Type-I Pressure Vessels Market Projected to Grow at a Steady Pace During 2021-2026
Stratview Research has published a new report titled “Type-I Pressure Vessels Market” which is segmented by Application Type (Life Support {Fire Fighting and Medical Applications}, Transportation, Recreational {SCUBA, Paintball, and Others}, Industrial {Oxygen, Nitrogen, CO2, Helium, Argon, Acetylene, and Others}, Gas Carrier & Storage, and Others) and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
As per the study, the market is likely to grow at a CAGR of 5.3% during the forecast period of 2021-2026 to reach US$ 4375.3 million by 2026 from US$ 3004.3 million in 2020.
Pressure vessels are enclosed containers used to hold fluids, fumes, and gases at a pressure significantly higher or lower than the ambient pressure. They are widely used in various industries, such as transportation, petrochemical, oil & gas, chemical, and food processing.
The first descent of the current modern pressure vessels was designed in the 1800s. After this a lot of evolutions took place and various codes and standards were implemented to make the vessels safer for users and to make them the best fit for various applications, addressing the emerging market requirements.
Report Highlights
This report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can affect the industry’s market dynamics. It provides a thorough analysis of the market segments which include products, applications, and competitor analysis.
The market is bifurcated into various segments. Below given is the segment-wise analysis -
Application Trends
The type-I pressure vessels market is segmented as life support, transportation, recreational, industrial, gas carrier & storage, and others.
Transportation is expected to remain the largest market with a share of >55% in 2020 and it is expected to maintain its unassailable lead in application type classification of the market during the forecast period owing to the changing preference of customers for gasoline- and diesel-fueled vehicles to alternative-fueled vehicles owing to the higher price of gasoline and diesel across regions coupled with growing concerns regarding CO2 and NOx emissions. All the leading players of type-I pressure vessels are serving the transportation segment.
Which Region is expected to remain the largest market?
Asia-Pacific is expected to remain the largest market with a share of >70% in 2020 and as well as the fastest-growing market for type-I pressure vessels during the forecast period, driven by the presence of many industry stakeholders, making the region a growth engine of the transportation industry and industrial applications.
China, Japan, and India are likely to be the key countries/markets for the region. Beijing Tianhai Industry and Everest Kanto Cylinder are the major companies manufacturing type-I pressure vessels based in the region.
Who are the Key Players in the Market?
This report provides market intelligence most comprehensively. It also provides critical insights into the key players active in the market, enabling strategic decision-making for the existing market players and those willing to enter the market.
The following are the key players acting in the Type-I Pressure Vessels Market:
Beijing Tianhai Industry Co., Ltd.
Cylinders Holding a.s.
Worthington Industries, Inc.
Everest Kanto Cylinder Ltd.
Faber Industrie SPA
Norris Cylinder (A TriMas Company)
Catalina Cylinders
Luxfer Holdings PLC
FIBA Technologies, Inc.
Grupo Mat
Key questions answered by the report.
What is the projected CAGR for revenue from the Type-I Pressure Vessels Market during the forecast period?
What would the market be valued at by 2026?
What is a major driving factor for the growth of the market?
Which region accounted for the largest revenue share in the Type-I Pressure Vessels Market?
Which are the major market players?
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