Gas Carrier and Storage Pressure Vessels Market Report Size | 2021-2026
Gas Carrier and Storage Pressure Vessels Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026 See less
Gas Carrier and Storage Pressure Vessels Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026 ... See more
Gas Carrier and 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)
It is estimated that the gas carrier and storage pressure vessels market is estimated to reach a value of US$ 311.7 million in 2026. 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.
Covid-19 Impact analysis of the Gas Carrier and Storage Pressure Vessels Market
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.
Gas carriers and 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
"Asia-Pacific is expected to remain the largest as well as the fastest-growing market during 2021-2026"
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 gas carriers and storage pressure vessels market is segmented into the following categories.
Gas Carrier and Storage Pressure Vessels Market, by Fuel Type
Gas Carrier and Storage Pressure Vessels Market, by Region
The supply chain of this market comprises raw material suppliers, pressure vessel manufacturers, and end-users.
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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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