Pressure Vessel Market Size is Projected To Reach USD 33.7 Billion By 2030, Growing At A CAGR of 4.4% | Valuates Reports
BANGALORE, India, March 29, 2023 /PRNewswire/ -- Pressure Vessel Market for Alternative Fuels by Material (Hastelloy, Titanium, Nickel & Nickel Alloys, Tantalum, Steel, and Others), Product (Boiler, Nuclear Reactor, Separator, and Others), and End Use (Chemicals & Petrochemicals, Oil & Gas, Power Generation, and Fertilizers): Global Opportunity Analysis and Industry Forecast 2021-2030. It is published in Valuates Reports under the Energy & Utilities Category.
The global pressure vessel market size for alternative fuels was valued at USD 21.9 billion in 2020 and is projected to reach USD 33.7 billion by 2030, growing at a CAGR of 4.4% from 2020 to 2030.
Major Factors Driving The Growth Of The Pressure Vessel Market are
There are projected to be opportunities in the global pressure vessel for alternative fuels market due to the rise in non-conventional fuel demand and the rapid expansion of midstream and downstream businesses worldwide.
The demand from diverse end-user sectors and improvements in industrial equipment technology in developing economies are the main reasons fueling the rise of pressure vessels.
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TRENDS INFLUENCING THE PRESSURE VESSEL MARKET
These vessels are primarily utilized in the food, beverage, pharmaceutical, chemical, and petroleum refining sectors. Because the inadvertent release and leaking of their contents pose a risk to the environment, the design, building, and testing of pressure vessels are carefully carried out by trained experts and are subject to rules. The American Society of Mechanical Engineers Boiler and Pressure Vessel Code (ASME BPVC) Section VIII and the American Petroleum Industry (API) 510 Pressure Vessel Inspection Code are two of the more well-known standards. This factor is expected to drive the growth of the pressure vessel market.
The midstream oil and gas sector is flourishing. The Permian Basin and the Bakken (USA) in particular have experienced fast growth in output, which has put producers at a bottleneck. Oil and gas producers are eager to find ways to bring their products to market because there aren't enough pipelines to transport output to processing, export, or storage. To get the gas downstream, midstream businesses must continuously compress and transport it hundreds of miles. Petrochemical businesses separate the impurities and byproducts from it once it is downstream. Even further downstream, businesses transform the NGLs in the gas into components like plastic that are used in everyday items (like your desk, car, and computer). This factor is expected to drive the growth of the pressure vessel market.