Pressure Vessels Market worth $73.24 billion by 2031 | MarketsandMarkets™
DELRAY BEACH, Fla., May 8, 2026 /PRNewswire/ -- According to MarketsandMarkets™, the global Pressure Vessels Market size is projected to grow from USD 57.55 billion in 2026 to USD 73.24 billion by 2031 at a compound annual growth rate (CAGR) of 4.9% during the forecast period.
Browse 250 market data tables and 60 figures spread across 370 pages and an in-depth TOC of the "Pressure Vessels Market — Global Forecast to 2031."
A pressure vessel is a closed container that holds fluids or gases at a pressure significantly different from 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 to store, process, or transport substances under high pressure.
Pressure Vessels Market Size & Forecast:
- Market Size Available for Years: 2022–2031
- 2025 Market Size: USD 55.02 billion
- 2031 Projected Market Size: USD 73.24 billion
- CAGR (2025–2030): 4.9%
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By end-use industry, the power generation segment is expected to dominate the market throughout the forecast period.
Based on end-use industry, the Pressure Vessels Market has been split into power generation, oil & gas, food & beverages, pharmaceuticals, chemicals, and other end-use industries, which include agriculture, marine, paper & pulp, and aerospace. In the power generation industry, the pressure vessels are in high demand for boilers. They contain water or steam under high pressure, which is heated to generate steam that drives turbines to generate electricity. Apart from boilers, pressure vessels are also used in nuclear power plants. The global rise in the number of nuclear power plants in the power generation sector is driving the market.
By type, the processing vessels segment is expected to dominate the market from 2026 to 2031.
This report segments the Pressure Vessels Market by type into processing vessels and storage vessels, with processing vessels projected to be the fastest-growing segment. The growth of processing vessels is primarily driven by the increasing demand for efficient, continuous processing operations across industries such as oil & gas, chemicals, petrochemicals, and food & beverage. These vessels are critical for applications involving heating, cooling, mixing, and chemical reactions under controlled pressure and temperature conditions. Rising focus on process optimization, higher production throughput, and stringent safety and quality standards further accelerate their adoption. Additionally, advancements in materials, automation, and IoT-enabled monitoring systems are enhancing operational efficiency and reliability, making processing vessels a preferred choice for modern industrial facilities.
Asia Pacific is expected to be the largest regional market during the forecast period.
Asia Pacific is likely to be the fastest-growing market for pressure vessels due to rapid industrialization, booming urbanization, and significant infrastructure investments in China, India, Southeast Asia, and other emerging markets. Demand keeps surging from massive buildouts in petrochemical refineries, power plants, and chemical processing hubs, plus a real need for high-pressure storage in the fertilizer and pharmaceuticals industries. On top of that, the push toward clean energy, along with desalination plants and major manufacturing overhauls, is accelerating. With a strong manufacturing base, low-cost production, and steady calls for upgraded, corrosion-resistant vessels, the region is likely to be at the forefront of this thriving market.
Top Companies in Pressure Vessels Industry:
Some major players in the Pressure Vessels Market are Bharat Heavy Electricals Limited (India), Mitsubishi Heavy Industries (Japan), IHI Corporation (Japan), Babcock & Wilcox Enterprises (US), and LARSEN & TOURBO LIMITED (India). Major strategies adopted by these players include acquisitions, product launches, investments, partnerships, and expansions.
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Bharat Heavy Electricals Limited (India)
Bharat Heavy Electricals Limited (India) is one of the largest engineering and manufacturing companies. It offers services across various core sectors, including power generation, transmission, transportation, renewables, water, oil & gas, and defense & aerospace. Some key products and services offered by BHEL include power generators, boilers, turbines, transformers, control systems, and other electrical equipment. The company also provides engineering, procurement, and construction (EPC) services for power projects and has a significant presence in the renewable energy sector. The company operates its business through two business segments: Power and Industry. BHEL offers pressure vessels under its Power business segment, which accounted for 73.9% of the total revenue in 2025.
Mitsubishi Heavy Industries Ltd. (Japan)
Mitsubishi Heavy Industries Ltd. (Japan) is a diversified global industrial group delivering engineering, manufacturing, and infrastructure solutions across energy, aerospace, defense, and industrial machinery. The company operates through four primary business segments: Energy Systems; Plants & Infrastructure Systems; Logistics, Thermal & Drive Systems; and Aircraft, Defense & Space. Pressure vessels, such as boilers, are primarily provided under its Energy Systems segment, specifically within gas and steam power systems, where the company manufactures high-pressure boilers for thermal and power generation applications. These systems are integral to converting fuel into high-pressure steam for turbines, making them core pressure-containing equipment. The company serves a wide range of industries, including power generation, oil & gas, petrochemicals, marine, aerospace, transportation, and environmental systems. With operations spanning Asia, Europe, the Americas, and the Middle East, the company maintains a strong global presence, supported by manufacturing bases, engineering centers, and service networks.
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