Pressure Vessel Market to Garner $33.7 Bn, Globally, by 2030 at 4.4% CAGR: Allied Market Research

News provided by

Apr 21, 2022, 08:40 ET

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.

Download Sample PDF (325 Pages PDF with Insights): https://www.alliedmarketresearch.com/request-sample/2222

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.

Get detailed COVID-19 impact analysis on the Pressure Vessel Market: https://www.alliedmarketresearch.com/request-for-customization/2222?reqfor=covid

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.

Schedule a FREE Consultation Call with Our Analysts/Industry Experts to Find Solution for Your Business @ https://www.alliedmarketresearch.com/connect-to-analyst/2222

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.

Interested in Procure Data? Visit Here: https://www.alliedmarketresearch.com/pressure-vessel-market/purchase-options

Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at: https://www.alliedmarketresearch.com/library-access

Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.

Avenue Library Subscription | Request for 14 days free trial of before buying:

https://www.alliedmarketresearch.com/avenueTrial

Similar Reports We Have:

Nuclear Power Plant And Equipment Market is projected to reach $58.4 billion by 2030, growing at a CAGR of 3.5% from 2021 to 2030.

Bunker Fuel Market is projected to reach $164.9 billion by 2030, growing at a CAGR of 4.3% from 2021 to 2030.

FRP Vessels Market is projected to reach $1.6 billion by 2027, growing at a CAGR of 6.4% from 2020 to 2027. Fi

LNG Bunkering Market is projected to reach $5.14 billion by 2027, growing at a CAGR of 45.2% from 2020 to 2027.

Carbon Capture, Utilization, and Storage Market is projected to reach $7.0 billion by 2030, growing at a CAGR of 13.8% from 2021 to 2030.

Hydrogen Energy Storage Market is projected to reach $25.4 billion by 2027, growing at a CAGR of 6.5% from 2020 to 2027

Compressed Natural Gas Market is projected to reach $22.3 billion by 2030, growing at a CAGR of 8.2% from 2021 to 2030.

Liquefied Petroleum Gas Market is expected to reach $243.4 billion by 2030, registering a CAGR of 6.5% from 2021 to 2030.

Pre-Book Now with 10% Discount:

Alternative Fuel Market: Global Opportunity Analysis and Industry Forecast, 2022-2029

Offshore Support Vessel Market - Global Opportunity Analysis and Industry Forecast, 2022-2029

Floating LNG Power Vessel Market: Global Opportunity Analysis and Industry Forecast, 2020–2027

Offshore Energy Storage Market: Global Opportunity Analysis and Industry Forecast, 2021–2030

Natural Gas Liquids Market: Global Opportunity Analysis and Industry Forecast, 2020-2030

Petroleum products Market: Global Opportunity Analysis and Industry Forecast, 2021–2030

Natural Gas Storage Market: Global Opportunity Analysis and Industry Forecast, 2022-2029

Aviation Biofuel market: Global Opportunity Analysis and Industry Forecast, 2022-2029

Biofuel Market: Global Opportunity Analysis and Industry Forecast 2022-2029

Oxygen Market: Global Report opportunity Analysis and Industry Forecast, 2020-2030

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact us:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
[email protected]
Web: https://www.alliedmarketresearch.com
Follow us on: LinkedIn Twitter