Pressure Vessel Market Overview:
The Pressure Vessel Market for alternative fuels was valued at $3,038 million in 2016, and is expected to reach at $8,529 million by 2023, growing at a CAGR of 16.6% from 2017 to 2023. 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 V-butt welded pressure vessels are used. The riveted joints could be used but since the plates are weakened at the joint due to the rivet holes the plate thickness should be enhanced by considering the joint efficiency.
The pressure vessel market for alternative fuels is segmented based on construction type, application, and region. Based on construction type, it is classified into CNG type I, CNG type II, CNG type III and CNG type IV. Based on application, it is categorized into CNG vehicles, hydrogen vehicles and gas transport. CNG type I is the highest revenue generator for the pressure vessel’s alternative fuels market in 2016, because it is least expensive out of other CNG types. Also, the metalworking skills and equipment needed to produce them are widely available internationally. CNG type IV segment is forecasted to register the highest growth rate during the forecast period as it is the lightest among other CNG types. CNG type IV reduces the weight of the storage container by 30 to 40 percent.
Pressure Vessel Market for Alternative Fuels Segmentation
Top Investment Pocket
China and India dominated the pressure vessel market for alternative fuels in 2016 owing the presence of major automobile manufacturer such as Toyota, BMW, Ford, and Nissan. The number for NGVs rose reached 5 million units in 2016 from 1.5 million units in 2012. Similarly, for India, the number for NGVs was 1.25 million units in 2012 and has reached 1.8 million units in 2016, thereby driving the pressure vessel market for alternative fuel.
Pressure Vessel Market for Alternative Fuels: Top Investment Pockets by Key Countries
The CNG vehicles dominated the pressure vessel market for alternative fuels in 2016. Approximately more than 80 percent of the heavy and medium trucks and transit buses are CNG-based fueling systems. The most lucrative market for CNG pressure vessels are witnessed in developing countries. In 2008 around 90% of 2 million CNG vehicles were delivered to customers outside Europe and North America. Between 2009 and 2013, approximately 32 million CNG vehicles were delivered to customers outside North America and Europe thereby, indicating the major demand for these vehicles from developing economies.
Natural Gas Vehicle Fleet, by Region, 2004-2016
Brazil and Argentina are the most active regions in the pressure vessel market for alternative fuels in LAMEA. Major players from these countries are expanding their manufacturing unit to produce CNG vehicles. Inflex-Argentoil S.A., Argentina based supplier of Type I and II pressure vessels has been regularly expanding their business throughout South America and Middle East by entering into a joint-venture production to increase its product line with Type III vessels.
Brazil Pressure Vessel Market for Alternative Fuels, 2015-2023 ($Million)
The key players operating in the global pressure vessel market for alternative fuels are Samuel Pressure Vessel Group, Doosan Heavy Industries & Construction, Mitsubishi Heavy Industries, Ltd., Bharat Heavy Electricals Limited, Larsen & Toubro Limited, Westinghouse Electric Company LLC., General Electric, Halvorsen, IHI Corporation, and Pressure Vessels (India).
The other players (not profiled in the report) operating in this market are Babcock and Wilcox Enterprises, Inc., Dongfang Electric Machinery Co., Ltd., Abott, and Alloy Products Corp.
- This report provides an extensive analysis of the current pressure vessel market for alternative fuels trends, future estimations, and dynamics from 2016 to 2023, which assist to identify the prevailing opportunities.
- Geographically, the pressure vessel market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
- Extensive market analysis predicts the applications that are currently used and the variants that are expected to gain prominence in the future.
- Detailed analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.
- Key players are profiled and their strategies are analyzed thoroughly, which portrays the competitive market outlook.
Pressure Vessel Market Key Segments:
By Construction Type
- CNG Type I
- CNG Type II
- CNG Type III
- CNG Type IV
- CNG Vehicles
- Hydrogen Vehicles
- Gas Storage
- North America
- Rest of Europe
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA