Pressure Vessel Market to Garner $33.7 Bn, Globally, by 2030 at 4.4% CAGR: Allied Market Research
PORTLAND, Ore., April 21, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "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". As per the report, the global pressure vessel industry was accounted for $21.9 billion in 2020, and is expected to reach $33.7 billion by 2030, growing at a CAGR of 4.4% from 2021 to 2030.
Surge in demand for hydrogen & compressed natural gas (CNG) vehicles, increase in focus on biogas and bio-diesel, and rise in the global energy demand have boosted the growth of the global pressure vessel market
PORTLAND, Ore., April 21, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "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". As per the report, the global pressure vessel industry was accounted for $21.9 billion in 2020, and is expected to reach $33.7 billion by 2030, growing at a CAGR of 4.4% from 2021 to 2030.
Drivers, restraints, and opportunities
Surge in demand for hydrogen & compressed natural gas (CNG) vehicles, increase in focus on biogas and bio-diesel, and rise in the global energy demand have boosted the growth of the global pressure vessel market. However, high cost associated with pressure vessels hinders the market growth. On the contrary, government regulations with respect to alternative fuel would open new opportunities in the future.
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Covid-19 scenario:
- The Covid-19 pandemic presented challenges in industrial operations and disrupted the supply chain. Moreover, during the pandemic, the oil & gas demand plummeted, bankruptcies increased, and prices collapsed.
- Import and export activities were significantly impacted, which negatively affected the industries using pressure vessels for alternative fuels.
The steel segment held the lion's share
By material, the steel segment held the largest share in 2020, accounting for nearly one-third of the global pressure vessel market, due to rise in industrial boilers, gas nuclear reactors and petrochemical plants coupled with increase in demand for steel vessel. However, the hastelloy segment is expected to register the highest CAGR of 4.7% during the forecast period, owing to its resilience when its surface comes into contact with hostile fluids.
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The separator segment to manifest the highest CAGR through 2030
By product, the separator segment would showcase the highest CAGR of 4.7% from 2021 to 2030, as it is used for separating a well stream into gaseous and liquid components. However, the boiler segment held the largest share in 2020, contributing to nearly two-fifths of the global pressure vessel market, as it is used to hold liquid so that it can be boiled by a heat source.
Asia-Pacific, followed by Europe and North America, to portray the highest CAGR by 2030
By region, the global pressure vessel market across Asia-Pacific, followed by Europe and North America, is expected to register the highest CAGR of 4.9% during the forecast period. In addition, the region held the largest share in 2020, accounting for nearly two-fifths of the market, owing to rise in alternative fuel infrastructure in the region.
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Major market 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
- Westinghouse Electric Company LLC.
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