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Pressure Vessels Market Size to Grow $62.7 Billion by 2028 | Mitsubishi Hitachi Power Systems, IHI Corporation, Babcock & Wilcox, BHEL, L&T.

02-22-2024 09:19 AM CET | Energy & Environment

Press release from: MarketsandMarkets

Pressure Vessels Market Size to Grow $62.7 Billion by 2028 |

The global pressure vessels market size is expected to grow from USD 50.3 billion in 2023 to USD 62.7 billion by 2028, at a CAGR of 4.5% during the forecast period. Pressure vessel is a closed container which are designed to hold fluids or gases at a pressure that is significantly different from the ambient pressure. It is constructed to withstand the internal pressure exerted by the enclosed substance and maintain its structural integrity. Pressure vessels are commonly used in various industries for storing, processing, or transporting substances under high pressure conditions.

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Power industry is expected to be the largest Pressure vessels market

Based on end-user industry, the Pressure Vessels Market has been split into power, oil & gas, food & beverages, pharmaceuticals, chemicals, and others which include agriculture, marine, paper & pulp, and aerospace. In the power generation industry, the pressure vessels have a high demand in the boilers. They contain water or steam under high pressure, which is heated to generate steam that drives turbines for electricity generation. Apart from boilers, the pressure vessels are also used in the nuclear power plants. The global wide rise in the number of nuclear power plants in the power generation sector is driving the market.

North America is expected to be the second fastest region in the Pressure Vessels Industry

North America is expected to be the largest Pressure Vessels Market during the forecast period. the region has the largest shale reserves, making it a lucrative market for drilling and oilfield service providers. The vast potential of the shale reservoirs has been attracting more drilling operations in the North American oil industry. The increase in oil and gas activities would consequently increase the demand for pressure vessels in North America.

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Some of the major players in the Pressure Vessels Companies are Bharat Heavy Electricals Limited (India), Mitsubishi Hitachi Power Systems (Japan), IHI Corporation (Japan), Babcock & Wilcox Enterprises (US), and LARSEN & TOURBO LIMITED (India).

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