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Allied Market Research recently published a report, titled, “Pressure Vessel Market for Alternative Fuels by Material, Product, and End Use: 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.

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.

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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.

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.

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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 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.

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Key findings of the study

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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.

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