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

Pressure Vessel Market Analysis-2030

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.

Global Pressure Vessel Market for Alternative Fuels, by Material

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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Global Pressure Vessel Market for Alternative Fuels, by Product

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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Global Pressure Vessel Market for Alternative Fuels, by End Use

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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Global Pressure Vessel Market for Alternative Fuels, by Region

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

• The report provides an in-depth analysis of the global pressure vessel market for alternative fuels trends along with the current and future market forecast.
• This report highlights the key drivers, restraints and global pressure vessel market opportunities for alternative fuels along with the impact analyses during the forecast period.
• Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the global pressure vessel market for alternative fuels for strategy building.
• A comprehensive global pressure vessel market for alternative fuels market industry covers factors that drive and restrain the market growth.
• The qualitative data in this report aims on market dynamics, trends, and developments.

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

• 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 demand of natural gas observed, owing to 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  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 was 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 pressure vessel market growth 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 growth of global pressure vessel market for alternative fuels market 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 Market Segments & Key Market Players