Pressure Vessel Market Overview, Share, Growth | Global Forecast Report 2028

According to Precision Business Insights (PBI), the latest report, the market value of the pressure vessel market size is expected to be valued at USD 178.7 billion in 2022 and is expected to grow at a CAGR of 5.4% in 2022-2028. The primary factors that drive the market are increasing consideration towards the renewable energy segment, customization options of pressure vessels, and rising requirements for energy around the globe.

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Steel to Dominate the Pressure Vessel Market:
Based on material type, steel holds the highest market share. The major factor for the rise of this segment is the exceptional properties of steel. Higher properties such ability to survive humid conditions or high temperatures and increased resistance to corrosion can provide a lucrative opportunity for the growth of the market. Apart from this, resistance against vibrations and shocks, easy recyclability, outstanding ductile strength, and availability at a low cost can drive the global pressure vessel market growth.

Asia Pacific Pressure Vessel Market:
The Asia Pacific leads the global pressure vessel market growth due to the continuous rise in the energy demand in the region and various governments and businesses in the region are investing a substantial amount in refining and power sectors, which include the use of numerous pressure vessels. The Asia Pacific leads the global market due to rising demand for renewable energy, increasing funding from public and private sectors, and rising collaborations among global key players have contributed to increasing the sales of pressure vessels in this region.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global pressure vessel market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share. In April 2020, L&T received a contract from Wuhan Engineering Ltd. to source key gasification equipment for its first coal gasification project in India.

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The pressure vessel market is segmented based on, product type, material type, heat source, industry vertical, and region.
Based on the product type, the market is segmented into the following:
• Boilers
• Reactors
• Separators
• Others

Based on the material type, the market is segmented into the following:
• Steel Alloys
• Composites
• Others

Based on the heat source type, the market is segmented into the following:
• Unfired
• Fired

Based on the industry vertical, the market is segmented into the following:
• Power
• Oil & Gas
• Chemicals & Petrochemicals
• Others

Based on the region, the market is segmented into the following:
• Asia Pacific
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Key players' profiles in the pressure vessel market report are Babcock and Wilcox Enterprises. (U.S.A), Doosan Heavy Industries & Construction Co. (South Korea), Mitsubishi Heavy Industries. (Japan), Bharat Heavy Electricals. (India), Larsen & Toubro. (India), Dongfang Electric Machinery. (China), General Electric Co (U.S.A), Halvorsen (Norway), and IHI Corporation (Japan)

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