✷ A01891 | Pages: 325 | Mar 2022 | 17069 Views | ||
Author(s) : Ujjwal Tyagi, Mohd Arbaz , Eswara Prasad | Tables: 212 | Charts: 107 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Pressure Vessel Market
Request Now !The global pressure vessel market size for alternative fuels was valued at $21.9 billion in 2020, and is projected to reach $33.7 billion by 2030, growing at a CAGR of 4.4% from 2020 to 2030. A pressure vessel is a closed container designed to hold gases or liquids at a substantially higher or lower pressure than ambient pressure. In addition, alternative fuels are derived from sources other than petroleum, which include gaseous fuels, including hydrogen; natural gas; propane; alcohols such as ethanol, methanol, and butanol; vegetable & waste-derived oils; and electricity. However, pressure vessel used in application of alternative fuel is known as pressure vessel for alternative fuel. The pressure vessel for alternative fuel is made of steel, titanium, aluminum, and nickel alloys .Shape of such vessels is cylindrical or spherical. Moreover, major alternative fuels are biodiesel, electricity, ethanol, hydrogen, natural gas, and propane. However, rise in demand for such fuels drive the growth of the market.
COVID-19 impacted almost all industries by hindering various industrial operations and disrupting the supply chain. 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.
These vessels are mainly used in industries, including petroleum refining, chemical, power, food & beverages, and pharmaceuticals. The design, construction, and testing of pressure vessels are extensively carried out by knowledgeable personnel and are governed by regulations due to the fact that the accidental release and leakage of its content is hazardous to its environment. Some of the well-known standards are 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.
The Federal Highway Administration (FHWA) of the U.S. announced designation of first alternative fuel corridors for electric, hydrogen, natural gas, and propane vehicles. FHWA is facilitating the creation and expansion of network for alternative fueling and charging infrastructure along national highway system corridors, owing to this designation. This step will help in advancing the America's 21st century transportation network. However, infrastructure development leads to increase in demand for pressure vessel, which, in turn, drives the growth of the market. Furthermore, surge in demand for clean energy across the globe boost the global pressure vessel market for alternative fuels growth during the forecast period.
The global pressure vessel market for alternative fuels forecast is segmented on the basis of material, product, end use, and region. Depending on material, it is classified into hastelloy, titanium, nickel & nickel alloys, tantalum, steel, and others. According to product, it is segregated into boiler, nuclear reactor, separator, and others. As per 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 pressure vessel industry 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.
By Material, the steel segment has the highest the global pressure vessel market share for alternative fuels in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to rise in midstream & downstream activities in oil & gas industries across the globe.
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By Product, the boiler segment dominated the global pressure vessel market for alternative fuels in 2020, and is projected to remain the fastest growing segment during the forecast period. This is attributed to rise in R&D activities in oil & gas industries and rapid expansion of applications, including heating and power generation processes.
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By End use, the oil & gas segment dominated the global pressure vessel market for alternative fuels in 2020, and is projected to remain fastest growing segment during the forecast period. This is attributed to rise in demand for liquefied natural gas (LNG) & compressed natural gas (CNG) in transportation system.
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Region wise, North America dominated the global pressure vessel market for alternative fuels market in 2020, and is projected to remain the fastest growing segment during the forecast period. This is attributed to numerous factors, including large proved reserves & onshore and heavy industries in region.
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Key Benefits For Stakeholders
Impact Of Covid-19 On The Global Pressure Vessel Market For Alternative Fuels
Key Market Segments & Key Market Players
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This section provides opinions of the CXOs of key companies operating in the global pressure vessel market for alternative fuel market. According to the CXOs, the global pressure vessel market for alternative fuel market has reported a significant growth in the recent times, owing to drastic growth in automotive, power generation, and oil & gas industries. In addition, huge investment plans with respect to oil & gas and midstream & downstream activities led to boost the growth of pressure vessel market for alternative fuel across the globe. Moreover, according to the U.S. energy information administration, the U.S. dry natural gas production in 2020, was about 33.5 trillion cubic feet (TCF), an average of about 91.5 billion cubic feet per day and the second-highest annual amount recorded. Furthermore, it provides necessary inputs pertaining to requirement of pressure vessel.
Various CXOs from leading companies perceive that increase in number of compressed natural gas (CNG) vehicles and rise in fuel prices are main areas of market growth in pressure vessel for alternative fuels industry. According to the CXOs, Asia-Pacific is projected to register a significant growth compared to saturated markets of Europe and North America, due to increase in penetration of wide range of pressure vessel for alternative fuels in the region.
A. Rise in demand for hydrogen & compressed natural gas (CNG) vehicle, Upsurge in global energy demand and Rise in focus on biogas and bio-diesel are the major driving factor for the market. In addition, government regulation with respect to alternative fuel may create lucrative opportunities for the market.
A. Agreement, business expansion and product launch are the key growth strategy of global pressure vessel market for alternative fuel players.
A. The report sample for global pressure vessel market report can be obtained on demand from the website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.
A. Asia-Pacific will provide more business opportunities for global pressure vessel market for alternative fuel in future
A. The key players active in the Pressure vessel market for alternative fuel 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.
A. The top ten market players are selected based on two key attributes - competitive strength and market positioning.
A. Oil & gas segment holds the maximum share of the global pressure vessel market for alternative fuel
A. Oil & gas, petrochemical & chemicals, boiler and such other heavy industries are the major customers of global pressure vessel market for alternative fuel.
A. Rise in urbanization, increase in demand of oil & gas and continuous increase in dependency on fossil fuels are expected to drive the adoption of pressure vessel market for alternative fuel.
A. Technological evolution of pressure vessel market for alternative fuel, increasing exploration and rapid expansion of favourable government policies with respect to alternative fuel are the current trend expected to influence the global pressure vessel market for alternative fuel in the next few years.
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