Pressure Vessels Market Trends

Growth Drivers

• Increase in nuclear power: The aspect of governments generously investing in clean energy projects and nuclear reactors is demanding innovative vessels for efficiency and safety, which is driving the pressure vessels market globally. According to an article published by the World Nuclear Organization in September 2025, nuclear reactors tend to generate an overall 2,667 TWh of electricity as of 2024, denoting a 66 TWh increase from 2,601 TWh in 2023. This is considered the highest ever generation from nuclear within a year, gradually surpassing the previous record of 2,660 TWh. Besides, by the end of 2024, the operable nuclear power plants' capacity have been 398 GWe, further denoting an increase by 6 GWe from the 392 GWe as of 2023, thereby proliferating the market’s growth an expansion.
• Industrial expansion in the Asia Pacific: The increased industrialization in Southeast Asia, India, and China has fueled the demand for the pressure vessels market, particularly for manufacturing, power, and petrochemicals. As stated in an article published by the International Monetary Fund Organization in November 2024, the growth of industrial services has taken into consideration half of the region’s workers, denoting an increase from 22%. This particular transition is projected to escalate with further extension of global trade for modernized services, including communication technology, information, and finance, along with business outsourcing. Therefore, with increased focus on upliftment by including workers in industries, the market is poised to experience growth and development within the region.
• Growth of the chemistry industry: The rise in the demand for petrochemicals and specialty chemicals has necessitated high-pressure separators and reactors, which is fueling the pressure vessels market internationally. As per an article published by Invest India Government in March 2025, the petrochemical and chemical industry in India readily contributes more than 9% to the manufacturing gross value addition, along with 7% to overall exports. Additionally, the industry’s market valuation is worth USD 220 billion as of 2024, which is further expected to reach USD 300 billion by the end of 2028. Moreover, the upcoming chemicals manufacturing facility is projected to grow by 11% to 12% as well as 7% to 10% by the end of 2040. Therefore, with this continuous growth in the industry, the market’s demand is gradually increasing.

Challenges

• Strict regulatory compliance and certification: The pressure vessels market operates under extreme conditions, making safety paramount. Compliance with international codes such as the ASME Boiler and Pressure Vessel Code in the U.S., the PED, which is part of Europe’s Pressure Equipment Directive, and national standards in Asia requires extensive testing, documentation, and certification. This regulatory burden increases costs and slows down time-to-market for manufacturers. Smaller firms often struggle to meet these requirements, limiting competition and innovation. Additionally, evolving environmental and safety regulations demand continuous redesigns and retrofits, creating uncertainty for long-term investments, thus causing a hindrance in the market’s growth.
• Increased capital and maintenance expenses: The pressure vessels market is considered to be capital-intensive assets, requiring specialized materials, such as steel alloys and composites, and advanced fabrication techniques. Initial investment costs are high, often exceeding per large vessel, depending on the application. Beyond procurement, maintenance costs are substantial due to mandatory inspections, non-destructive testing, and periodic replacements of components. In industries such as oil and gas, along with chemicals, downtime for vessel maintenance can lead to millions in lost revenue, making lifecycle costs a critical concern. Furthermore, the adoption of advanced monitoring technologies, including IoT sensors and predictive analytics, adds to upfront expenses, even though they reduce long-term risks.