Pressure Vessel Market Report
Pressure Vessels Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026 See less
Pressure Vessels Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026
Pressure Vessels Market is Segmented by Application Type (Life Support, Transportation, Recreational, Industrial, Gas Carrier & Storage, and Others), by Vessel Type (Type-I Vessel, Type-II Vessel, Type-III Vessel, and Type-IV Vessel), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Pressure Vessels Market is Segmented by Application Type (Life Support, Transportation, Recreational, Industrial, Gas Carrier & Storage, and Others), by Vessel Type (Type-I Vessel, Type-II Vessel, Type-III Vessel, and Type-IV Vessel), and by Region...
Pressure vessels are employed in a variety of 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 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 decline 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. Overall, the pressure vessels market is likely to rebound at an encouraging CAGR of 12.9% in the long run to reach US$ 8.8 Billion in 2026.
Based on the application type, 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 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 vehicles that run with alternative fuels, such as fuel cells and CNG. Among transportation, hydrogen (fuel-cell) vehicle is likely to create a humungous growth opportunity for the market participants in the coming five years.
Based on the vessel type, the market is segmented as type-I, type-II, type-III, and type-IV. Type-I vessel is expected to hold a huge share of the market 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 foreseen future, owing to factors such as 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.
In terms of regions, Asia-Pacific is expected to remain the largest as well as the fastest-growing market 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.
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, 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.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s 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 pressure vessels market is segmented into the following categories.
Pressure Vessels Market, by Application Type
Pressure Vessels Market, by Pressure Vessel Type
Pressure Vessels Market, by Region
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The pressure vessels market is estimated to grow at a CAGR of 12.9% by 2026.
Hexagon Composites, Worthington Industries, Inc., Beijing Tianhai Industry Co., Ltd., Luxfer Holdings PLC, Cylinders Holding a.s., Everest Kanto Cylinder Ltd., Faber Industrie SPA, Norris Cylinder (A TriMas Company), Catalina Cylinders, Iljin Composites, Sinoma Science & Technology Co., Ltd., Shenyang Gas Cylinder Safety Technology Co., Ltd, and Grupo Mat are the leading players in the pressure vessels market.
Asia-Pacific is estimated to remain dominant in the pressure vessels market in the foreseen future.