Raipur, Nov. 25, 2022 (GLOBE NEWSWIRE) -- Stratview Research, a leading market research firm has launched a report on the 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 pressure vessels market is driven by a host of factors, some of which are noted below:
- Globally increase in energy demand, strong demand in the field of renewable energy, customizability of pressure vessels.
- Increasing attention paid by governments all over the world to the renewable energy sector.
- The rising demand from the chemicals industry.
The report also includes growth rate estimates based on the intensity of drivers and constraints and provides the users with several graphical illustrations of the key insights.
Pressure Vessels Market Segmentation:
Stratview Research has segmented the market in the following ways which fulfill the market data needs of multiple stakeholders across the industry value chain.
- 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),
- By Region (North America, Europe, Asia-Pacific, and the Rest of the World).
Pressure Vessels Market Insights
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.
Which region offers the best opportunity and growth?
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.
COVID-19 Impact on the Pressure Vessels 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:
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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
- 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
- Grupo Mat
What deliverables will you get in this report?
- In-depth analysis of the 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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