Gas Carrier And Storage Pressure Vessels Market Report
Gas Carrier & Storage Pressure Vessels Market is Segmented by Pressure Vessel Type (Type I, Type II, Type III, and Type IV), by Fuel Type (CNG, LNG, RNG, Hydrogen, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
Gas Carrier & Storage Pressure Vessels Market is Segmented by Pressure Vessel Type (Type I, Type II, Type III, and Type IV), by Fuel Type (CNG, LNG, RNG, Hydrogen, and Others), and by Region (North America, Europe, Asia-Pacif...
Impact of COVID-19 on Gas Carrier And Storage Pressure Vessels Market
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
Gas carriers & storage pressure vessels include transportation cylinders and modules used for delivering gaseous energy fuels to temporary or permanent sites which don’t have access to pipelines. Various fuels, such as Compressed Natural Gas (CNG), Liquefied Natural Gas (LNG), Renewable Natural Gas (RNG), hydrogen, and industrial gases, are being transported through these cylinder-containing modules. These transportation cylinders are used in a broad array of applications, such as drilling and hydraulic fracturing, power generation, energy-intensive industries, vehicle refueling stations, marine, rail, and agriculture industries.
The COVID-19 pandemic has brought grievous consequences for the entire world, taking various industries under its grip. Production halts coupled with a significant decline in the demand for gasoline and diesel led to a huge plunge in the demand for pressure vessels for gas carriers & storage in 2020.
However, the expected recovery in the oil & gas industry, increasing development of vehicle refueling stations, and ramp-up in the production activities are likely to create an enormous demand for gaseous energy fuels, which ultimately help in the healthy recovery of gas carriers & storage pressure vessels market in the near future. Apart from these, the cost-effectiveness and environmental-friendliness nature of these energy solutions is expected to provide an upthrust to the market. Based on the industry estimates and rigorous primary interviews, it is estimated that the gas carrier & storage pressure vessels market is estimated to reach a value of US$ 311.7 million in 2026.
Based on the pressure vessel type, the gas carrier & storage pressure vessels market is segmented as type I, type II, type III, and type IV. Type-I pressure vessels predominantly ruled the gas carriers & storage pressure vessels market due to their lowest cost. Whereas, type-IV pressure vessel is likely to provide excellent growth opportunities in the coming years due to their lightweight and low operating cost. The mass efficiency of typical type-IV pressure vessels is approximately 127% more than that of type-I (steel) pressure vessels.
Based on the fuel type, the market is segmented into CNG, LNG, RNG, hydrogen, and others (industrial gases, such as helium and nitrogen). Despite witnessing a mammoth decline in 2020, CNG fuel type maintained its supremacy in the gas carriers & storage pressure vessels market in 2020. Whereas, hydrogen fuel type is likely to grow at the fastest pace over the next five years, driven by the continuous rise in investments for the development of hydrogen refueling infrastructure to complement and support the growing number of FCEVs on the road.
In terms of regions, Asia-Pacific is expected to remain the largest as well as the fastest-growing market during the forecast period. Increasing number of Hydrogen refueling stations in countries like Japan and South Korea and the high focus of China to enhance its position in the fuel-cell electric vehicles in order to become the pioneer market for zero-emissions vehicles are likely to be the major driving factors for the region’s exceptional growth in the market in the forecast period.
The supply chain of this market comprises raw material suppliers, pressure vessel manufacturers, and end-users. Following are the key players in the gas carriers & storage pressure vessels market.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s gas carriers & storage pressure vessels market realities and future market possibilities for the forecast period of 2021 to 2026. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The gas carriers & storage pressure vessels market is segmented into the following categories.
Gas Carrier & Storage Pressure Vessels Market, by Pressure Vessel Type
Gas Carrier & Storage Pressure Vessels Market, by Fuel Type
Gas Carrier & Storage Pressure Vessels Market, by Region
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The gas carriers & storage pressure vessels market is estimated to grow at a CAGR of 5.2% by 2026.
Hexagon Composites ASA, FIBA Technologies, Inc., CIMC Enric Holdings Ltd., Worthington Industries, Inc., Cylinders Holding a.s., Luxfer Holdings PLC, Faber Industrie SpA, ENK Inc., Everest Kanto Cylinder Ltd., and Chengdu Great High-Pressure Vessel Co., Ltd. are the leading players in the gas carriers & storage pressure vessels market.
Asia-Pacific is estimated to remain dominant in the gas carriers & storage pressure vessels market in the foreseen future.
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