Published Date: July 2024
According to the research report, the global hydrogen storage tanks and transportation market size was valued at USD 400 Million in 2024 and is expected to reach USD 11598.6 Million by 2034, growing at a CAGR of 44.7%.
As hydrogen boils at -252.8°C, it can be stored in high-pressure tanks as a liquid or gas at 350–700 bar, but cryogenic temperatures are needed for its storage. As in hydrogen storage tanks, the materials used in the high-performance must be materials like aluminum, high-performance steels, and carbon fiber composites. The hydrogen storage tanks and transportation market are benefiting from a worldwide tendency to include cleaner energies in national energy mixes.
The main factors that impede this product from proliferating in the market are the high cost of tank technology, additional large refilling infrastructure, and safety issues. The company finds opportunities to use hydrogen storage in additional hydrogen filling stations, light and energy-efficient tanks, and stationary power and grid balancing applications.
The transportation and hydrogen storage tank market is highly competitive, filled with innovative technological developments, and rapidly growing. Companies are reverting to diversification of services and increasing their sustainability and geographical presence in order to be top of mind with the competition.
Some of the Key Market Players:
- Linde plc
- Air Products and Chemicals, Inc.
- NPROXX
- Hexagon Purus
- Worthington Industries
- Chart Industries, Inc.
- Plug Power Inc.
- Praxair, Inc.
- VRV S.p.A.
- HBank Technologies Inc.
Recent Advancements
- In March 2024, MNRE to discuss specialized cylinders for hydrogen storage with stakeholders. Commercial vehicle manufacturers identified the higher cost of green hydrogen fuel cells as another challenge in a meeting with MNRE. The Ministry of New and Renewable Energy (MNRE) plans to hold a meeting with stakeholders to discuss the development of specialized cylinders for green hydrogen storage, following concerns from commercial vehicle manufacturers about high-pressure storage cylinders in the adoption of green hydrogen as a sustainable fuel.
This trend is accelerating the growth of the hydrogen storage tank and transportation markets in response to demand for lighter, high-pressure composite tanks and sustainable energy sources. Companies and governments are developing fuel-cell car infrastructure, and countries like Japan and Germany are expanding their hydrogen refueling networks. Hydrogen's application in transport, power generation, and industry is necessary for appropriate, reliable, and scalable infrastructure. The business is advancing, in technology and teamwork, while the market share of hydrogen gas is increasing due to the reliability and effectiveness of hydrogen fuel storage and transportation systems.
It is expected to record substantial growth in the global hydrogen fuel storage systems market because the automotive industry expresses much interest in hydrogen fuel cell technology. The devices would power fuel cells by storing hydrogen gas under high pressure or through chemical bonding. Other systems used to distribute the gas include pipelines, tanks, trailers, and other related machinery. Type 1 tanks have large capacity, light mass, and support vehicles of all types to up to 35 MPa in pressure. Type 2 tanks are used to increase strength and safety by resisting pressures up to 70 MPa. Type 3 tanks represent both the lightest and heaviest; they are ideal for storage at lower pressures. Type 4 tanks are recommended for storing these fuels due to the greater volume capacity and safety of such tanks. This section of the market will remain in a state of evolution as technology related to hydrogen grows.
Because of the struggles to develop a sustainable energy transition, hydrogen transportation and storage are going to explosively grow in North America. With facilitative legislation, technological development, and increasing public awareness of the hydrogen prospect, businesses and governments alike are now engaging in building hydrogen infrastructure to reduce emissions. The Asia Pacific region is also projected to dominate the market share in both transportation and hydrogen storage tank markets, as countries like China, Japan, and South Korea are becoming more industrialized and urbanized. With high levels of smog in such cities, hydrogen storage tanks and transit networks become a prime necessity to reduce pollution and reliance on fossil fuel-based energy.
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