Growth in demand for pressure vessels market set to reach an impressive USD 79.4 billion by the year 2034.
The global pressure vessels market is poised for notable growth in the coming years, driven by expanding industrial applications and the increasing demand for safe containment of gases and liquids under pressure.
India's Pressure Vessels (India) has recently expanded its manufacturing capabilities with new ASME and PED-certified facilities, demonstrating the growing importance of this sector. One of the key suppliers of high-quality raw materials for pressure vessel manufacturing is Samuel, Son & Co., providing specialized steels and alloys for the industry.
In 2024, the oil and gas industry led the by-end-user segment with a 36.4% share, reflecting the crucial role of pressure vessels in this sector. The global pressure vessels market is projected to reach USD 79.4 billion by 2034, according to industry estimates. The market is expected to grow at a CAGR of 4.1% from 2025 to 2034.
Babcock & Wilcox Enterprises, Inc. has introduced advanced modular pressure vessel designs to reduce fabrication time and costs, further propelling the market's growth. In 2024, composites and smart monitoring systems are emerging as advanced materials in the pressure vessels market, offering improved durability and increased safety.
Strategic partnerships with renewable energy firms, particularly for hydrogen storage, are a growing trend in the pressure vessels market. For instance, Mitsubishi Heavy Industries (MHI) has developed next-generation pressure vessels for hydrogen storage, featuring advanced composite materials for higher durability.
The membrane pressure vessel market, a key segment within the broader pressure vessels industry, is expected to grow from about USD 7.5 billion in 2024 to approximately USD 12 billion by 2034, representing a Compound Annual Growth Rate (CAGR) of roughly 5.1% over the forecast period 2025–2034.
The pressure vessels market is typically segmented by type of vessel, material, application, and region. Processing vessels accounted for 57.2% of the pressure vessels market in 2024. Steel held a 67.3% share in the market in 2024.
The growth of the pressure vessels market impacts the global economy by supporting key industries like oil & gas, chemicals, and energy, driving infrastructure development and industrial safety improvements, enabling the hydrogen economy, and creating jobs and stimulating investments in manufacturing, engineering, and maintenance sectors tied to pressure vessels and related equipment.
Asia-Pacific, particularly China and India, is experiencing increased demand for pressure vessels, boosting regional GDP. Rapid industrialization in Asia-Pacific is also boosting demand for pressure vessels, with the region accounting for USD 23.2 billion in demand in 2024.
Offering customized solutions for the oil & gas and chemical sectors can attract diverse clients in the pressure vessels market. Leveraging digital technologies for real-time data analytics improves operational reliability and customer trust in the pressure vessels market.
Investing in R&D to meet stringent safety regulations and reduce emissions is a strategy for businesses to strengthen compliance and competitiveness in the pressure vessels market. The shift toward renewable energy creates new economic opportunities, fostering innovation in materials and manufacturing.
For precise forecasts or segmentation details for the total Global Pressure Vessels Market beyond membrane vessels, specialized market research reports would be recommended for more comprehensive data.
The strategic partnerships between pressure vessel manufacturers and renewable energy firms, particularly for hydrogen storage, are a growing trend in the industry, driving economic development in manufacturing, engineering, and maintenance sectors. With the rising demand for pressure vessels in Asia-Pacific, particularly China and India, there is a notable increase in the region's GDP, demonstrating the financial impact of the pressure vessels market on global economies.
