Pressure Vessel Market Size is Projected To Reach USD 33.7 Billion By 2030, Growing At A CAGR of 4.4%

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29 Mar, 2023, 11:10 ET

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BANGALORE, India, March 29, 2023 /PRNewswire/ -- Pressure Vessel Market for Alternative Fuels by Material (Hastelloy, Titanium, Nickel & Nickel Alloys, Tantalum, Steel, and Others), Product (Boiler, Nuclear Reactor, Separator, and Others), and End Use (Chemicals & Petrochemicals, Oil & Gas, Power Generation, and Fertilizers): Global Opportunity Analysis and Industry Forecast 2021-2030. It is published in Valuates Reports under the Energy & Utilities Category.

The global pressure vessel market size for alternative fuels was valued at USD 21.9 billion in 2020 and is projected to reach USD 33.7 billion by 2030, growing at a CAGR of 4.4% from 2020 to 2030.

Major Factors Driving The Growth Of The Pressure Vessel Market are

There are projected to be opportunities in the global pressure vessel for alternative fuels market due to the rise in non-conventional fuel demand and the rapid expansion of midstream and downstream businesses worldwide.

The demand from diverse end-user sectors and improvements in industrial equipment technology in developing economies are the main reasons fueling the rise of pressure vessels.

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TRENDS INFLUENCING THE PRESSURE VESSEL MARKET

These vessels are primarily utilized in the food, beverage, pharmaceutical, chemical, and petroleum refining sectors. Because the inadvertent release and leaking of their contents pose a risk to the environment, the design, building, and testing of pressure vessels are carefully carried out by trained experts and are subject to rules. The American Society of Mechanical Engineers Boiler and Pressure Vessel Code (ASME BPVC) Section VIII and the American Petroleum Industry (API) 510 Pressure Vessel Inspection Code are two of the more well-known standards. This factor is expected to drive the growth of the pressure vessel market.

The midstream oil and gas sector is flourishing. The Permian Basin and the Bakken (USA) in particular have experienced fast growth in output, which has put producers at a bottleneck. Oil and gas producers are eager to find ways to bring their products to market because there aren't enough pipelines to transport output to processing, export, or storage. To get the gas downstream, midstream businesses must continuously compress and transport it hundreds of miles. Petrochemical businesses separate the impurities and byproducts from it once it is downstream. Even further downstream, businesses transform the NGLs in the gas into components like plastic that are used in everyday items (like your desk, car, and computer). This factor is expected to drive the growth of the pressure vessel market.

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.

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Market By Region

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Key players

Bharat Heavy Electricals Limited (BHEL), Doosan Heavy Industries & Construction Co., Ltd., General Electric Company, Halvorsen Company, IHI Corporation, Larsen & Toubro Limited, Mitsubishi Heavy Industries, Ltd., Pressure vessels (India), Samuel Pressure Vessel Group, and Westinghouse Electric Company LLC.

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