Press release
Pressure Vessels Market Booming Worldwide Demand, Growth and Future Scope 2025-2032 | Doosan Corporation, IHI Corporation, Babcock & Wilcox Enterprises, Inc
Pressure Vessels Market
The pressure vessels industry underpins critical sectors like oil & gas, power generation, and chemical processing, offering secure containment under extreme conditions. Increasing digitalization and stringent safety regulations are reshaping market dynamics and driving business growth across regions.
Market Size and Overview-
The Global Pressure Vessels Market size is estimated to be valued at USD 35.4 billion in 2025 and is expected to reach USD 46.2 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.9% from 2025 to 2032.
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Key Takeaways:
Region:
• North America: Robust petrochemical expansions and updated safety standards boost vessel adoption.
• Latin America: LNG export terminal projects accelerate regional market opportunities.
• Europe: EU Pressure Equipment Directive amendments drive retrofits and digital inspections.
• Asia Pacific: China and India manufacturing capex surges create largest regional demand.
• Middle East: Continued oil & gas investment and refinery modernizations underpin growth.
• Africa: New power generation and mining initiatives present emerging business growth.
Segment Covers:
• By Type: Carbon Steel (oil & gas skids), Stainless Steel (pharma reactors), Composite Vessels (hydrogen storage prototypes).
• By Application: Oil & Gas (upstream separators), Power Generation (boiler drums), Chemical & Petrochemical (reactor vessels).
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Growth Factors:
• Upstream Investment Surge: Global oil & gas capex rose 5.6% in 2024, boosting demand for high-pressure carbon steel vessels.
• Nuclear New Builds: Seventeen reactors began construction in 2024, increasing vessel orders by 8% year-over-year.
• Regulatory Upgrades: EU PED 2014/68/EU amendments added an estimated USD 1.2 billion to the 2025 market size through mandatory retrofits.
Market Trends:
• Digital Twin Integration: Major fabricators report 20% inspection cycle reductions in 2024, aligning with Pressure Vessels Market trends toward Industry 4.0 adoption.
• Advanced Composites: Shipments of composite pressure vessels for hydrogen storage grew 12% in 2025, reflecting weight and corrosion resistance advantages.
• Additive Manufacturing: Pilot projects achieved 15% weight reduction in prototype vessel heads, signaling broader adoption in 2025 and beyond.
Actionable Insights:
• Production Capacity: Global steel plate output for vessel fabrication reached 120 million tons in 2024; average unit price rose to USD 120 per liter of capacity.
• Exports & Imports: China exported 28,000 units in 2024 (up 8% YoY); Europe's import volumes climbed 10% in 2025 amid local cost pressures.
• Lead Times & Nano Sensors: Average delivery lead time shortened to 16 weeks in 2024 (versus 20 weeks in 2023); nano-scale sensor integration now in 45% of new builds.
• Stakeholders can track the latest Pressure Vessels Market report to align sourcing, pricing, and delivery strategies with evolving market dynamics and market opportunities.
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Key Players:
• Chart Industries
• AW Chesterton
• Doosan Enerbility
• Sulzer Ltd.
• The Linde Group
• Wood PLC (Amec Foster Wheeler)
• Babcock & Wilcox Enterprises
• Toshiba Energy Systems & Solutions
• Atlas Copco AB
• IHI Corporation
• Mitsubishi Heavy Industries
• Harbin Electric International
Competitive Strategies:
• Chart Industries expanded its U.S. modular fabrication plant in 2024, boosting annual capacity by 15% and capturing greater market share in cryogenic vessels.
• Wood PLC acquired a composite vessel specialist in early 2025, enhancing its hydrogen storage portfolio and increasing segment revenue by 9%.
• Babcock & Wilcox deployed digital twin platforms across UK facilities in 2024, reducing maintenance cycles by 22% and strengthening service offerings.
FAQs
1. Who are the dominant players in the Pressure Vessels Market?
Major companies include Chart Industries, Sulzer, Wood PLC, Linde and Babcock & Wilcox, collectively shaping market share through capacity expansions and technology licensing.
2. What will be the size of the Pressure Vessels Market in the coming years?
The market size is forecast to grow from USD 35.4 billion in 2025 to USD 46.2 billion by 2032 at a CAGR of 3.9%, driven by energy sector capex and regulatory retrofits.
3. Which end-user industry has the largest growth opportunity?
Asia Pacific's oil & gas and power generation sectors present the highest growth opportunity, supported by manufacturing capex surges in China and India.
4. How will market development trends evolve over the next five years?
Integration of digital twins, advanced composites, and additive manufacturing will accelerate, enhancing safety, reducing weight and optimizing inspection cycles by up to 20%.
5. What is the nature of the competitive landscape and challenges in the Pressure Vessels Market?
Competition centers on cost-efficiency, technology differentiation and compliance with evolving pressure equipment directives; key restraints include raw material volatility and lengthy certification processes.
6. What go-to-market strategies are commonly adopted in the Pressure Vessels Market?
Players employ capacity expansions, strategic acquisitions, digital service offerings and joint ventures with EPC contractors to capture aftermarket and project-based opportunities.
✍️ Author of this marketing PR:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
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