Recreational Pressure Vessels Market Report
Recreational Pressure Vessels Market is Segmented by Application Type (SCUBA and Paintball), by Pressure Vessel Type (Type I, Type II, and Type III), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Recreational Pressure Vessels Market is Segmented by Application Type (SCUBA and Paintball), by Pressure Vessel Type (Type I, Type II, and Type III), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)....
Impact of COVID-19 on Recreational 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.
Recreational pressure vessels include SCUBA (Self-Contained Underwater Breathing Apparatus) diving and paintball game pressure vessels. SCUBA pressure vessel is a small yet very strong vessel that holds a large volume of compressed gas which can be a regular filtered air or enriched air nitrox (with higher oxygen and lower nitrogen content) or trimix required by a SCUBA diver during diving. On the other hand, paintball pressure vessels provide the pressure source to power a paintball gun. Carbon dioxide and compressed air are the two types of gases used in a paintball pressure vessel.
The COVID-19 pandemic brought grievous consequences for the entire world, disrupting various industries all across the globe. The SCUBA diving industry was among the worst-hit ones, due to the implementation of lockdown, travel restrictions, and job losses. The pandemic devastated the entire tourism industry and brought immense loss to the SCUBA diving industry stakeholders.
However, with the recovery in the tourism industry and relaxation on travel restrictions, the market is likely to gain momentum. Also, the long-term outlook seems to be loaded with promising growth opportunities, driven by the increasing expenditure on recreational activities and inclination towards the marine and coastal tourism of people all across the globe. Considering the recuperation of the SCUBA diving industry and pick up in recreational activities, the market for recreational pressure vessels is projected to grow at a healthy CAGR of 4.3% over the next five years to reach US$ 201.3 million in 2026.
Based on the application type, the market is bifurcated into SCUBA and paintball. Despite witnessing a massive plunge in 2020, SCUBA dominated the market in the year 2020 and is expected to maintain its unquestionable position during the forecast period as well. Type-I pressure vessel rules the SCUBA diving tanks with more than 90% share. The increasing inclination of people towards amusement and recreational activities has caused a positive impact on the diving industry, which is a major reason for the dominance of the segment.
Based on the pressure vessel type, the market is segmented into type-I pressure vessels, type-II pressure vessels, and type-III pressure vessels. Type-I led the recreational pressure vessel market in 2020, due to its huge dominance in both, SCUBA as well as paintball game applications. For paintball application, type-III pressure vessel is expected to exhibit the highest growth during the forecast period as it can hold more pressure that allows more shots per pressure vessel, compared to the type-I pressure vessels.
In terms of regions, Asia-Pacific is expected to remain the largest as well as fastest-growing recreational pressure vessels market during the forecast period. China, Australia, and South-East Asia are the major contributors to the region’s dominant position. These countries have huge incoming tourists coupled with increased willingness to spend on experiential and recreational activities.
Following are the key players in the recreational pressure vessels market.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s recreational 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 recreational pressure vessels market is segmented into the following categories.
Recreational Pressure Vessels Market, by Application Type
Recreational Pressure Vessels Market, by Pressure Vessel Type
Recreational Pressure Vessels Market, by Region
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The recreational pressure vessels market is estimated to grow at a CAGR of 4.3% by 2026.
Catalina Cylinders, Cylinders Holding Group, Eurocylinder systems AG, FABER INDUSTRIE SPA, Luxfer Holdings PLC, Metal Mate Co., Ltd., Shanghai Qilong High Pressure Container Co., Ltd., Shenyang Gas Cylinder Safety Technology Co., Ltd., TriMas Corporation, and Worthington Industries, Inc. are the leading players in the recreational pressure vessels market.
Asia-Pacific is estimated to remain dominant in the recreational pressure vessels market in the foreseen future.