Dublin, March 15, 2024 (GLOBE NEWSWIRE) -- The "Hydrogen Storage Tank Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The hydrogen storage tank market was valued at US$268.555 million in 2022.
The rapid industrialisation of developing nations and the rising adoption of alternative energy sources are the main causes of the market expansion. Due to continuous research and development efforts as well as the development of large-scale storage projects in the nation, the U.S. market is anticipated to experience considerable expansion over the course of the forecast period. Based on current and forthcoming technologies at national labs, the Fuel Cell Technologies Office launched an effort in 2017 called the Hydrogen Fueling Infrastructure Research and Station Technology (H2FIRST).
Demand for Low-Emission Fuels is Growing
Liquid and gaseous biofuels, hydrogen, and fuels generated from hydrogen are all considered low-emission fuels. They are crucial in the decarbonization of energy networks in sectors like heavy industrial and long-distance transportation where other solutions, like direct electrification, are impractical or expensive. One of the cleanest burning available transportation fuels is hydrogen. Compared to other fossil fuels, it contains less carbon, which results in lower CO2 emissions. Only approximately 1% of the world's total final energy consumption in 2021 was fueled by low-emission fuels. By 2020, India intends to implement Bharat Stage VI restrictions, and by 2018, China is anticipated to implement the next set of pollution limits, which are similar to Euro V requirements.
Emergence of hydrogen cylinders made of lightweight composite materials
To fit a range of applications, H2 cylinders are offered in a number of types, sizes, and weights. The industry for H2 tanks has entered a new phase as a result of the development of lightweight cylinders. The most lightweight cylinders are generally Type 3 and Type 4 composite cylinders, with Type 4 being the lightest. A cylinder's price rises when its weight is reduced. Due to their beneficial qualities and rising demand, these composite cylinders are safer, more dependable, and have a longer lifespan than steel cylinders which is increasing the hydrogen storage tank market share.
Demand for Fuel Cell Electric Vehicles is Growing
To a large extent, the transportation industry is responsible for greenhouse gas emissions. As a zero-emission substitute for numerous forms of transportation, such as cars, buses, trucks, and trains, hydrogen fuel cells have attracted attention. Fuel cell vehicle adoption is facilitated by hydrogen storage systems, which allow for the secure storage and effective supply of hydrogen which is leading to putting more work into installing hydrogen fueling stations. For instance, as of 2020, there were 540 hydrogen refueling stations (HRS) worldwide, according to the IEA. By creating fuelling stations, Germany's H2Mobility initiative promotes the use of fuel cell vehicles. This creates opportunities for the installation of hydrogen storage tanks
Segmentation:
By Storage Technology
- Physical Based
- Compressed Gas
- Liquid Hydrogen
- Others
- Material Based
- Liquid Organic
- Complex Hydride
- Chemical Hydrogen
By Application
- Chemical
- Refinery
- Transportation
- Others
Companies Mentioned
- 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
For more information about this report visit https://www.researchandmarkets.com/r/v4dokn
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