Previously valued at about $52-billion in 2023 and $54.5-billion in 2024, the global pressure vessels market size is poised to grow to over $76-billion by 2032, at a compound annual growth rate (CAGR) of 4.3% during the forecast period of 2025 to 2032, as stated by the Global Pressure Vessels Market report, produced by global consulting company SkyQuest Technology Group.

According to the report, the pressure vessels market is registering a “good pace” of growth, owing to industrial expansion and stringent safety regulations.

Citing specialised agency United Nations Industrial Development Organisation (UNIDO), Skyquest notes that the gross manufacturing output globally was about $16.4-trillion in 2022, with roughly 15.4% year-on-year growth compared to the preceding year.

The Global Pressure Vessels Market report provides a detailed analysis of market opportunities by region and segment, highlighting opportunity areas for vendors.

Pressure Vessels Market Insights
The significant increase in vessels, particularly in the oil and gas, chemicals processing, power generation and pharmaceutical industries – where these vessels are heavily relied on for the safe storage and transportation of liquids and gases under high pressures or temperatures – highlights the dynamic industrial landscape worldwide, according to the report.

Additionally, the pressure vessels market has a regulatory framework that is strongly established by governments and regulatory bodies.

For instance, in the US, the American Society of Mechanical Engineers’ Boiler and Pressure Vessel Code compliance is mandatory for manufacturers. In the EU, the Pressure Equipment Directive “increases the standards” while Canada follows the National Board Inspection Code.

These regulations ensure pressure vessels are safe and fit for specific uses while compliance with regulatory norms drives competition in the market, encouraging manufacturers to continuously pursue innovation and performance improvements. Regulatory oversight through inspections and audits further ensures the industry is uniform by maintaining standards, which ensures product quality and safety.

Pressure Vessels Market Regional Insights
The US pressure vessels market is poised to grow at a sustainable CAGR for the next forecast year, with North America expected to hold the largest pressure vessels market share.

Its dominance is largely owing to the region’s expanding industrial sector, particularly in the chemicals, energy and oil and gas sectors. The key drivers of the demand for high- quality pressure vessels results from an increased emphasis on technological advancements and strict safety rules.

While North America currently dominates the global pressure vessel market, the Asia-Pacific (APAC) region is quickly developing into the fastest growing market segment. This growth is attributed to the region’s evolving industries, improved infrastructure development and rise in energy demand.

“Several up-and-coming economies in the APAC region are tying in huge investments in sectors such as energy production and transportation, thus fuelling the growing need for specialised pressure vessels,” the report states.

Additionally, supportive government initiatives and investments from other countries are also driving the pressure vessels market growth.

Formulating the Report
The research report offers a comprehensive assessment of the market, presenting strategic insights on future trends and growth factors along with supplier and demand landscapes.

Additionally, it incorporates various business intelligence models.

“To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future,” says SkyQuest.

Consequently, production and consumption patterns were carefully compared to the forecast pressure vessels market. Other key considerations included the growth of adjacent markets, revenue growth of the key market vendors, scenario-based analyses and market segment growth.

Growth determinants such as market drivers, emerging trends, constraints and opportunities were identified, with their impact on market expansion subsequently analysed.