Press release
Gas Carrier & Storage Pressure Vessels Market is Forecasted to Reach US$ 3.9 Billion in 2031, Says Stratview Research
Stratview Research
Stratview Research, a global market research firm has launched a report on the global gas carrier & storage 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$ 0.9 billion
Market Size in 2031: US$ 3.9 billion
Growth (CAGR): 19.6% 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 Pressure Vessels Market:
The global gas carrier & storage pressure vessels market is segmented based on fuel type, pressure vessel type, and region.
Based on fuel type - The market is segmented into CNG, LNG, RNG, hydrogen, and other fuels. Hydrogen is set to dominate market spending and be the fastest-growing segment in the gas carrier and storage pressure vessel market due to its rising role in clean energy, transportation, and industrial applications. Increasing investments in hydrogen storage infrastructure, refueling stations, and transportation networks are driving demand for high-pressure vessels and gas carriers. The expansion of hydrogen-powered vehicles, industrial usage, and large-scale energy storage further accelerates this growth. Advancements in composite pressure vessel technology and cryogenic storage, along with strong government support and funding, are making hydrogen a key player in the future energy landscape.
Based on pressure vessel type - The market is segmented into type I vessel, type II vessel, type III vessel, and type IV vessel. Type IV pressure vessels are expected to dominate the market due to their lightweight design, superior mass efficiency (127% more than Type I), and lower operating costs. Their corrosion resistance extends their lifespan, reducing maintenance expenses. With growing demand for clean energy like hydrogen and RNG, and the expansion of vehicle refueling infrastructure, these vessels provide an efficient and cost-effective solution for gas storage and transportation. Their advantages make them the preferred choice as industries shift toward sustainable energy solutions.
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Which Region Shows the Most Promising Growth Forecast and Opportunity?
The analysis suggests that Asia-Pacific is expected to be the largest and fastest-growing market for gas carriers and storage pressure vessels in the coming years. This growth outlook is majorly attributed to the following-
· The region's growth is driven by the increasing number of hydrogen refueling stations in countries like Japan and South Korea, along with China's strong push to lead the fuel-cell electric vehicle (FCEV) market.
· China's focus on becoming a pioneer in zero-emission vehicles is expected to play a key role in the region's market expansion.
Gas Carrier & Storage 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 Pressure Vessels Market:
Stratview Research has identified the following companies as the top market players:
• Hexagon Composites ASA
• CIMC Enric Holdings Limited
• Cylinders Holding Group
• FIBA Technologies, Inc.
• Luxfer Holdings PLC
• Worthington Industries, Inc.
• Chengdu Great High Pressure Vessel Co., Ltd
• SAMTECH Corporation
• Everest Kanto Cylinder Ltd.
• ENK CO., LTD.
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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