Stratview Research announces the launch of a new research report on Composite Pressure Vessels Market by Application Type (Life Support, Transportation, Recreational, Gas Carrier & Storage, and Others), by Pressure Vessel Type (Type II, Type III, and Type IV), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today's composite 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 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 low-hanging fruits available in the market as well as formulate growth strategies.
Composite Pressure Vessels Market: Highlights
A composite pressure vessel is used to store gases at a relatively higher pressure. The vessel is an important part of the industrial infrastructure for safe gas & liquid handling. Composite vessels not only weigh way less than steel and aluminum vessels but also improve performance, key factors driving their use in a variety of applications such as oil refineries, aerospace, defense, research, nuclear reactors, gas storage, and automotive. Characteristics, such as excellent corrosion resistance, high stiffness, high strength, and longer life cycles compared to metal cylinders, further give an impetus to the demand for composite pressure vessels.
The market for composite pressure vessels registered a considerably moderate decline in 2020 due to the COVID-19 breakout. The quick spread of the pandemic has radically altered market dynamics. The pandemic exacerbated existing challenges of the automotive, aerospace, and other industries, causing the industry sales to plummet to their lowest level in the decade. As a result of that, there was an enormous decline in the production of composite pressure vessels across regions.
The market is expected to recover gradually from 2021 onwards with a rebound in the production of automobiles. In the coming years, substantial investments in renewable energy across all areas to fulfill the growing need for energy are predicted to raise the demand for composite pressure vessels. Factors, such as increasing use of composite pressure vessels paired with an increase in the production of natural gas vehicles will fuel the market growth. Overall, the composite pressure vessels market is likely to rebound at a promising CAGR of 25.6% in the long run to reach US$ 4.4 billion in 2026.
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Based on the application type, transportation is expected to be the largest as well as the fastest-growing application type in the market throughout the projection period, due to rising demand for mobility and a projected rebound in ICE vehicle production across regions. Furthermore, the growing penetration of hydrogen fuel-cell vehicles in the developed and developing economies as well as increased investments in R&D and product developments to build new products will support the market to expand throughout the forecast period.
Based on the pressure vessel type, type-IV is expected to remain the dominant as well as the fastest-growing pressure vessel type in the market during the forecast period. Type-IV tanks are becoming more common, especially in medium and heavy-duty vehicles because type-IV reduces the weight of vehicles by a huge factor. Higher fuel density and lower mass of tanks provide fuel efficiency and cheaper maintenance costs.
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