Press release
Gas Carrier & Storage Composite Pressure Vessels Market is Forecasted to Reach US$ 3244 Million in 2031, Says Stratview Research
Stratview Research
Stratview Research, a global market research firm has launched a report on the global gas carrier & storage composite pressure vessels market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.
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Market Statistics:
Market Size in 2024: US$ 729 million
Market Size in 2031: US$ 3244 million
Growth (CAGR): 20.5% during 2024-2031
Leading Pressure Vessel Type: Type IV
Leading Fuel Type: Hydrogen
Leading Region: Asia-Pacific
Forecast Period: 2024-2031
Trend Period: 2018-2022
Base Year: 2023
Number of Segments Covered: 3
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20
Segment Insights on the Gas Carrier & Storage Composite Pressure Vessels Market:
The global gas carrier & storage composite pressure vessels market is segmented based on pressure vessel type, fuel type, and region.
Based on pressure vessel type - The gas carrier & storage composite pressure vessels market is categorized into type-II, type-III, and type-IV vessels. Type-IV vessels led the market and are projected to experience the fastest growth in the coming years. These vessels offer key advantages over other types, including being the lightest, having lower operating costs, superior fatigue resistance, and a higher payload capacity.
Based on fuel type - The market is segmented into CNG, LNG, RNG, hydrogen, and other fuels. Hydrogen is expected to dominate the market and maintain its leadership due to growing demand for clean energy, strong government support, and increasing adoption in transportation and industrial applications. Investments in hydrogen production, storage, and refueling infrastructure, along with advancements in high-pressure storage and carrier technologies, are accelerating its growth. Its role in fuel cell vehicles, industrial processes, and grid energy storage further strengthens its market position, making hydrogen a key driver in the global transition to sustainable energy.
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Which Region Shows the Most Promising Growth Forecast and Opportunity?
The analysis suggests that Asia-Pacific is expected to remain the dominant region throughout the forecast period and is projected to experience the fastest growth during the same period. This growth outlook is majorly attributed to the following-
· Rising energy demand, strong industrialization, and significant investments in clean energy infrastructure.
· The region is leading in hydrogen and CNG adoption, supported by government policies, subsidies, and expanding refueling networks. As a major manufacturing hub, Asia-Pacific benefits from cost-effective production and export capabilities, further driving market expansion.
· Additionally, rapid growth in the transportation, automotive, and logistics industries is fueling demand for advanced energy storage solutions, solidifying its market leadership.
Gas Carrier & Storage Composite Pressure Vessels Market Drivers:
Some of the key drivers listed in the report are given below.
· Industries are increasingly shifting toward hydrogen and CNG storage solutions as part of the global push for cleaner energy alternatives.
· Stricter emission regulations are driving the need for lightweight, high-pressure storage systems that can help reduce environmental impact
· The growing use of alternative fuels in transportation is boosting demand for efficient and reliable storage options. Innovations in composite materials are also making these systems safer and more durable.
· Furthermore, rising investments in energy storage infrastructure, especially for renewable energy projects and industrial gas applications, are contributing to the expansion of this market.
Top Companies in the Gas Carrier & Storage Composite Pressure Vessels Market:
The supply chain of this market comprises raw material suppliers, pressure vessel manufacturers, and end-users/gas companies. Stratview Research has identified the following companies as the top market players:
• Hexagon Composites ASA
• CIMC Enric Holdings Limited
• Luxfer Holdings PLC
• Worthington Industries, Inc.
• FIBA Technologies, Inc
• SAMTECH Co., Ltd
• Quantum Fuel Systems LLC
• Sinoma Science & Technology Co., Ltd.
• ILJIN Composites Co., Ltd.
• Forvia SE
What Unique Insights Does This Report Offer?
This report provides comprehensive insights into the 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
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About us -
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.
Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.
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