Pressure Vessel Market: By Product Type (Boilers, Reactors, Separators, and Others), Material Type (Steel Alloys, Composites, and Others), Heat Source (Unfired and Fired), Industry Vertical (Power, Oil & Gas, Chemicals & Petrochemicals, and Others) And Geography  

Pressure Vessel Market size is expected to be valued at USD 178.7 billion in 2022 and is expected to grow at a CAGR of 5.4% in 2022-2028. A pressure vessel is a closed vessel intended to grip gases or liquids at a considerably higher or lower pressure than surrounding pressure. Furthermore, alternative fuels are extracted from sources instead of petroleum, which comprise gaseous fuels, including natural gas, propane; hydrogen, and alcohols such as ethanol, butanol, and methanol; vegetables and oils derived from waste; and electricity. However, pressure vessels are used in the production of alternative fuel which is called pressure vessels for alternative fuel. The pressure vessel for alternative fuel is made of titanium, steel, nickel alloys, and aluminum. Vessels are in the shape of cylindrical or spherical. Furthermore, the main alternative fuels are electricity, biodiesel, hydrogen, ethanol, propane, and natural gas. The increase in demand for alternative fuels can lead to pressure vessel market growth. Moreover, increasing acceptance of supercritical power generation techniques together with significant growth in the petrochemical and chemical business and the influence of the manufacturing sector by technological innovations are some primary factors that can boost the global pressure vessel market size. Apart from these, the investment for exploration and production actions in numerous industries such as power generation, oil and gas, chemicals, and various other sectors can also accelerate the market in the future. Pressure vessels provide resistance from cross-contamination and corrosion which makes it useful in various chemical procedures. However, the booming growth of the chemical industry accompanied by the advantages of pressure vessels can also drive the global market further.  However, some factors such as corrosion of metal apparatuses frequently within pressure vessels which decreases equipment efficiency can restrain the growth of the market.