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Pressure Vessel Market Steady Expansion & Comprehensive Growth By 2030
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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 joint designs . 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.
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.
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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.
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.
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.
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