Gas Carrier And Storage Composite Pressure Vessels Market Report
Gas Carrier & Storage Composite Pressure Vessels Market is Segmented by Pressure Vessel Type (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 Composite Pressure Vessels Market is Segmented by Pressure Vessel Type (Type II, Type III, and Type IV), by Fuel Type (CNG, LNG, RNG, Hydrogen, and Others), and by Region (North America, Europe, Asia-Pac...
Impact of COVID-19 on Gas Carrier And Storage Composite 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 carrier & storage composite pressure vessels include type-II, type-III, and type-IV pressure vessels used for transportation of gaseous energy fuels in bulk form to temporary or permanent sites which don’t have access to pipelines. Though type-I is a proven technology with the lowest purchasing price, they possess a very low payload capacity. On the other hand, Type-IV pressure vessels are apt for carrying a large volume of gaseous fuel due to their high payload. Compared to Type-I, composite pressure vessels can transport around 80% more gas at a much lower vehicle weight.
Various gaseous fuels, such as Compressed Natural Gas (CNG), Liquefied Natural Gas (LNG), Renewable Natural Gas (RNG), and hydrogen, are being transported using these pressure vessels. These pressure vessels are used in a number of end-use applications, such as the oil & gas industry, power generation, creation of gas islands, vehicle refueling stations, and agriculture. Oil & gas is one of the dominant end-use industries for these pressure vessels.
The market of gas carrier & storage composite pressure vessels witnessed a plunge in both, 2019 and 2020. The downfall can be attributed to the reduction in the oil & gas activities and decreased USA’s oil & gas rig counts. However, with the recovery in the oil & gas industry, the market for gas carrier & storage composite pressure vessels is expected to pick up. As per Baker Hughes estimates, the USA oil & gas rig count has increased by 76% in November 2021, compared to November 2020 figures. Based on past years’ trends and interviews with the industry experts, it is estimated that the gas carrier & storage composite pressure vessels market to witness a healthy CAGR of 6.0% to reach a value of US$ 174.1 Million during 2021-2026.
Based on the pressure vessel type, the gas carrier & 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 vessel ruled the market in 2020 and is 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 the 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 the FCEV production, and development of hydrogen refueling infrastructure in countries like California, Japan, and South Korea.
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 & storage composite pressure vessels market during the forecast period with China being a major contributor due to its rapid industrialization rate.
The supply chain of this market comprises raw material suppliers, pressure vessel manufacturers, and end-users/gas companies. Following are the key players in the gas carrier & storage composite pressure vessels market.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s gas carriers & storage composite 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 carrier & storage composite pressure vessels market is segmented into the following categories.
Gas Carrier & Storage Composite Pressure Vessels Market, by Pressure Vessel Type
Gas Carrier & Storage Composite Pressure Vessels Market, by Fuel Type
Gas Carrier & Storage Composite Pressure Vessels Market, by Region
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The gas carrier & storage composite pressure vessels market is estimated to grow at a CAGR of 6.0% by 2026.
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, and Sinoma Science & Technology Co., Ltd. are the leading players in the gas carrier & storage composite pressure vessels market.
Asia-Pacific is estimated to remain dominant in the gas carriers & storage composite pressure vessels market in the foreseen future.
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