-signs-technology-license-agreement-with-sumitomo-shi-fw-finland-122122300463_1.html
In August 2022, the reactor pressure vessel (RPV) was successfully installed at unit 2 of the Zhangzhou nuclear power plant located in Fujian province, China. This unit, along with unit 1, is part of a broader project that includes two Hualong One reactor. Unit 1 is expected to commence commercial operations in early 2025, while unit 2 is slated to begin operations in late 2025.
https://www.neimagazine.com/news/reactor-pressure-vessel-installed-at-unit-2-of-chinas-zhangzhou-npp-9928431/#:~:text=The%20reactor%20pressure%20vessel%20(RPV)%20has%20been,way%20for%20the%20lifting%20of%20the%20inner
Top Companies Market Share in Pressure Vessels Industry: (In no particular order of Rank)
If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.
According to Cognitive Market Research, North America dominated the market in 2024. It accounted for around 40% of the global revenue due to its robust industrial base, advanced manufacturing technologies, and significant investments in oil and gas, power generation, and chemical sectors. Additionally, stringent safety standards and a strong regulatory framework further bolster market leadership in this region.
Asia-Pacific stands out as the fastest-growing region in the Pressure Vessels market due to rapid industrialization, expanding energy needs, and significant investments in infrastructure and power generation. The region's burgeoning chemical and oil & gas sectors further drive demand, bolstered by favorable government policies and economic growth in countries like China and India.
The current report Scope analyzes Pressure Vessels Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only.
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Global Pressure Vessels Market Report 2025 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Pressure Vessels Industry growth. Pressure Vessels market has been segmented with the help of its Type, Heat Source Application, and others. Pressure Vessels market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
Based on vessel product type, the market is segmented into boilers, reactors, separators, and others. Based on the product, the boiler segment accounted for XX% of market share in 2024.
Boilers segment is the leading one since they are being fitted in huge quantities across industries. A few of these include, power generation, petrochemicals, and manufacturing, where they are utilized to produce steam or heat fluids under pressure. The manufacturers of boilers are primarily interested in providing application-specific products. The capability of boilers to work at high pressure and produce steam or heat under pressure is one reason for them being the leaders.
The reactors is the second segment since it is significantly utilized, especially in industries like chemicals, pharmaceuticals, and petrochemicals. They are required for conducting chemical reactions under controlled temperature, pressure, and stirring conditions. Their role being so vital in these operations, they constitute an important segment of the market along with boilers and other forms of vessels. Growing energy demand expected to drive the number of nuclear power plants worldwide, hence contributing to the growth of the segment over the next few years. A nuclear reactor is an essential component of a nuclear power plant that causes and regulates a self-sustained nuclear chain reaction.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Pressure Vessels Industry. Request a Free Sample PDF!
This report provides a comprehensive forecast of revenue growth for the Pressure Vessels industry at the global, regional, and country levels, from 2019 to 2031. It includes a detailed analysis of the latest industry trends and identifies key opportunities for each Heat Source segment of machinery and equipment. The analysis covers demand across various end-use industries, such as automotive, HVAC, construction, energy, and others. By examining these application segments, the report helps stakeholders understand the factors driving growth in specific sectors and identify high-potential areas for investment and innovation. To perform a thorough Heat Source segment analysis, the report considers several key factors. These include industry-specific demand patterns, technological advancements in machinery, and regional growth trends that influence specific applications. Additional factors such as regulatory requirements, supply chain dynamics, end-user preferences, and market competition are also examined to assess how they impact the adoption and performance of machinery in different sectors. The analysis further includes confidential insights like value chain evaluation, patent trends, and company performance metrics (through a Company Evaluation Quadrant), providing a complete view of each application’s evolution within the machinery and equipment market. (Report will provide you with customized data, and detailed insight on purchase of paid version of the report)
Some of the key Heat Source of Pressure Vessels are:
The above Graph is for representation purposes only. This chart does not depict actual Market share.
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Research Associate at Cognitive Market Research
I am Aarti Bagekari, worked as a research associate with strong passion for transforming complex information into strategic insights. My strong analytical skills, coupled with a deep understanding of market dynamics and consumer behavior, empower me to identify hidden opportunities and proactively mitigate risks for clients. As a part of team, I possess a skills in data analysis, segmentation, competitive landscape.
