189 0 Kommentare Pressure Vessel Market Size is Projected To Reach USD 33.7 Billion By 2030, Growing At A CAGR of 4.4% | Valuates Reports - Seite 2

The demand for electricity in diverse industries is what drives the world's thermal power plants the most. Although conventional coal-fired power plants are subject to rigorous restrictions regarding climate change, the industry is working to improve plant operations and make them more environmentally and economically friendly. In this case, supercritical and ultra-supercritical technologies are being used. The market for pressure vessels is being driven by this. One of the most developed pressure vessel marketplaces is found in the APAC region. The three biggest pressure vessel markets in the Asia-Pacific area are China, India, and Japan. One of the main factors predicted to drive the growth of the pressure vessels market

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PRESSURE VESSEL MARKET SHARE ANALYSIS

Based on the material, the steel market became the world's largest in 2020 and is predicted to continue to grow over the projected period. This is explained by the increase in midstream and downstream activity in the global oil and gas industries.

In terms of product, the boiler segment dominated the alternative fuel pressure vessel market globally in 2020, and it is anticipated to continue to develop at the highest rate over the coming years. This is due to the increase in R&D efforts in the oil and gas industry and the quick expansion of applications, including systems for generating heat and electricity.

The oil & gas segment, which dominated the global pressure vessel market for alternative fuels in 2020 according to end use, is anticipated to continue to develop at the quickest rate throughout the forecast period. The increase in demand for compressed natural gas (CNG) and liquefied natural gas (LNG) in the transportation system is to blame for this.

In terms of region, North America dominated the worldwide pressure vessel market for alternative fuels in 2020, and it is anticipated that it will continue to be the segment with the highest growth throughout the forecast period. Many variables, such as sizable proved reserves and onshore and heavy industries in the area, are to blame for this.