CHICAGO, April 11, 2024 /PRNewswire/ — Hydrogen Storage Tanks and Transportation Market is expected to reach USD 4.4 billion by 2030 from USD 0.3 billion in 2024 at a CAGR of 52.4% during the forecast period according to a new report by MarketsandMarkets™. The global Hydrogen Storage Tanks and Transportation Market is anticipated to grow at a higher level. There are various drivers responsible for the growth of the market such as the government policies and incentives and technological advancements among others. Government policies that encourage renewable energy and reduce carbon emissions, such as subsidies, grants, tax credits, and regulatory frameworks, are critical in encouraging the rise of hydrogen storage tanks and transportation. These incentives promote investment in hydrogen infrastructure, such as storage facilities and transit networks. Continuous improvements in hydrogen storage technologies, such as better tank materials, innovative storage methods (e.g., metal hydrides, chemical hydrogen storage), and improved compression techniques, all help to boost storage capacity, efficiency, and safety. Technological advancements enable the creation of more dependable and cost-effective hydrogen storage technologies, hence propelling market expansion.
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Hydrogen Storage Tanks and Transportation Market Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2024 |
$0.3 billion |
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Estimated Value by 2030 |
$4.4 billion |
|
Growth Rate |
Poised to Grow at a CAGR of 52.4% |
|
Largest Market |
Asia Pacific |
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Market Size Available for |
2020-2030 |
|
Forecast Period |
2024-2030 |
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Forecast Units |
Value (USD) |
|
Report Coverage |
Revenue Forecast,Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Hydrogen Storage Tanks and Transportation Market by tank type, pressure, modular storage, material type, application, and Region. |
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Geographies Covered |
North America, Europe, Asia Pacific, and RoW. |
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Key Market Opportunities |
Enhancing Hydrogen Storage Efficiency |
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Key Market Drivers |
Prioritizing Investment in Hydrogen Infrastructure |
200 to 500 bar, by pressure, is expected to be the fastest segment during the forecast period.
Hydrogen storage systems with pressures ranging from 200 to 500 bar are excellent options for balancing supply and demand changes in renewable energy systems and stabilizing grid operations. Hydrogen storage’s adaptability makes it suited for grid-scale energy storage applications, which helps to drive market growth. Increased integration of renewable energy sources, such as solar and wind power, with electrolysis allows for the creation of green hydrogen.
The increased interest in zero-emission transportation alternatives, along with developments in fuel cell technology, is driving the market for hydrogen-powered FCVs. The 200-500 bar pressure range is ideal for storing hydrogen on board FCVs, providing enough range and recharging ease, hence contributing to the segment’s growth.
The Type 4, by type, is expected to be the Fastest segment during the forecast period.
Amidst the worldwide transition to renewable energy sources like hydrogen and compressed natural gas (CNG), the need for effective storage solutions is escalating. Type 4 tanks stand out due to their superior storage capacity, durability, and safety features, making them the favored option for storing alternative fuels. With governments and industries globally pledging to slash carbon emissions, the uptake of Type 4 tanks is projected to soar across sectors such as automotive, aerospace, and energy generation.
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Asia Pacific is expected to be the largest region in the Hydrogen Storage Tanks and Transportation Industry.
Countries such as China, Japan, and South Korea are experiencing fast urbanization and industrialization, boosting demand for clean and sustainable energy solutions. Hydrogen storage tanks and transportation networks are viewed as critical components of attempts to minimize pollution and reliance on fossil fuels in densely populated cities. Domestic and foreign firms are making strategic investments in hydrogen infrastructure projects, research, and development, which is driving market growth. Partnerships among governments, industry stakeholders, and research institutions are driving innovation and hastening the commercialization of hydrogen storage and transportation systems.
Key Players
Some of the major players in the Hydrogen Storage Tanks and Transportation Companies are Hexagon Purus (Norway), Worthington Enterprises (US), Plastic Omnium (France), Tenaris (US), and Luxfer Holdings PLC (England). The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, partnerships, joint ventures, collaborations, investments, and expansions.
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