Stratview Research has recently published a new research report on the Composite Pressure Vessels Market that is segmented 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).
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 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. Composite pressure vessels for hydrogen vehicles are likely to drive the growth from single-digit high-end to 25.6% in the coming five years.
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