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Pressure vessel Market Analysis, Promising Growth Opportunities and Outlook by 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.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.
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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.
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.
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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.
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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.
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