Pressure Vessel Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type (Boilers, Reactors, Separators, and Others), By Material Type (Steel Alloys, Composites, and Others), By Heat Source (Unfired and Fired), By Industry Vertical (Power, Oil & Gas, Chemicals & Petrochemicals, and Others) And Region Forecast 2019-2030

Pressure Vessel Market size was valued at US$ 178.7 billion in 2023 and is poised to grow at a CAGR of 5.4% from 2024-2030. 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 to produce alternative fuel, 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 market growth.

Moreover, increasing acceptance of supercritical power generation techniques, significant growth in the petrochemical and chemical business, and the manufacturing sector's influence by technological innovations are some primary factors that can boost the global 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 the corrosion of metal apparatuses frequently within pressure vessels which decreases equipment efficiency can restrain the market's growth.