Pressure Vessels Market Size

Pressure Vessels Market size was valued at USD 51.46 billion in 2023 and is likely to cross USD 90.07 billion by 2036, registering more than 4.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of pressure vessels is estimated at USD 53.27 billion.

The global market is thriving on the back of the dynamic changes in the power generation technology, the growing fertilizer industry and the increase in demand for petrochemicals, thereby leading to the increasing construction of refinery. The market is also anticipated to grow on account of the growing trade on machineries, laboratory and plant equipment which may or may not be electrically heated, for the treatment of materials by a process involving a change of temperature such as cooking, roasting, heating, sterilising, steaming, evaporating, pasteurising, vaporising, condensing or cooling. According to the trade statistics by International Trade Center, the exports of machinery, plant or laboratory equipment for  the period 2015 and 2018 was recorded as USD 7,319,599 thousand and USD 8,698,830 thousand respectively. As a result of rapid industrialization and a consistent demand for electricity/power supply. Moreover enormous demand for safety vessels for the transport of chemicals in the chemical and oil & gas industries is another major factor playing a vital role in the growth of the global pressure vessels market.Pressure vessels are available in the market in the form of storage vessels, heat exchangers and process vessels.