I am Aarti Bagekari, worked as a research associate with strong passion for transforming complex information into strategic insights. My strong analytical skills, coupled with a deep understanding of market dynamics and consumer behavior, empower me to identify hidden opportunities and proactively mitigate risks for clients. As a part of team, I possess a skills in data analysis, segmentation, competitive landscape.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Pressure Vessels Market is witnessing significant growth in the near future.
In 2023, the Boilers segment accounted for noticeable share of global Pressure Vessels Market and is projected to experience significant growth in the near future.
The Fired segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Babcock and Wilcox Enterprises , Doosan Heavy Industries & Construction Co. and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
Disclaimer:
Type | Boilers, Separators, Reactors, Others |
Heat Source | Fired, Unfired |
Application | Processing Vessel, Storage Vessel, Others |
End Use Industry | Oil and Gas, Chemical and Fertilizers, Power, Food & Beverages, Pharmaceuticals, Others |
List of Competitors | Babcock and Wilcox Enterprises, Inc., Doosan Heavy Industries & Construction Co., Ltd., Mitsubishi Heavy Industries Ltd, Bharat Heavy Electricals Limited., Larsen & Toubro Limited., Dongfang Electric Machinery Co., Ltd., General Electric Co, Halvorsen, IHI Corporation, Pressure Vessels, Samuel Pressure Vessel Group., Westinghouse Electric Company LLC. |
This chapter will help you gain GLOBAL Market Analysis of Pressure Vessels. Further deep in this chapter, you will be able to review Global Pressure Vessels Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
This chapter will help you gain North America Market Analysis of Pressure Vessels. Further deep in this chapter, you will be able to review North America Pressure Vessels Market Split by various segments and Country Split.
Chapter 2 North America Market Analysis
This chapter will help you gain Europe Market Analysis of Pressure Vessels. Further deep in this chapter, you will be able to review Europe Pressure Vessels Market Split by various segments and Country Split.
Chapter 3 Europe Market Analysis
This chapter will help you gain Asia Pacific Market Analysis of Pressure Vessels. Further deep in this chapter, you will be able to review Asia Pacific Pressure Vessels Market Split by various segments and Country Split.
Chapter 4 Asia Pacific Market Analysis
This chapter will help you gain South America Market Analysis of Pressure Vessels. Further deep in this chapter, you will be able to review South America Pressure Vessels Market Split by various segments and Country Split.
Chapter 5 South America Market Analysis
This chapter will help you gain Middle East Market Analysis of Pressure Vessels. Further deep in this chapter, you will be able to review Middle East Pressure Vessels Market Split by various segments and Country Split.
Chapter 6 Middle East Market Analysis
This chapter will help you gain Middle East Market Analysis of Pressure Vessels. Further deep in this chapter, you will be able to review Middle East Pressure Vessels Market Split by various segments and Country Split.
Chapter 7 Africa Market Analysis
This chapter provides an in-depth analysis of the market share among key competitors of Pressure Vessels. The analysis highlights each competitor's position in the market, growth trends, and financial performance, offering insights into competitive dynamics, and emerging players.
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
This chapter would comprehensively cover market drivers, trends, restraints, opportunities, and various in-depth analyses like industrial chain, PESTEL, Porter’s Five Forces, and ESG, among others. It would also include product life cycle, technological advancements, and patent insights.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2021 - 2033
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Chapter 11 Market Split by Heat Source Analysis 2021 - 2033
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Chapter 12 Market Split by Application Analysis 2021 - 2033
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Chapter 13 Market Split by End Use Industry Analysis 2021 - 2033
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Pressure Vessels market
Chapter 14 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Chapter 15 Research Methodology and Sources
Why Boilers have a significant impact on Pressure Vessels market? |
What are the key factors affecting the Boilers and Separators of Pressure Vessels Market? |
What is the CAGR/Growth Rate of Fired during the forecast period? |
By type, which segment accounted for largest share of the global Pressure Vessels Market? |
Which region is expected to dominate the global Pressure Vessels Market within the forecast period? |
Segmentation Level Customization |
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Region level Data Customization |
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Country level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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Service Level Customization |
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Report Format Alteration |
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