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Gas Carrier & Storage Composite Pressure Vessels Market Analysis | 2024-2031
Gas Carrier & Storage Composite Pressure Vessels Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis: 2024-2031
The gas carrier & storage composite pressure vessels market was estimated at USD 729 million in 2024 and is likely to grow at a CAGR of 20.5% during 2024-2031 to reach USD 3,244 million in 2031.
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Gas carrier and storage composite pressure vessels include type-II, type-III, and type-IV pressure vessels used for transportation of gaseous energy fuels in bulk form to temporary or permanent sites which don’t have access to pipelines. Though type-I is a proven technology with the lowest purchasing price, they possess a very low payload capacity. On the other hand, Type-IV pressure vessels are apt for carrying a large volume of gaseous fuel due to their high payload. Compared to Type-I, composite pressure vessels can transport around 80% more gas at a much lower vehicle weight.
Various gaseous fuels, such as Compressed Natural Gas (CNG), Liquefied Natural Gas (LNG), Renewable Natural Gas (RNG), and hydrogen, are being transported using these pressure vessels. These pressure vessels are used in a number of end-use applications, such as the oil & gas industry, power generation, the creation of gas islands, vehicle refueling stations, and agriculture. Oil & gas is one of the dominant end-use industries for these pressure vessels.
The gas carrier & storage composite pressure vessels market is expanding as industries shift toward lightweight and durable storage solutions for gases like natural gas, hydrogen, and industrial gases. Unlike traditional metal tanks, composite pressure vessels built with carbon fiber or fiberglass-reinforced resin offer enhanced strength, corrosion resistance, and safety while reducing overall weight. This makes them ideal for transportation, storage, and energy applications. Growing natural gas consumption, the rise of hydrogen as a clean energy source, and stricter environmental regulations are driving demand. Additionally, as countries invest in hydrogen infrastructure and alternative fuel technologies, the need for safe and efficient gas storage solutions continues to grow, positioning composite vessels as a key in the energy transition.
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Segmentations |
List of Sub-Segments |
Segments with High Growth Opportunity |
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By Pressure Vessel-Type Analysis |
Type II Vessels, Type III Vessels, and Type IV Vessels. |
Type IV is expected to be the market's largest demand generator and is likely to grow at the fastest rate in the coming years. |
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By Fuel-Type Analysis |
CNG, LNG, RNG, Hydrogen, and Other Fuels |
Hydrogen is anticipated to contribute the largest share of the market spending in 2025 and is likely to maintain its dominance throughout 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. |
“Type IV is expected to remain dominant and is also expected to be the fastest-growing pressure vessel type of the market during the forecast period.
The gas carrier & storage composite pressure vessels market is categorized into type-II, type-III, and type-IV vessels. Type-IV vessels led the market and are projected to experience the fastest growth in the coming years. These vessels offer key advantages over other types, including being the lightest, having lower operating costs, superior fatigue resistance, and a higher payload capacity.
“Hydrogen is expected to account for the largest share of the market and is projected to remain dominant throughout the forecast period."
The market is segmented into CNG, LNG, RNG, hydrogen, and other fuels. Hydrogen is expected to dominate the market and maintain its leadership due to growing demand for clean energy, strong government support, and increasing adoption in transportation and industrial applications. Investments in hydrogen production, storage, and refueling infrastructure, along with advancements in high-pressure storage and carrier technologies, are accelerating its growth. Its role in fuel cell vehicles, industrial processes, and grid energy storage further strengthens its market position, making hydrogen a key driver in the global transition to sustainable energy.
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“Asia-Pacific is expected to remain the dominant region throughout the forecast period and is projected to experience the fastest growth during the same period.”
Asia-Pacific to remain the dominant region and to grow at the fastest rate due to rising energy demand, strong industrialization, and significant investments in clean energy infrastructure. The region is leading in hydrogen and CNG adoption, supported by government policies, subsidies, and expanding refueling networks. As a major manufacturing hub, Asia-Pacific benefits from cost-effective production and export capabilities, further driving market expansion. Additionally, rapid growth in the transportation, automotive, and logistics industries is fueling demand for advanced energy storage solutions, solidifying its market leadership.
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The supply chain of this market comprises raw material suppliers, pressure vessel manufacturers, and end-users/gas companies. Following are the key players in the gas carrier & storage composite pressure vessels market.
Note: The above list does not necessarily include all the top players in the market.
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This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s gas carriers & storage composite pressure vessels market realities and future market possibilities for the forecast period of 2024 to 2031. After a continuous interest in our gas carriers & storage composite pressure vessels market report from the industry stakeholders, we have tried to further accentuate our research scope to the gas carriers & storage composite 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 in the most comprehensive way. The report structure has been kept such 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 carrier and storage composite 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 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 carrier & storage composite pressure vessels are lightweight, high-strength containers made from advanced composite materials like carbon fiber and fiberglass. These vessels are used to transport and store compressed gases, such as hydrogen, CNG, and industrial gases, offering benefits like higher pressure resistance, reduced weight, and improved safety compared to traditional metal cylinders.
The gas carrier & storage composite pressure vessels market is estimated to grow at a CAGR of 20.5% by 2031.
Hexagon Composites ASA, CIMC Enric Holdings Limited, Luxfer Holdings PLC, Worthington Industries, Inc., FIBA Technologies, Inc., SAMTECH Co., Ltd., Quantum Fuel Systems LLC, Sinoma Science & Technology Co., Ltd. ILJIN Composite and Forvia SE are the leading players in the market.
Asia-Pacific is estimated to remain dominant in the market in the foreseeable future.
Industries are increasingly shifting toward hydrogen and CNG storage solutions as part of the global push for cleaner energy alternatives. Stricter emission regulations are driving the need for lightweight, high-pressure storage systems that can help reduce environmental impact. At the same time, the growing use of alternative fuels in transportation is boosting demand for efficient and reliable storage options. Innovations in composite materials are also making these systems safer and more durable. Furthermore, rising investments in energy storage infrastructure, especially for renewable energy projects and industrial gas applications, are contributing to the expansion of this market.
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