Pressure Vessel Market Outlook: Fueling Industrial Growth and Energy Innovation

According to a new report published by Allied Market Research, titled, "Pressure Vessel Market: Global Opportunity Analysis and Industry Forecast, 2021-2030," the global pressure vessel market for alternative fuel market was valued at $21.9 billion in 2020, and is projected to reach $33.7 billion by 2030, growing at at a CAGR of 4.4% from 2021 to 2030.

Pressure vessels are specialized storage containers designed to hold gases or liquids at pressures different from the ambient pressure. They are widely used across various industries, including oil refineries, nuclear reactors, and gas storage facilities. Examples of pressure vessels include aircraft fuselages and gas cylinders, which must adhere to strict safety and performance standards.

Compressed Natural Gas (CNG) pressure vessels are particularly common for the storage and transportation of gases and liquids. These vessels are typically constructed from curved metal sheets welded together for structural integrity. While riveted joints can be employed, they tend to weaken the structure due to rivet holes. Therefore, to maintain safety and efficiency, plate thickness is increased in such cases to account for reduced joint efficiency.

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Pressure Vessel Market trends driving growth and innovation:
🔹 1. Rising Demand in the Energy Sector
The growth of power generation, especially in thermal, nuclear, and renewable energy plants, is significantly boosting the demand for pressure vessels. Nuclear power, in particular, requires high-strength, durable vessels for safe reactor operations, driving investments in advanced materials and engineering.

🔹 2. Expansion of Oil & Gas Activities
The oil & gas industry remains a dominant end-user of pressure vessels, especially for storage, refining, and transportation of gases and liquids under high pressure. The resurgence of exploration activities and investments in LNG infrastructure are key contributors to market expansion.

🔹 3. Shift Toward Composite and Advanced Materials
Manufacturers are increasingly adopting composite materials and corrosion-resistant alloys to improve the durability and efficiency of pressure vessels, especially in harsh operating environments. This trend also supports lighter weight solutions for industries like aerospace and automotive.

🔹 4. Growth in Compressed Gas Applications
The growing adoption of Compressed Natural Gas (CNG) and Hydrogen as alternative fuels, particularly in transportation, is driving demand for high-performance pressure vessels. These tanks must meet stringent safety standards and support increasing clean fuel storage needs.

🔹 5. Stringent Safety Regulations and Standards
Governments and international bodies are enforcing stricter safety norms for pressure vessels, compelling manufacturers to adopt ASME, PED, and other certified designs. This compliance trend is encouraging innovations in inspection, testing, and smart monitoring.

🔹 6. Industrial Automation and Smart Monitoring
Integration of IoT-based sensors and automated monitoring systems into pressure vessels is enhancing safety, predictive maintenance, and operational efficiency. These smart features are gaining traction, especially in critical sectors like chemicals and power.

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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.

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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. 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.

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