Dublin, April 17, 2023 (GLOBE NEWSWIRE) -- The "Global Hydrogen Storage Tanks and Transportation Market by Modular Storage (Fuel Storage, Distribution), Application (Vehicles, Rail, Marine, Stationary Storage, Trailers), Tank Type (Type 1, Type 2, Type 3, Type 4), Pressure, and Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global hydrogen storage tanks and transportation market is estimated to grow from USD 174 million in 2022 to USD 4,155 million by 2030, at a CAGR of 48.6%
The primary drivers of the market include the rising demand for storage tanks to store gaseous hydrogen.
Hydrogen fuel storage systems to be fastest-growing market from 2022 to 2030
The hydrogen storage tanks and transportation market, by modular storage, is bifurcated hydrogen fuel storage systems and hydrogen distribution systems. The hydrogen fuel storage systems segment is expected to dominate in terms of CAGR during the forecast period and this dominance can be attributed to the increasing number of projects of fuel storage systems for the purpose of transportation.
Vehicle source segment to be fastest-growing market from 2022 to 2030
The hydrogen storage tanks and transportation market, by application, is vehicles, marine, railway, stationary storage and trailers for H2 transportation. The stationary storage is expected to be the second-largest segment. Stationary storage is an excellent source for storing hydrogen in small scale industry which can be converted into fuel and chemicals.
Type 4, by tank type, expected to be largest market from 2022 to 2030
The hydrogen storage tanks and transportation market, by tank type, is bifurcated into type 1, type 2, type 3 and type 4. The type 4 segment is expected to be the largest market followed by the type 2 during the forecast period. This dominance is because of the need for lightweight storage tanks.
Above 500 bar, by tank type, expected to be largest market from 2022 to 2030
The hydrogen storage tanks and transportation market, by pressure, is bifurcated into below 200 bar, 200 - 300 bar, above 500 bar. The above 200 - 300 bar segment is expected to be the second largest market. This growth is attributed to the rising demand for hydrogen fuel cell based applications in transportation sector.
Competitive landscape
The Hydrogen storage tanks and transportation market is dominated by a few major players that have a wide regional presence. The leading players in the hydrogen storage tanks and transportation market are Hexagon Purus (Norway), NPROXX (Germany), Worthington Industries Inc. (US), Tenaris (US), Plastic Omnium (France), Quantum Fuel Systems LLC. (US), and Composite Advanced Technologies, LLC. (US)
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 203 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $174 Million |
| Forecasted Market Value (USD) by 2030 | $4155 Million |
| Compound Annual Growth Rate | 48.6% |
| Regions Covered | Global |
Premium Insights
- Government Initiatives Aiming to Boost Hydrogen Economy to Drive Market
- North America to Record Fastest Growth in Hydrogen Storage Tanks and Transportation Market During Forecast Period
- Vehicles Segment and China Dominated Asia-Pacific Hydrogen Storage Tanks and Transportation Market in 2021
- Hydrogen Fuel Storage Systems Segment Dominated Hydrogen Storage Tanks and Transportation Market in 2021
- Above 500 Bar Segment Dominated Hydrogen Storage Tanks and Transportation Market in 2021
- Type 4 Segment to Account for Largest Share of Hydrogen Storage Tanks and Transportation Market in 2030
- Vehicles Segment to Account for Largest Share of Hydrogen Storage Tanks and Transportation Market in 2030
Market Dynamics
Drivers
- Rising Demand for Low-Emission Fuels
- Increasing Usage of Hydrogen Storage Tanks in Transportation Applications
- Development of Hydrogen Infrastructure Across Various Countries
Restraints
- Less Efficient Compared with Other Storage Technologies in Terms of Power Storage
- High Cost of Composite Material-based Tanks and Strict Regulatory Approvals
Opportunities
- Increasing Efforts by Governments for Installation of Hydrogen Fueling Stations
- Increasing Government Initiatives to Support Development of Hydrogen Economy
Challenges
- Impact of Fluctuating Oil Prices on Hydrogen Storage Tanks Market
- Trends/Disruptions Impacting Customer Business
- Revenue Shift and New Revenue Pockets for Hydrogen Storage Tanks and Transportation Providers
Case Study Analysis
- Hydrogen-Powered Mine Truck for Anglo American Mine
- Renewable Hydrogen Technology, Electric Hydrogen Partnership Hopes to Repeat Its Success
Company Profiles
- AMS Composite Cylinders
- Bayotech
- BNH Gas Tanks LLP
- Calvera Hydrogen
- Composite Advanced Technologies, LLC.
- Doosan Mobility Innovation
- Hexagon Purus
- Luxfer Gas Cylinders
- Mahytec
- Marine Service Noord
- NPROXX
- Plastic Omnium
- Pragma Industries
- Quantum Fuel Systems LLC.
- Shijiazhuang Enric Gas Equipment Co. Ltd.
- Steelhead Composites, Inc.
- Taian Strength Equipments Co. Ltd.
- Tenaris
- UMOE Advanced Composites
- Weldship Corporation
- Worthington Industries
For more information about this report visit https://www.researchandmarkets.com/r/mfz5dw
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