Startview Research has launched a market research report titled ‘Gas Carrier and Storage Composite Pressure Vessels Market’ that is compiled by leveraging findings as well as insights about the market that helps businesses to stay ahead in the competitive market. It also helps the market players in selecting targets, guide where to invest, giving users a detailed information about company profile, etc. This report provides reliable and accurate market data, that can work as the key for the growth of any business. The report estimates about future trends, challenges, linchpins, opportunities, revenue and future sales count in the target market along with forecasting for a 5-year period.
According to this report, the gas carrier and 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.
Market Segments' Analysis
Stratview Research has bifurcated the Gas Carrier and Storage Composite Pressure Vessels Market by the following –
Based on the pressure vessel type, the gas carrier and 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 and storage composite pressure vessels market during the forecast period with China being a major contributor due to its rapid industrialization rate.
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Market Features
This report on the Gas Carrier and Storage Composite Pressure Vessels Market is one of the important tools with the help of which the users can obtain a well perspective and through understanding of target market and customer. The details in the report covers Covid19 impact on the market and also predicts how long will it take to recoup which aids in reducing the business failures.
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