Hydrogen Storage Tanks and Transportation Market is Projected to Reach $4,155 million by 2030
According to a new market research report, the hydrogen storage tanks and transportation market is estimated to be valued at USD 174 million in 2022 and is projected to reach USD 4,155 million by 2030 growing at a CAGR of 48.6%. Rising hydrogen refuelling stations and fuel cell vehicles is supporting the market for the growth.
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).
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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 accelraate the growth of above 500 bars segment in hydrogen storage tanks and transportation market in the coming years.
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.
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The major players in the global hydrogen storage tanks and transportation market are Worthington Industries, Inc. (US), Plastic Omnium (France) , Hexagon Purus (Norway), Tenaris (US), NPROXX (Germany) etc.
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