Pressure Vessel Market Size, Share, Forecast 2023
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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