February 10, 2023/Industry News Global/ -- This new report from Stratview Research analyses the Pressure Vessels Market over the trend period from 2014 to 2019 and the forecast period from 2020 to 2026. The insights of the report shall enable informed decision-making and strategy formulation for the near future to capitalize on the opportunities.

Pressure Vessels Market Overview:

The Global 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.

Segment Analysis

By 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.

By 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.

Region

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.

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