Pune, India, May 23, 2022 (GLOBE NEWSWIRE) -- The global Hydrogen Storage Tank Market is projected to gain momentum from the increasing awareness regarding environment-friendly fuel. This information is published in an upcoming report by Fortune Business Insights, titled, “Hydrogen Storage Tank Market Size, Share and Global Trend by Storage Technology (Physical Based, Material Based), By Application (Chemical, Refinery, Transportation, Others) and Geography Forecast till 2026.”
The report further states that the governments of several countries are implementing strict rules and regulations to curb the emission of hazardous gases in the environment. It would propel the hydrogen storage tank market growth during the forecast period.
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Regional Analysis:
Increasing Demand & Consumption of Energy to Favor Growth in Asia Pacific
The hydrogen storage tank market is geographically divided into North America, the Middle East and Africa, Asia Pacific, Europe, and Latin America. Amongst these regions, North America is anticipated to hold a significant market share owing to the rising investments by the Department of Energy (U.S.) in the research and development activities of novel technologies. It will reduce the cost of storing hydrogen and increase efficiency. At the same time, there is a rise in the demand for fuel cell electric vehicles (FCEV). It will create a positive impact on market growth by promoting green energy.
Europe, on the other hand, is exhibiting strict governmental rules for the protection of the environment. Private organizations are also joining hands in implementing harsh norms and creating sustainable energy sources. It will, in turn, increase the demand for hydrogen fuel.
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In Asia Pacific, the rising consumption of energy in the emerging economies is expected to boost growth. Besides, the ongoing development in industrialization, manufacturing, and infrastructure would also contribute to the growth. Apart from that, the burning of a sizeable amount of fossil fuel and increasing usage of conventional fuel is resulting in the emission of carbon in the atmosphere. To curb this, governments of several countries in Asia Pacific are conducting awareness campaigns to promote green energy. It will augment the hydrogen storage tank market size in this region.
Key Players Focus on Developing Innovative Products to Gain Competitive Edge
The prominent players present in the market are striving persistently to create a robust product portfolio and gain maximum hydrogen storage tank market share through strategic business decisions. Below are two of the latest key industry developments:
- May 2019: Dr. K. Sivan, the Chairman of ISRO, announced that he has flagged off the shipment of a liquid hydrogen storage tank at the VRV Asia Pacific production plant in Sri City. The tank is considered to be India’s largest. VRV Asia Pacific mentioned that the storage tank was manufactured in collaboration with Satish Dhawan Space Centre (SDSC) SHAR. The tank has a liquid nitrogen shield. Liquid nitrogen is mainly used as a fuel for satellite launch vehicles. The storage capacity of this tank is 120-kilo liters.
- October 2018: Hexagon Composites, a developer and producer of lightweight composite cylinders, based in Norway, declared that it will start supplying compressed hydrogen tanks. It will be mainly done for the serial production of fuel cell electric vehicles (FCEV). It will be launched by an automotive OEM. At present, the group is creating these tanks to boost production activities by 2020. The company forecasts that the combined value for serial production and development will be around USD 50-70 Million.
Fortune Business Insights lists out all the reputable organizations operating in the hydrogen storage tank market. They are as follows:
- Worthington Industries
- McDermott International Inc.
- McPhy
- Air Liquide
- Pragma Industries
- HBank Technologies Inc.
- Linde
- Cella Energy
- Praxair, Inc.
- Cryofab, Inc.
- Nikkiso Cryo Inc.
- Luxfer Holdings Plc
- VRV
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Highlights of the Report
- Strategically analyzes micro markets with respect to individual hydrogen storage tank market trends, contributions, and prospects to the overall market.
- Provides strategic approaches, namely, mergers, acquisitions, new product launches, partnership, and agreements.
- Analyzes and profiles the key market players in terms of core competencies and rankings.
Global Hydrogen Storage Tank Market Segmentation:
By Storage Technology
Physical Based
- Compressed Gas
- Cold/Cryo Compressed
- Liquid Hydrogen
Material Based
- Adsorbent
- Liquid Organic
- Interstitial Hydride
- Complex Hydride
- Chemical Hydrogen
By Application
- Chemical
- Refinery
- Transportation
- Others
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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