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Pressure Vessel Global Market Predicted to Augment and Reach over $49.94 Billion at a CAGR of 5.4% By 2028 | Hitachi Zosen, Alfa Laval AB, GEA Group AG, Andritz AG, SPX Corporation
Pressure Vessel Market
As per the report, the pressure vessel market size has grown strongly in recent years. It will grow from $38.33 billion in 2023 to $40.39 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The pressure vessel market size is expected to see strong growth in the next few years. It will grow to $49.94 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
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The Surging Global Thermal Energy Demand Fueling The Adoption Of Pressure Vessels
The rising global thermal energy demand leading to the growing adoption of pressure vessels is the major driver for the growth of the market. Thermal energy is the term used to describe the energy present in a system that determines its temperature. Nuclear energy is used to generate thermal power and there are different pressure vessels used in the production process where vessels provide one of several barriers that keep radioactive material out of the environment. For example, according to projections from the International Atomic Energy Agency (IAEA), an Austria-based intergovernmental organization, world nuclear generating capacity is expected to more than double to 873 gigawatts net electrical (GW(e)) by 2050, compared with current levels of around 390 GW(e) in 2021. Thus, the rising global thermal energy demand leading to the growing adoption of pressure vessels is the major driver which helps in the growth of the market.
Hexagon's Pv Elite 23 And The Technological Wave In The Pressure Vessel Market
The technological innovation is a key trend gaining popularity in the pressure vessel market. The key players are increasingly focusing on integrating smarter and safer safety systems for better design and analysis as well as to gain a competitive edge in the market. For example, in January 2021, a Sweden-based sensor solutions, software solutions, autonomous solutions company, Hexagon launched its PV Elite 23, a complete solution for vessel and heat exchanger design, analysis and evaluation. The automatic design options help users to efficiently modify vessel design to save time and design equipment for the most extreme uses, quickly, accurately and profitably.
The pressure vessel market covered in this report is segmented -
1) By Type: Boiler, Reactor, Separator, Other Types
2) By Heat Source: Fired, Un-Fired
3) By Material Type: Steel Alloys, Composites, Other Material Types
4) By Application: Storage Vessels, Processing Vessels
5) By End-User Channel: Power, Oil and Gas, Food and Beverages, Pharmaceuticals, Chemicals, Other End-User Channels
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Major companies operating in the pressure vessel market report are Babcock & Wilcox Enterprises, General Electric Company, Larsen & Toubro, Mitsubishi Hitachi Power Systems, Hitachi Zosen, Bharat Heavy Electricals Limited, Samuel Pressure Vessel Group, Halvorsen Company, Doosan Heavy Industries & Construction Co. Ltd., DongFang Turbine Co. Ltd., Westinghouse Electric Company, Kelvion Holding GmbH, Ergil Grup, Alfa Laval AB, Abbott & Co (Newark) Ltd., Alloy Products Corp., GEA Group AG, IHI Plant Services Corporation, Fabrication Services Inc., Engineered Pressure Systems Inc., Andritz AG, SPX Corporation, Sumitomo Heavy Industries Ltd., Siemens AG, Nooter/Eriksen Inc., NuScale Power LLC, Zhejiang Shengda Steel Tower Co. Ltd., The Babcock & Wilcox Company, Parker Hannifin Corporation, Mannesmann AG
Contents of the report:
1. Executive Summary
2. Pressure Vessel Market Report Structure
3. Pressure Vessel Market Trends And Strategies
4. Pressure Vessel Market - Macro Economic Scenario
5. Pressure Vessel Market Size And Growth
…..
27. Pressure Vessel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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