The global pressure vessel market size was valued at USD 178.7 billion in 2022 and is poised to grow at a significant CAGR of 5.4% during the forecast period 2023-29. 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. 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 global pressure vessel market segmentation:

• By Product Type: Boilers, Reactors, Separators, and Others
• By Material Type: Steel Alloys, Composites, and Others
• By Heat Source: Unfired and Fired
• By Industry Vertical: Power, Oil & Gas, Chemicals & Petrochemicals, and Others

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.

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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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