Pressure Vessel Market Sets New Record, Projected at USD 33.7 billion by 2030, at 4.4% CAGR: AMR

Market Report Pressure Vessel

Pressure Vessel Market – Exclusive Report Study with Forecast to 2030

PORTLAND, OREGON, UNITED STATES, November 23, 2023 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, "Pressure Vessel Market¹ 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.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞: https://www.alliedmarketresearch.com/request-sample/2222

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.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/2222

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.

𝐏𝐫𝐞𝐬𝐬 𝐑𝐞𝐥𝐞𝐚𝐬𝐞: https://www.alliedmarketresearch.com/press-release/pressure-vessel-market.html

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.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

The Pressure Vessel Industry's key market players adopt various strategies such as product launches, product development, collaboration, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐏𝐫𝐞𝐬𝐬𝐮𝐫𝐞 𝐕𝐞𝐬𝐬𝐞𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 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
-Westinghouse Electric Company LLC

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/2222

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.

𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐢𝐧 𝐄𝐧𝐞𝐫𝐠𝐲 𝐚𝐧𝐝 𝐏𝐨𝐰𝐞𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

1.𝐓𝐡𝐞𝐫𝐦𝐨𝐩𝐡𝐨𝐭𝐨𝐯𝐨𝐥𝐭𝐚𝐢𝐜𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 : https://www.globenewswire.com/news-release/2023/07/13/2704638/0/en/Thermophotovoltaics-Market-to-Reach-400-2-million-Globally-by-2032-at-12-8-CAGR-Allied-Market-Research.html

2.𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐒𝐞𝐫𝐯𝐢𝐜𝐞 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 (𝐄𝐒𝐂𝐎𝐬) 𝐌𝐚𝐫𝐤𝐞𝐭 : https://www.prnewswire.co.uk/news-releases/electric-service-companies-escos-market-to-reach-59-8-billion-globally-by-2032-at-7-2-cagr-allied-market-research-301872954.html

3. 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐔𝐭𝐢𝐥𝐢𝐭𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 : https://www.prnewswire.com/news-releases/digital-utility-market-to-reach-594-2-million-globally-by-2032-at-10-8-cagr-allied-market-research-301868110.html

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

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Allied Analytics LLP
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¹ https://www.alliedmarketresearch.com/pressure-vessel-market