PUBLISHER: MarketsandMarkets | PRODUCT CODE: 2038241
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 2038241
The global pressure vessels market is projected to grow from USD 57.55 billion in 2026 to USD 73.24 billion by 2031, at a CAGR of 4.9% during the forecast period.
| Scope of the Report | |
|---|---|
| Years Considered for the Study | 2022-2031 |
| Base Year | 2025 |
| Forecast Period | 2026-2031 |
| Units Considered | Value (USD Billion), Volume (Thousand Units) |
| Segments | By Type, Material, Pressure Rating, End-User Industry and Region |
| Regions covered | North America, Europe, Asia Pacific, South America, and Middle East & Africa |
The rise in chemical production and energy demand worldwide is driving market growth.

"Storage vessels are expected to account for the second-largest share of the pressure vessels market, by type, in 2026."
The pressure vessels market, by type, includes processing vessels and storage vessels. The demand for storage vessels is significant across all industries because these vessels play a major role in storing liquids and gases safely at specific temperatures and pressures. Many industries, such as oil & gas, chemical manufacturing, and power generation, rely heavily on storage vessels to maintain efficient and consistent operations. Emerging economies are driving further demand for storage vessels due to the rapid growth of infrastructure projects such as pipelines, refineries, chemical facilities, and power plants. Processing vessels, on the other hand, include equipment such as boilers, reactors, separators, heat exchangers, and flash drums. These vessels play an important role in meeting manufacturers' demands by completing industrial processes that require maintaining controlled temperature and pressure, thereby ensuring the quality of the final product and efficient production processes.
"Reactors are expected to emerge as the fastest-growing by processing vessels of processing vessels during the forecast period."
By Processing Vessels, the pressure vessels segment is classified into boilers, separators, reactors, and other pressure vessels. Among these, reactors represent the fastest-growing segment within processing vessels. Their demand is closely linked to the growing need for controlled chemical and industrial processes, such as mixing, reaction, separation, heat transfer, and phase change. Industries such as chemicals, pharmaceuticals, and specialty materials are increasingly relying on advanced reactor systems to improve efficiency, product quality, and process control. At the same time, equipment such as flash drums and heat exchangers continues to see steady demand, particularly in applications such as distillation, fractionation, and vaporization. While these vessels support a wide range of industrial operations, the rapid expansion of chemical processing and innovation in reactor technologies is driving stronger growth for the reactor segment during the forecast period.
"North America is expected to be the second-fastest-growing region in the pressure vessels market."
North America is expected to be the second-fastest-growing pressure vessels market during the forecast period, driven by technological advancements and infrastructure development. The region has a strong presence in industries such as oil & gas, power generation, and chemicals, all of which heavily rely on pressure vessels for safe and efficient operations. Rapid investments in clean energy projects, including hydrogen production and carbon capture, are further boosting market growth. Additionally, the modernization of aging industrial infrastructure and the tightening of safety regulations are pushing companies to replace or upgrade existing equipment. The growing adoption of advanced manufacturing and automation technologies is also supporting steady market growth across the region.
By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3 - 11%
By Designation: C-level Executives - 30%, Directors - 25%, and Others - 45%
By Region: North America - 21%, Europe - 26%, Asia Pacific - 44%, Middle East & Africa - 7%, and South America - 3%
Notes: The tiers of the companies are defined based on their total revenues as of 2025. Tier 1: > USD 1 billion, Tier 2: USD 500 million to USD 1 billion, and Tier 3: < USD 500 million.
Other designations include sales managers, engineers, and regional managers.
Mitsubishi Heavy Industries (Japan), IHI Corporation (Japan), Bharat Heavy Electricals Limited (India) are some of the major players in the pressure vessels market. The study includes an in-depth competitive analysis of these key players, including their company profiles, recent developments, and key market strategies.
The report defines, describes, and forecasts the global pressure vessels market, by type, material, pressure rating, end user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, value-based market estimates, and future trends in the pressure vessels market.
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