Dublin, July 22, 2026 (GLOBE NEWSWIRE) — The “Pressure Vessels Market by Type, Material, Pressure Rating, End-User Industry and Region – Global Forecast to 2031” has been added to ResearchAndMarkets.com’s offering.
The global pressure vessels market is projected to increase from USD 57.55 billion in 2026 to USD 73.24 billion by 2031, registering a compound annual growth rate (CAGR) of 4.9% during the forecast period. Expanding chemical production, rising global electricity demand, infrastructure investment and the modernization of industrial facilities are expected to support sustained market growth.
Storage vessels to hold the second-largest market share by type in 2026
By type, the pressure vessels market is segmented into processing vessels and storage vessels. Storage vessels are expected to account for the second-largest share in 2026, supported by demand from the oil and gas, chemical manufacturing and power generation industries. Investment in pipelines, refineries, chemical facilities and power plants across emerging economies is creating additional requirements for storage infrastructure capable of operating under specified temperature and pressure conditions.
Processing vessels include boilers, reactors, separators, heat exchangers, flash drums and related equipment. Demand is being sustained by industrial operations requiring controlled temperature and pressure, consistent production performance and compliance with increasingly stringent safety and quality standards.
Reactors forecast to be the fastest-growing processing vessel segment
Within the processing vessels category, reactors are projected to record the fastest growth through 2031. Market expansion is closely associated with increased investment in controlled chemical and industrial processes involving reaction, mixing, separation, heat transfer and phase change.
Chemical, pharmaceutical and specialty materials manufacturers are adopting advanced reactor systems to improve operational efficiency, process control and product quality. Flash drums and heat exchangers are also expected to maintain steady demand across distillation, fractionation and vaporization applications. However, the continued expansion of chemical processing capacity and innovation in reactor technologies are anticipated to give reactors the strongest growth momentum among processing vessel types.
North America positioned as the second-fastest-growing regional market
North America is expected to become the second-fastest-growing pressure vessels market during the forecast period. Growth is being driven by technological development, infrastructure investment and established oil and gas, power generation and chemical industries.
Investment in clean energy projects, including hydrogen production and carbon capture, is generating new pressure vessel applications across the region. The modernization of aging industrial infrastructure and tighter safety regulations are also encouraging companies to replace or upgrade existing equipment. In parallel, greater use of advanced manufacturing, automation and digital monitoring technologies is supporting market development.
Pressure vessel innovation focuses on digitalization, safety and advanced materials
Product development across the pressure vessels industry is increasingly centered on efficiency, safety, automation and lifecycle performance. Manufacturers are integrating Internet of Things sensors to enable real-time monitoring of pressure, temperature and structural condition. Predictive maintenance capabilities are also being deployed to reduce unplanned downtime, strengthen operational safety and extend equipment life.
Additional development areas include hydrogen storage tanks for renewable energy applications, pressure vessels designed for extreme industrial environments and automation-compatible systems. Companies are also investing in durable, corrosion-resistant and lower-impact materials, alongside modular designs intended to simplify maintenance, replacement and upgrades. These innovations are expanding opportunities across energy, chemicals, pharmaceuticals and other process-intensive industries.
Competitive landscape
Major participants in the global pressure vessels market include:
- Babcock & Wilcox Enterprises, Inc. (US)
- GE Vernova (US)
- Larsen & Toubro Limited (India)
- Mitsubishi Heavy Industries (Japan)
- Isgec Hitachi Zosen Ltd. (India)
- IHI Corporation (Japan)
- Bharat Heavy Electricals Limited (India)
- Dongturbo Electric Company Ltd. (China)
- Samuel, Son & Co. (Canada)
- Westinghouse Electric Company (US)
- Halvorsen Company (US)
- Bosch Industriekessel GmbH (Germany)
The competitive assessment examines company profiles, market shares, service offerings, recent developments and growth strategies. Mitsubishi Heavy Industries, IHI Corporation and Bharat Heavy Electricals Limited are among the major companies evaluated in the pressure vessels market analysis.
Research coverage and market dynamics
The report defines, analyzes and forecasts the global pressure vessels market by type, material, pressure rating, end user and region. It provides qualitative and quantitative analysis of market drivers, restraints, opportunities and challenges, together with coverage of the competitive landscape, market dynamics, value-based estimates and future industry trends.
Key growth drivers include momentum in chemical manufacturing and increasing global electricity demand. Cost-intensive manufacturing and equipment upkeep remain significant restraints. Renewable energy expansion and the growing focus on nuclear energy deployment are among the market factors assessed, while the report also reviews untapped geographies, recent investments, new products and services, and other opportunities for market diversification.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 274 |
| Forecast Period | 2026-2031 |
| Estimated Market Value (USD) in 2026 | $57.55 Billion |
| Forecasted Market Value (USD) by 2031 | $73.24 Billion |
| Compound Annual Growth Rate | 4.9% |
| Regions Covered | Global |
Company Profiles
- Bharat Heavy Electricals Limited
- Mitsubishi Heavy Industries, Ltd.
- Ihi Corporation
- Larsen & Toubro Limited
- Babcock & Wilcox Enterprises, Inc.
- Ge Vernova
- Isgec Hitachi Zosen Ltd.
- Dongturbo Electric Company Ltd.
- Samuel, Son & Co.
- Westinghouse Electric Company LLC
- Halvorsen Company
- Bosch Industriekessel GmbH
- Alavalaval
- Godrej Enterprises
- Karadani Engineering Pvt. Ltd.
- Alloy Products Corp.
- Kelvion Holding GmbH
- Ornalp Unozon
- Zamil Process Equipment Company Limited
- Weihai Chemical Machinery Co. Ltd.
- Miura America Co. Ltd.
- Infinite Composites
- Sun Boilers Pvt. Ltd.
- Kairos Power
- Steelhead Composites, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ewffnq
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