Top Companies in Pressure Vessels Industry

The global pressure vessels market is expected to grow at a CAGR of 4.9% during the forecast period, from an estimated USD 57.55 billion in 2026 to USD 73.24 billion by 2031.  This growth is propelled by key drivers such as surging energy demand, rapid industrialization, and infrastructure investments worldwide. Additional factors include the expansion of oil & gas refining, the growing adoption of renewables, such as hydrogen storage and advancements in power generation technologies.

The pressure vessels market is served by a mix of large international players with a global operational presence and local players with a strong domestic supply network. Bharat Heavy Electricals Limited (India), Mitsubishi Hitachi Power Systems (Japan), IHI Corporation (Japan), Babcock & Wilcox (US), LARSEN & TOURBO LIMITED (India), and Alfa Laval (Sweden) are the market leaders in the global pressure vessels market. These companies use strategies such as product launches, mergers and acquisitions to increase their market share. For instance, in September 2025, Alfa Laval introduced three new heat exchangers (for propane, CO2, and ammonia systems) targeting industrial and HVAC applications requiring high-efficiency heat transfer, and in July 2025, Alfa Laval completed the acquisition of Fives Energy Cryogenics, enhancing cryogenic heat exchangers and pumps for LNG, hydrogen, and industrial gases like CO2; complements pressure vessel tech for liquefaction and regasification.

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Bharat Heavy Electricals Limited (India) is one of the largest engineering and manufacturing companies. It offers services across various core sectors, including power generation, transmission, transportation, renewables, water, oil & gas, and defense & aerospace. Some key products and services offered by BHEL include power generators, boilers, turbines, transformers, control systems, and other electrical equipment. The company also provides engineering, procurement, and construction (EPC) services for power projects and has a significant presence in the renewable energy sector. The company operates its business through two business segments: Power and Industry. BHEL offers pressure vessels under its Power business segment, which accounted for 73.9% of the total revenue in 2025.

Mitsubishi Heavy Industries Ltd. (Japan) is a diversified global industrial group delivering engineering, manufacturing, and infrastructure solutions across energy, aerospace, defense, and industrial machinery. The company operates through four primary business segments: Energy Systems; Plants & Infrastructure Systems; Logistics, Thermal & Drive Systems; and Aircraft, Defense & Space. Pressure vessels, such as boilers, are primarily provided under its Energy Systems segment, specifically within gas and steam power systems, where the company manufactures high-pressure boilers for thermal and power generation applications. These systems are integral to converting fuel into high-pressure steam for turbines, making them core pressure-containing equipment. The company serves a wide range of industries, including power generation, oil & gas, petrochemicals, marine, aerospace, transportation, and environmental systems. With operations spanning Asia, Europe, the Americas, and the Middle East, the company maintains a strong global presence, supported by manufacturing bases, engineering centers, and service networks.  

Market Ranking

The pressure vessel market is highly competitive, with many global leaders collectively representing a large market share. The key factors for competing effectively and profitably include robust engineering capabilities, high-quality manufacturing capabilities, and deep international project execution experience. The following companies are strong participants, and their scale of operations helps create competition in this market: Bharat Heavy Electricals Limited (BHEL), Mitsubishi Heavy Industries, IHI Corporation, Babcock & Wilcox Company, and Larsen & Toubro Limited. A good example of a strong competitive performer is Larsen & Toubro Limited, which possesses many of the best characteristics of EPC (engineering, procurement, and construction) contractors, plus is a manufacturer of heavy reactors, heat exchangers, and military-grade high-pressure products for the oil & gas and energy markets in various locations worldwide. Mitsubishi Heavy Industries is an advanced technology provider for both thermal power generation and nuclear power applications and has retained a position of strength in the pressure vessel market. BHEL, the largest power generation and industrial infrastructure company in India, has a strong competitive advantage as a market leader. IHI Corporation and Babcock & Wilcox Company both focus on developing high-performance pressure systems using innovative engineering techniques for the power generation, petrochemicals, and general manufacturing industries. Both companies employ advanced materials, adhere to international safety standards, continually improve the quality and reliability of their products and services, and strive to meet evolving customer needs. The demand for pressure vessels continues to grow across several industries, as evidenced by growth in oil & gas, chemicals, and renewable energy. Leading players are investing in digital monitoring technologies, modular fabrication, and enhanced safety features.

Related Reports:

Pressure Vessels Market by Type (Storage Vessels, Processing Vessels), By Material (Steel, Titanium, Nickel Alloys, Aluminum, Composites, Other Pressure Vessel Materials), Pressure Rating (0–10 Bar, 11–50 Bar, 51–100 Bar, Above 100 Bar), End-use Industry, and Region - Global Forecast to 2031

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