Raipur, April 05, 2022 (GLOBE NEWSWIRE) -- Stratview Research, a global market research firm has launched a report on the global Gas Carrier and Storage Composite Pressure Vessels Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.
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How is the Report Helpful?
The report has a very high utility for the key decision-makers and strategists in terms of accurate market insights, future growth opportunities, and key success factors.
Most importantly, the report analyses the possible impact of COVID-19 on the market dynamics which offers cushioning against the uncertain business environment and helps in streamlining the resources and investment decisions in a fruitful manner.
What are the Top Market Drivers?
According to the report, the Gas Carrier and Storage Composite Pressure Vessels Market is primarily being driven by the recovery in the oil & gas industry. As per Baker Hughes estimates, the USA oil & gas rig count has increased by 76% in November 2021, compared to November 2020 figures.
The report also includes growth rate estimates based upon the intensity of drivers and constraints and provides the users with several graphical illustrations of the key insights.
Market Segmentation:
Stratview Research has segmented the market in the following ways which fulfil the market data needs of multiple stakeholders across the industry value chain.
- By Pressure vessel type – Type II, type III, and type IV
- By Fuel type - CNG, LNG, RNG, hydrogen, and others (industrial gases, such as helium and nitrogen)
- Region Wise - North America, Europe, Asia-Pacific, and Rest of the World
Market Insights
Based on the pressure vessel type, amongst type II, type III, and type IV; type-IV pressure vessels ruled the market in 2020 despite witnessing a massive decline in 2020. It also 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 FCEV production, and development of hydrogen refueling infrastructure in countries like California, Japan, and South Korea.
Which region dominates the market?
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.
COVID-19 Impact on the Market
COVID-19 has put an instant halt to many industries across the globe. Lockdown norms in several countries have swiftly affected the global economy by affecting the supply chain, production, and demand in the market. Both direct, as well as indirect impacts of the pandemic, have been incorporated in this report.
To know more about the covid-19 impact, get a free sample report, here:
Who are the Top Market Players?
After a thorough analysis of the market, the experts have listed a few key players and discussed the company profiles of the below-given players -
- 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
- Sinoma Science & Technology Co., Ltd.
What deliverables will you get in this report?
- In-depth analysis of the Gas Carrier & Storage Composite Pressure Vessels Market.
- Detailed market segmentation.
- Competitive-landscape analysis.
- Historical, present, and future market size analysis.
- Industry trends, technologies, and advancements.
- Growth and operation strategies adopted by key players.
- Potential segments/regions offering promising growth.
- Geographical presence of the key players.
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About us –
Stratview Research is a global market research firm that offers reliable market reports, market entry strategies, strategic growth consulting, and more. The market experts compile high-quality market information to help users obtain granular level clarity on current business trends and expected future developments. Stratview Research also offers customization of the reports. Reach out to the analysts to customize the given report according to your priority/requirement.
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