Pressure Vessel Market for Alternative Fuels to Reach $33.7 Billion by 2030
The global pressure vessel market for alternative fuels was valued at $21.9 billion in 2020 and is projected to reach $33.7 billion by 2030, growing at a CAGR of 4.4%. The expansion of alternative fuel infrastructure is a key driver.
The global pressure vessel market for alternative fuels was valued at $21.9 billion in 2020 and is projected to reach $33.7 billion by 2030, growing at a compound annual growth rate (CAGR) of 4.4%. Pressure vessels are closed containers designed to hold gases or liquids at pressures substantially higher or lower than ambient pressure.
The increasing demand for alternative fuels, including hydrogen, natural gas, ethanol, and electricity, is driving market growth. Government initiatives, such as the U.S. Federal Highway Administration's designation of alternative fuel corridors, are facilitating the expansion of fueling and charging infrastructure, which in turn boosts the demand for pressure vessels.
The market is segmented by material (including Hastelloy, titanium, nickel & nickel alloys, steel), product (boiler, nuclear reactor, separator), and end use (chemicals & petrochemicals, oil & gas, power generation, fertilizers). Key players in the industry include Bharat Heavy Electricals Limited, Doosan Heavy Industries & Construction Co., Ltd., and General Electric Company.