Chicago, Oct. 03, 2023 (GLOBE NEWSWIRE) -- The global Hydrogen Storage Tanks and Transportation Market is projected to grow from USD 174 million in 2022 to USD 4,155 million by 2030, at a CAGR of 48.6% according to a new report by MarketsandMarkets™. Rising hydrogen refuelling stations and fuel cell vehicles is supporting the market for the growth.
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Hydrogen Storage Tanks and Transportation Market Scope:
| Report Coverage | Details |
| Market Size | USD 4,155 Million by 2030 |
| Growth Rate | 48.6% of CAGR |
| Largest Market | Asia Pacific |
| Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Modular Storage, Application, Tank Type, and Pressure |
| Geographies Covered | Asia Pacific, North America, Europe, and Rest of the World |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Increased efforts for installation of hydrogen fueling stations |
| Key Market Drivers | Increase in Demand of Low Emission Fuels |
By modular storage, Hydrogen Storage Tanks and Transportation Market is segmented into hydrogen fuel storage systems and hydrogen distribution systems. The hydrogen fuel storage systems segment is estimated to grow at the highest rate in the forecast period, owing to the rising adoption of hydrogen fuel cell electric vehicles (FCEVs).
By application, Hydrogen Storage Tanks and Transportation Market is segmented into vehicles, railway, marine, stationary storage, and trailers for H2 transportation. The vehicle segment accounted for the largest share and is expected to grow at the highest rate in the forecast period owing to the rising demand for hydrogen as a fuel in vehicles supported by the reduction in carbon emissions is expected to accelerate the growth of vehicle segment in Hydrogen Storage Tanks and Transportation Market.
By tank type, Hydrogen Storage Tanks and Transportation Market is segmented into type 1, type 2, type 3, and type 4. The growth of type 4 segment is attributed by the advantages it offers as compared to other tank types such as light weight and suitability to use in passenger cars.
By pressure, Hydrogen Storage Tanks and Transportation Market is segmented into below 200 bar, 200-500 bar, and above 500 bar. The increasing number of hydrogen fuel cell vehicles is projected to increase the demand for the hydrogen refueling stations which in turn is expected to accelerate the growth of above 500 bars segment in Hydrogen Storage Tanks and Transportation Market in the coming years.
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North America is expected to dominate the Hydrogen Storage Tanks and Transportation Industry
North America is estimated to be the fastest growing market for Hydrogen Storage Tanks and Transportation Market during the forecast period. The region has been segmented by country, into US and Canada. The dominance of North American region can be attributed due to increasing demand for the fuel cell application supported by the increasing government policies to use cleaner fuels such as hydrogen for various energy needs in the region.
Key Market Players:
Major players operating in the Hydrogen Storage Tanks and Transportation Market include Worthington Industries, Inc. (US), Plastic Omnium (France), Hexagon Purus (Norway), Tenaris (US), NPROXX (Germany) etc.
Recent Developments
- In October 2022, Hexagon Purus and Lhyfe collaborated for the production of green and renewable hydrogen for transportation and industrial applications.
- In May 2022, NPROXX launched a hydrogen storage tank that can power trucks and lorries. It has two large diameter tanks stacked on each side to deliver a total of about 1200 liters of volume at 700 bar pressure.
- In October 2021, Worthington Industries entered a partnership with Van Hool to provide an onboard fueling system and cylinders designed and manufactured by Worthington Industries for public transport.
- In November 2020, Tenaris and Nel Hydrogen entered into a partnership to provide a hydrogen truck refueling network for California. They develop hydrogen technologies, supplying high-pressure solutions for hydrogen storage to be installed by Shell at Long Beach.
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