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Gas Carrier and Storage Pressure Vessels Market Analysis | 2024-2031
Gas Carrier and Storage Pressure Vessels Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2024-2031
The gas carrier and storage pressure vessels market was estimated at USD 0.9 billion in 2024 and is likely to grow at a CAGR of 19.6% during 2024-2031 to reach USD 3.9 billion in 2031.
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The gas carrier and storage pressure vessels market is expanding steadily, driven by the growing need for reliable gas transportation and storage solutions. With the increasing use of natural gas, hydrogen, and industrial gases in various industries, the demand for safe and efficient storage systems is on the rise. These vessels play a crucial role in transporting and storing compressed or liquefied gases, ensuring they remain stable under high pressure. The market is further propelled by the shift toward cleaner energy sources, such as hydrogen, which has led to increased investments in advanced pressure vessel technologies. Additionally, innovations in composite materials are making these vessels lighter, stronger, and safer, enhancing their efficiency. The growing emphasis on energy security and the need for efficient transportation infrastructure are also key factors fueling market growth. Moreover, strict safety regulations regarding gas storage and transport are pushing manufacturers to develop more durable and compliant vessels, positioning this market as vital in the evolving energy landscape.
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Segmentations |
List of Sub-Segments |
Segments with High Growth Opportunity |
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By Pressure Vessel type |
Type I Vessel, Type II Vessel, Type III Vessel, and Type IV Vessel. |
Type IV is expected to be the market's demand generator and is likely to grow at the fastest rate in the coming years. |
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By Fuel Type |
CNG, LNG, RNG, Hydrogen, and Other Fuels |
Hydrogen is anticipated to contribute the largest share of the market during the forecast period. |
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Regional Analysis |
North America, Europe, Asia-Pacific, and Rest of the World |
Asia-Pacific is expected to maintain its reign over the forecast period and is likely to grow at the fastest pace during the same period. |
“Hydrogen is expected to account for the largest portion of market spending during the forecast period and is anticipated to be the fastest growing segment over the next six years."
The market is segmented into CNG, LNG, RNG, hydrogen, and other fuels. Hydrogen is set to dominate market spending and be the fastest-growing segment in the gas carrier and storage pressure vessel market due to its rising role in clean energy, transportation, and industrial applications. Increasing investments in hydrogen storage infrastructure, refueling stations, and transportation networks are driving demand for high-pressure vessels and gas carriers. The expansion of hydrogen-powered vehicles, industrial usage, and large-scale energy storage further accelerates this growth. Advancements in composite pressure vessel technology and cryogenic storage, along with strong government support and funding, are making hydrogen a key player in the future energy landscape.
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“Type IV is expected to remain dominant and is projected to be the fastest-growing vessel type in the market during the forecast period."
The market is segmented into type I vessel, type II vessel, type III vessel, and type IV vessel. Type IV pressure vessels are expected to dominate the market due to their lightweight design, superior mass efficiency (127% more than Type I), and lower operating costs. Their corrosion resistance extends their lifespan, reducing maintenance expenses. With growing demand for clean energy like hydrogen and RNG, and the expansion of vehicle refueling infrastructure, these vessels provide an efficient and cost-effective solution for gas storage and transportation. Their advantages make them the preferred choice as industries shift toward sustainable energy solutions.
“Asia-Pacific is expected to remain the largest market during the forecast period."
Asia-Pacific is expected to be the largest and fastest-growing market for gas carriers and storage pressure vessels in the coming years. The region's growth is driven by the increasing number of hydrogen refueling stations in countries like Japan and South Korea, along with China’s strong push to lead the fuel-cell electric vehicle (FCEV) market. China's focus on becoming a pioneer in zero-emission vehicles is expected to play a key role in the region’s market expansion.
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The following are the key players in the gas carriers & storage pressure vessels market. Some of the major players provide a complete range of services.
Here is the list of the Top Players (Based on Dominance)
Note: The above list does not necessarily include all the top players in the market.
Are you the leading player in this market? We would love to include your name. Please write to us at [email protected]
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s gas carrier and storage pressure vessels market realities and future market possibilities for the forecast period of 2025 to 2035. After a continuous interest in our gas carrier and storage pressure vessels market report from the industry stakeholders, we have tried to further accentuate our research scope to the gas carrier and storage pressure vessels market to provide the most crystal-clear picture of the market. The report segments and analyses 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 the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence most comprehensively. The report structure has been kept so that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies the market, covering a period of 12 years of trends and forecasts. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The gas carriers and storage pressure vessels market is segmented into the following categories:
By Pressure Vessel Type
By Fuel Type
By Region
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Competitive Benchmarking
Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected].
Gas carriers and storage pressure vessels are specially designed containers used to store and transport gases under high pressure. These vessels are built using durable materials like steel, aluminum, or composite fibers to ensure they can safely handle internal pressure. They are widely used for storing natural gas (CNG, LNG), hydrogen, propane, and other industrial gases, playing a crucial role in the energy, transportation, and manufacturing industries.
The gas carriers & storage pressure vessels market is estimated to grow at a CAGR of 19.6% by 2031.
Hexagon Composites ASA, CIMC Enric Holdings Ltd., Cylinders Holding Group, FIBA Technologies, Inc., Luxfer Holdings PLC, Worthington Industries, Inc., Chengdu Great High-Pressure Vessel Co., Ltd., Samtech Corporation, Everest Kanto Cylinder Ltd., and ENK CO., LTD are the leading players in the market.
Asia-Pacific is expected to remain dominant in the market in the foreseeable future.
Some of the key drivers of the market are: • Rising Demand for Natural Gas: The shift toward cleaner fuel alternatives, such as CNG and LNG, is driving the need for high-pressure storage and transportation vessels. • Growth of the Hydrogen Economy: Increasing investments in hydrogen fuel infrastructure are boosting the demand for hydrogen storage tanks. • Expansion of Gas Transportation Networks: The development of LNG terminals, refueling stations, and gas transportation pipelines is creating new opportunities for pressure vessel manufacturers. • Stringent Safety Regulations: Rising regulatory standards regarding the safe storage and transportation of compressed gases are driving technological advancements in vessel design and manufacturing.
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