Gas Carrier and Storage Composite Pressure Vessels Market is Forecasted to Reach US$ 174.1 million in 2026, Says Stratview Research

The global Gas Carrier and Storage Composite Pressure Vessels Market is projected to witness a growth rate of 6.0% annually from 2021 to 2026, with an anticipated size of US$ 174.1 million in 2026, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global Gas Carrier and Storage Composite Pressure Vessels Market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/2305/gas-carrier-and-storage-composite-pressure-vessels-market.html#form

Report Highlights:
Market Size in 2026: US$ 174.1 million
Growth (CAGR): 6.0% during 2021-2026
Forecast Period: 2021-2026
Trend Period: 2015-2019
Base Year: 2020
Number of Segments Covered: 3
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Gas Carrier and Storage Composite Pressure Vessels Market:
The global Gas Carrier and Storage Composite Pressure Vessels Market is segmented pressure vessel type, fuel type and region

Based on pressure vessel type: The gas carrier and storage composite pressure vessels market is segmented as type II, type III, and type IV. Despite witnessing a massive decline in 2020. Type-IV pressure vessels ruled the market in 2020 and are expected to grow at the fastest pace during the forecast period. Type-IV pressure vessels offer several advantages over other pressure vessel types, such as the lowest weight, minimal operating costs, excellent fatigue resistance, and high payload capacity.

Based on fuel type: The market is segmented into CNG, LNG, RNG, hydrogen, and others (industrial gases, such as helium and nitrogen). Composite CNG pressure vessels led the market in 2020 and are likely to maintain their throne over the next five years as well. However, hydrogen would create enormous growth opportunities for pressure vessel manufacturers in the coming years, driven by huge investments made by governments towards clean energy, growth in FCEV production, and development of hydrogen refueling infrastructure in countries like California, Japan, and South Korea.

To know the most attractive segments, click here for a free sample of the report:
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Which Region Shows the Most Promising Growth Forecast and Opportunity?
The analysis North America accounted for the largest market share during the forecast period. This growth outlook is majorly attributed to the following-
• All the regions marked a colossal decline of more than 30% in 2020, with Asia-Pacific being the least impacted one.
• North America dominated the market in 2020, owing to its huge oil & gas production.
• However, Asia-Pacific is expected to be the fastest-growing gas carrier and storage composite pressure vessels market during the forecast period with China being a major contributor due to its rapid industrialization rate.

Gas Carrier and Storage Composite Pressure Vessels Market Drivers:
The Gas Carrier and Storage Composite Pressure Vessels Market is driven by several key factors, including:
• High Payload Capacity of Composite Pressure Vessels - Compared to Type-I vessels, composite pressure vessels can transport around 80% more gas at a lower vehicle weight, making them a preferred choice for bulk transportation of gaseous fuels.
• Growing Demand for Gaseous Fuels - Increasing adoption of Compressed Natural Gas (CNG), Liquefied Natural Gas (LNG), Renewable Natural Gas (RNG), and hydrogen for various applications is driving the demand for efficient storage and transportation solutions.
• Expanding Oil & Gas Industry - The oil & gas sector is one of the dominant end-use industries for these vessels. The resurgence of oil & gas activities, including the increasing rig count in the USA, is contributing to market growth.

Top 10 Companies in the Gas Carrier and Storage Composite Pressure Vessels Market:
Stratview Research has identified the following companies as the top market players:
• Hexagon Composites ASA
• Worthington Industries, Inc.
• FIBA Technologies, Inc.
• Luxfer Holdings PLC
• CIMC ENRIC
• ILJIN Composites
• SAMTECH Co., Ltd.
• Faber Industrie SpA
• Quantum Fuel Systems LLC
• Sinoma Science & Technology Co., Ltd.

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Gas Carrier and Storage Composite Pressure Vessels Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:
• Pressure Vessels Market: https://www.stratviewresearch.com/438/Pressure-Vessel-Market.html
• Type-I Pressure Vessels Market: https://www.stratviewresearch.com/1975/type-I-pressure-vessels-market.html

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
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This release was published on openPR.