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    Pressure Vessels Market Growth Analysis | 2020-2026

    Pressure Vessels Market  Growth Analysis | 2020-2026
    Report code - SRAM187 Published On : Dec,2021 No. of Pages: 145
    Pressure Vessels Market Size, Share, Trend, Forecast and Competitive Analysis: 2020-2026
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    "The global pressure vessels market is estimated to grow from US$ 4086.8 million in 2020 to US$ 8823.7 million by 2026 at a CAGR of 12.9% during the forecast period".

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    Market Dynamics

    Introduction

    A pressure vessel is a container designed to hold fluids or gases at a pressure significantly different from the ambient pressure. The pressure vessels market refers to the industry involved in the manufacturing, distribution, and maintenance of such vessels.

    Pressure vessels are used in various industries to store and transport substances under high pressure, including chemicals, gases, and liquids. They are crucial for industries such as oil and gas, chemical processing, power generation, food and beverage, pharmaceuticals, and many others. Pressure vessels are typically made of materials that can withstand high pressure, such as steel or composite materials.

    Global Pressure Vessels Market Report Overview

    Market Size in 2026

    USD 8823.7million

    Market Size in 2020

    USD 4086.8  million

    Market Growth (2021-2026)

    CAGR 12.9%

    Base Year of Study

    2020

    Trend Period

    2016-2019

    Forecast Period

    2021-2026

    Market Drivers

    The growing demand for pressure vessels can be attributed to many factors including –

    Increasing need for energy – The U.S. Energy Information (EIA) predicts that the global energy demand will increase 47% in the next 30 years (i.e., by 2050), driven by population and economic growth. This growing energy need across the globe can be considered as one of the prime reasons driving the overall market growth for pressure vessels.

    Increasing industrialization: Pressure vessels are vital elements that are used in a wide range of industrial processes. The growing demand for chemicals, petrochemicals, and other industrial products is driving the demand for pressure vessels.

    Safety regulations by governments – Governments and industry bodies across the globe are imposing strict safety regulations for using reliable vessels. This creates a demand for highly reliable pressure vessels in the chemical sector to ensure worker's and the environment’s safety.

    Increase in nuclear power generation plants – The World Nuclear Association states that there are ~440 nuclear power reactors operating in >30 countries. And about 60 power reactors are currently being constructed in 15 countries. The growing number of nuclear power generation plants is also likely to create huge opportunities for the pressure vessels market.

    The Aftermath Of COVID-19

    Pressure vessels are employed in various industries, including transportation, chemical/petrochemical, oil & gas, food processing, etc. The Year 2020 proved to be challenging for several industries. Some industries, especially automotive, which were already under immense pressure, witnessed the tremor of the COVID-19 tsunami in the hardest way.  Supply-chain sabotage, reduced demand in the wake of the lockdown and bad consumer sentiments, huge COVID-19-related costs, and remote working affected the sales and profitability of the companies across regions.

    The market for pressure vessels is no exception and witnessed a weighty decline of more than -10.0% in 2020. The intensity of market decline varied from region to region. Europe and North America registered a greater reduction compared with the decline of the Asian market; the latter has a huge dominance of type-I vessels. The market is anticipated to start rebound from 2021 onwards, again the recovery trajectory is likely to be different for different market segments. Transportation, the largest market segment, is likely to rebound quickly in the wake of improving market sentiments paired with exceptional growth in the demand for CNG and hydrogen vehicles. Furthermore, there has been a clear transition from type-I to type-III and type-IV pressure vessels across regions.

    Segment Analysis

    Pressure Vessels Market: By Application Type

    "Transportation is expected to remain the largest as well as the fastest-growing application type in the market with a share of more than 62.2% during the forecast period". 

    The pressure vessels market is segmented as life support, transportation, recreational, industrial, gas carrier & storage, and others. Transportation is expected to remain the largest as well as the fastest-growing application type in the market with a share of more than 62.2% during the forecast period owing to the increasing demand for natural gas-powered vehicles across regions. Over the years, the price of gasoline has been soaring, creating a greater demand for cars that run on alternative fuels, such as fuel cells and CNG. Among transportation, hydrogen (fuel-cell) vehicles is likely to create a humungous growth opportunity for the market participants in the coming five years.

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    Pressure Vessels Market: By Vessel Type

    "Type-I vessel is expected to hold a huge market share of >73.6% owing to its well-proven track record paired with the overall lowest cost".

    The market is segmented as type-I, type-II, type-III, and type-IV. Type-I vessel is expected to hold a huge market share of >73.6% owing to its well-proven track record paired with the overall lowest cost. However, the dominance of vessel type differs from region to region. North America, a relatively small market, has a high dominance of type-III and type-IV vessels, whereas, Asia-Pacific, the largest market for pressure vessels, is immensely dominated by type-I vessels. Overall, the type-IV vessel is subjected to record the highest growth in the future, owing to its lightweight, excellent strength, and corrosion resistance. In addition to these factors, type-IV pressure vessels can hold gases at high pressures due to their inherent strength as well as large volumes of gases can be stored, key factors compelling system integrators and OEMs to transition from heavyweight metal vessels to lightweight composite vessels.

    Pressure Vessels Market: Regional Insights 

    "Asia-Pacific is expected to remain the largest as well as the fastest-growing market with a share of more than 65.3% for pressure vessels during the forecast period".

    Asia-Pacific is expected to remain the largest as well as the fastest-growing market with a share of more than 65.3% for pressure vessels during the forecast period. A huge fleet of passenger cars and M&HCVs paired with an increased demand for automobiles with alternative fueling options and large requirements of gases for power generation to fulfill the needs of the region's developing industrial, commercial, and residential sectors are some of the fundamental drivers of the region's exceptional growth. Increased R&D investments and more attention from governments are further benefiting the pressure vessel market significantly.

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    key Players

    The competitive landscape of the pressure vessels market varies from material to material. Type-I, the dominant vessel category, is fiercely competitive with the presence of several regional players. There are more than 100 players, and the majority of them are located in the Asian region. Whereas, composite vessels, the emerging category, has a relatively less number of players with a growing presence in the Asian market.

    The following are the key players in the Pressure Vessels Market (arranged alphabetically)

    • Beijing Tianhai Industry Co., Ltd.
    • Catalina Cylinders
    • Cylinders Holding a.s.
    • Everest Kanto Cylinder Ltd.
    • Faber Industrie SPA
    • Grupo Mat
    • Hexagon Composites
    • Iljin Composites
    • Luxfer Holdings PLC
    • Norris Cylinder (A TriMas Company)
    • Sinoma Science & Technology Co., Ltd.
    • Shenyang Gas Cylinder Safety Technology Co., Ltd
    • Worthington Industries, Inc.

    Note: The above list does not necessarily include all the top players in the market.

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    Report Features

    This report provides 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 dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    in-depth analysis of the Pressure Vessels Market 

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    What are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Research Methodology

    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 with industry experts to obtain both qualitative and quantitative insights.

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
    Custom Research: Stratview Research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    A pressure vessel is a container designed to keep gases or liquids at a pressure that is significantly higher than the surrounding atmosphere.

    The pressure vessel market is expected to grow at a CAGR of 12.9% during 2020-2026.

    Transportation is expected to remain the largest as well as the fastest-growing application type in the market with a share of more than 62.2% during the forecast period

    The telemedicine market is likely to reach USD 8823.7 million in 2026.

    Asia-Pacific is expected to remain the largest as well as the fastest-growing market with a share of more than 65.3% during the forecast period