The global Pressure Vessel Market is expected to grow from USD 47.1 Billion in 2022 to USD 59.5 Billion by 2027, at a CAGR of 4.8% according to a new report by MarketsandMarkets™. The increase in the requirement for the industrial equipment to hold their gases, liquids, and vapors at high pressures for industries such as power, oil & gas, chemicals & petrochemicals, food & beverages, pharmaceuticals is driving the pressure vessel market.
The global thermal power plant is primarily driven by the demand of electricity in various sectors. Although there are strict regulations on climate change over the conventional coal-fired power plants, but industries are moving towards developing the plant operations and make them eco-friendly and energy-efficient. Supercritical and ultra-supercritical technologies are being implemented in this scenario. This is propelling the pressure vessel market. APAC countries are one of the most advanced markets for pressure vessels. China, India, Japan are the major pressure vessel markets in the Asia-Pacific region. The technology shifts to advance technologies due to the regulations in the region are some of the major reasons expected to increase the demand for pressure vessels.
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Boilers have the largest market share in pressure vessels which are majorly driven by thermal power plants in the power sector. Apart from the thermal plants, there are also other industries that are in need of pressure vessels such as the chemical sector. Advancements in technologies such as supercritical and ultra-critical technologies for thermal power generation is also building up demand for pressure vessels. These new technologies are replacing the aged thermal power plants making them eco-friendly, and energy efficient. In the APAC region, China is contributing to the high market share. The abundance of thermal power plants in China is contributing to the growth of this market. Two units of ultra-supercritical coal-fired power plants have been approved to balance the energy supply and demand. Thus, these developments in this region are increasing the demand for pressure vessels. The upcoming projects in developing economies such as the Asia Pacific are providing opportunities for the growth of the pressure vessel market.
Asia-Pacific is expected to be the largest pressure vessel market.
The Asia-Pacific expected to dominate the Pressure Vessel Market during the forecast period due to an increase in the requirement of various end-user industries such as the chemical, and power sectors in the Asia Pacific region. Advancements in the technologies in the pressure vessels are creating opportunities for pressure vessel growth in the Asia Pacific region. To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the pressure vessel market.
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The leading players in the Pressure Vessel Market are Babcock & Wilcox Enterprises (US), General Electric (US), Larsen & Toubro (India), Mitsubishi Hitachi Power Systems (Japan), Hitachi Zosen (Japan), IHI Corporation (Japan), Bharat Heavy Electricals Limited (India).
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