Pressure Vessel Market for Alternative Fuel, Market Size Expected to Reach $33.7 Billion by 2030

According to a new report published by Allied Market Research, titled, "Pressure Vessel Market for Alternative Fuel , Market by Material, Product, End Use, and region: Global Opportunity Analysis and Industry Forecast, 2021-2030," the global pressure vessel market for alternative fuel market size was valued at $21.9 billion in 2020, and global pressure vessel market for alternative fuel market projected to reach $33.7 billion by 2030, with global pressure vessel market for alternative fuel market forecast expected at a CAGR of 4.4% from 2021 to 2030.

Pressure vessels are packed gas stockpiling tanks intended to hold gasses or fluids at weight not equal to the encompassing weight. They have an assortment of utilizations in industry, including oil refineries, atomic reactors, and gas repositories. Air ship fuselage and gas barrel are weight vessels, which must meet the desired prerequisites.

Compressed natural gas (CNG) pressure vessels are widely used for storage and transportation of liquids and gases when configured as tanks. These vessels are generally manufactured from curved sheets joined by welding and mostly used pressure vessels are welded in V–butt . Riveted joints can be used but since the plates are weakened at the joint, due to rivet holes plate thickness should be enhanced by considering joint efficiency.

The global pressure vessel market for alternative fuels analysis is segmented on the basis of material, product, end  use, and region. Depending on material, it is classified into hastelloy, titanium, nickel and nickel alloys, tantalum, steel, and others. according to product, it is segregated into boiler, nuclear reactor, separator, and others. By end use, it is categorized into chemicals & petrochemicals, oil & gas, power generation, and fertilizers. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in this report include 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.

The global pressure vessel market for alternative fuel industry is analyzed and estimated in accordance with impacts of drivers, restraints, and opportunities. The period studied in this report is 2021–2030. The report includes the study of the market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.

Impact Of Covid-19 On The Global Pressure Vessel Market For Alternative Fuel

• Demand of pressure vessel is directly proportional to supply of natural gas. In addition, in India, demand for natural gas in domestic market is largely driven by the fertilizer (28%), power (23%), city gas distribution (CGD) entities (16%), refinery (12%), and petrochemicals (8%) industries. However, decline in production of power, drop in demand for CNG refueling, fall in refineries, and reduction in petrochemical production during April to August time period, with exception of urea production and demand from PNG customers declined the demand for natural gas However, there sluggish decline in the pressure vessel market.
• In addition, manufacturing industries were highly impacted ,due to disrupted supply chain however, the manufacturing of pressure vessel was on halt. Furthermore, sluggish decline observed in pressure vessel market for alternative fuels.
• The consumption of natural gas declined by 9.5% on an on-year basis during FY21. Natural gas is used as fuel and feedstock by respective end-user industries. In August 2020, the imports of LNG increased by 5.4% and consumption declined by 1.8% on a yearly basis. The gross production of domestic natural gas is expected to drop by 10.6% during the financial year 2021. This considerable contraction in production of natural gas  compared to previous year figures of 0.7% during FY19 and 5.9% during FY20.
• Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the oil & gas industry, which, in turn, impacted the growth of the pressure vessel market for alternative fuels market.  
• The U.S. shale oil & gas demand plummeted, prices collapsed, and bankruptcies announced at exceptional rates, due to uncertainties in prices of crude oil & natural gas and less storage. However, the factor such as less storage shows that there is scope for shortage vessel, owing to this factor pressure vessel market for alternative fuel show a negative response.
• COVID-19 impacted almost all industries by hindering various industrial operations and disrupting the supply chain. Maximum companies halted their operation, due to less workforce. However, sluggish decline in the global pressure vessel market for alternative fuels market growth was observed, due to impact of COVID-19.
• Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using pressure vessel market for alternative fuels, thereby affecting the growth of global pressure vessel market for alternative fuels.

Key findings of the study

• Depending on material, the steel segment emerged as the global leader in 2020 and is anticipated to be the largest markets during the forecast period.
• According to product, boiler segment emerged as the global leader in 2020 and is anticipated to be the largest markets during the forecast period.
• As per end use, oil & gas segment emerged as the global leader in 2020 and is anticipated to be the largest markets during the forecast period.
• Region wise, the North America region registered the highest market share and is projected to maintain the same during the forecast period.