Pressure Vessels Market Size to Grow $62.7 Billion by 2028, Globally, at a CAGR of 4.5%, says MarketsandMarkets™
Delray Beach, FL, Aug. 21, 2025 (GLOBE NEWSWIRE) -- Pressure Vessels Market size is projected to grow from USD 50.3 billion in 2023 to USD 62.7 billion by 2028, at a CAGR of 4.5%, as per the recent study by MarketsandMarkets™. Pressure vessel is a closed container which are designed to hold fluids or gases at a pressure that is significantly different from the ambient pressure. It is constructed to withstand the internal pressure exerted by the enclosed substance and maintain its structural integrity. Pressure vessels are commonly used in various industries for storing, processing, or transporting substances under high pressure conditions.
The increasing global energy demand, driven by population growth, urbanization, and industrialization, is a significant driver for the pressure vessel market. Pressure vessels are integral components of power generation systems, including fossil fuel power plants, nuclear power plants, and renewable energy installations, such as geothermal power plants.
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List of Key Players in Pressure Vessels Market:
- Babcock & Wilcox Enterprises (US)
- Mitsubishi Hitachi Power Systems (Japan)
- IHI Corporation (Japan)
- LARSEN & TOUBRO LIMITED (India)
- Bharat Heavy Electricals Limited (India)
Drivers, Opportunities and Challenges in Pressure Vessels Market:
- Driver: Growing chemical production world-wide
- Restraint: High manufacturing and maintenance costs
- Opportunity: Increase in the nuclear power generation worldwide
- Challenge: Stringent standards in manufacturing of pressure vessels
Power, by end-user industry
The pressure vessels market has been split based on end-user industry into power, oil & gas, food & beverages, pharamacueticals, chemicals, and others which include agriculture, marine, paper & pulp, and aerospace. In the power generation industry, the pressure vessels have a high demand in the boilers. They contain water or steam under high pressure, which is heated to generate steam that drives turbines for electricity generation. Apart from boilers, the pressure vessels are also used in the nuclear power plants. The global wide rise in the number of nuclear power plants in the power generation sector is driving the market.
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Regional Analysis
North America is expected to be the largest pressure vessels market during the forecast period. the region has the largest shale reserves, making it a lucrative market for drilling and oilfield service providers. The vast potential of the shale reservoirs has been attracting more drilling operations in the North American oil industry. The increase in oil and gas activities would consequently increase the demand for pressure vessels in North America.
Asia Pacific is expected to largest region in the pressure vessel market size between 2023–2028, followed by the North America, Europe. The Asia Pacific region is witnessing robust industrial growth, including sectors such as oil and gas, chemical and petrochemical, power generation, food and beverage, pharmaceuticals, and more. These industries require pressure vessels for various processing, storage, and transportation applications, thereby driving the demand for pressure vessels in the region.
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