DUBAI, UAE, April 19, 2023 /PRNewswire/ -- According to the recent report published by Extrapolate, the global Hydrogen Storage Tank Market size was around USD 164.22 million in 2022 and is anticipated to increase to approximately USD 1561.32 million by 2030, with a CAGR of 32.87% between 2023 and 2030.
The demand for hydrogen storage tanks is anticipated to grow over the forthcoming years due to the growing utilization of hydrogen in numerous applications, including power generation, fuel cells, healthcare, space exploration, and aviation. For instance, B20 biodiesel produces 16% less carbon dioxide than regular diesel, according to Biofleet.
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"Key merits of hydrogen combustion include the ability to leverage existing internal combustion engine technologies, quick refueling times, and the clear reduction in the use and necessity for limited supply elements like lithium and nickel. By adapting existing technologies and further leveraging existing investments, hydrogen combustion could lead to widespread, accessible carbon-reduction solutions faster."
~ Toyota Motor Corporation
In order to promote the reduction of GHG emissions and to reduce the dependence on other nations for the import of petroleum goods, governments throughout developed and developing economies are making significant investments in energy-efficient hydrogen stations.
Toyota Corolla Cross H2 Hydrogen Unveils at the 2023 Auto Expo Creating Landmark in Hydrogen-Fuelled Automobiles Innovation
Toyota has introduced the Corolla Cross H2 concept, a new prototype vehicle with a hydrogen combustion engine, as part of its Beyond Zero program. It uses a robust and armored fuel tank, a feature of its FCEV Mirai, to hold the highly combustible hydrogen.
Furthermore, on the hydrogen storage, the Corolla Cross has two 70 MPa-operating tanks that are hidden beneath the seat and boot floor. Toyota specifies compressed gaseous hydrogen as the fuel type for the Corolla Cross H2 Concept.
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Multiple Industrial Application Propels Tank Type 1 Segment to Generate Maximum Revenue
The Type I segment dominates the hydrogen storage tank industry in terms of tank type with a market value of USD 76.29 Million in 2022 and is growing at a CAGR of 30.36% during the forecast period (2023-2030). Type I tanks currently controls most of the market due to their applications in various end-user verticals such as industrial and transportation. The Type I tank has a weight disadvantage compared to the other three types of tanks as it is entirely comprised of metal and therefore is heavy. Given the strong gas penetrability of hydrogen, a metal inner liner is also provided to guarantee gas compression in these tanks.
Physical-based Segment to Dominate Market with Growing Support from OEMs Globally
During the forecast period, the physical-based segment is expected to lead the global hydrogen storage tank market. With the introduction of novel technologies and equipment, including volumetric density and gravimetric density equipment, as well as lower cost operations, the segment, which had revenue of 116.74 million in 2022, is anticipated to increase at a CAGR of 34.15%. With physical-based hydrogen storage systems, the car OEMs have only released hydrogen fleet vehicles to date. For instance, Ford Motor Company equipped a fleet of vehicles with internal combustion engines with hydrogen fuel cells with 35 MPa (350 bar) compressed gaseous hydrogen storage systems.
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Growing Adoption and Production of Fuel Cell Powered Vehicles to Garner Substantial Revenue
The growing acceptance of hydrogen-powered vehicles drives the demand for hydrogen storage tanks. For instance, about 40,000 fuel cell-powered vehicles were in circulation worldwide as of June 2021, up from about 9,100 in the previous year. These vehicles are concentrated in four nations: the US, Korea, China, and Japan, which account for about 90% of the total.
With the increasing utilization of hydrogen in chemical and hydrocarbon refineries, the market for hydrogen storage tanks is growing steadily. As an estimate, the U.S. Energy Information Administration predicted that by October 2020, there will be about 161 operational fuel cells spread across 108 locations across the country, producing a total of 250 megawatts (MW) of electricity utilizing hydrogen produced from natural gas.
Asia Pacific is the Fastest Growing Region Followed by North America
With a predicted compound annual growth rate (CAGR) of 32.87%, Asia Pacific is the market leader for hydrogen storage tanks globally. India is anticipated to have the highest CAGR within the region, at 42.56%, as the nation strives to become a key producer and exporter of renewable hydrogen through programs like the National Hydrogen Mission.
A hydrogen storage system dubbed Jupiter was also presented in 2023 by the Chinese hydrogen solution business FTXT as part of their efforts to investigate the FCEV market. Also, the company unveiled its most recent gas hydrogen storage tank, which has a storage density of 6.1% percent weight per volume, exceeding the US DoE's aim of 5.5% weight per volume for 2025.
In the North America region, the US is the largest market in terms of value and will reach USD 252.64 Million by 2030 with a CAGR of 31.66% in the forecasted period (2023-2030). This growth is attributed to the rapid innovation in automobile technology in the region along with the high disposable income of the population.
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Consolidated Market Owing to the Presence of Large and Medium-Sized Firms
The hydrogen storage tanks market is fairly consolidated, with the majority of market income generated from a small number of large and medium-sized firms. Large businesses are using a variety of tactics, making mergers and acquisitions, strategic agreements, and contracts, as well as creating, evaluating, and launching newer, more efficient hydrogen storage tank products.
Prominent players in the market include:
- Air Liquide Energies
- Cummins Inc.
- Linde plc
- AIR PRODUCTS AND CHEMICALS, INC.
- Steelhead Composites Inc.
- Nedstack Fuel Cell Technology BV
- CHINA SHENHUA
- TOYOTA MOTOR CORPORATION
- Engie
- ITM Power PLC
Key Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact on Hydrogen Storage Tank Market
Chapter 5. Global Hydrogen Storage Tank Market Overview, By Tank Type, 2018 - 2032 (USD Million)
Chapter 6. Global Hydrogen Storage Tank Market Overview, By Storage Form, 2018 - 2032 (USD Million)
Chapter 7. Global Hydrogen Storage Tank Market Overview, By Application, 2018 - 2032 (USD Million)
Chapter 8. Global Hydrogen Storage Tank Market Overview, By Geography, 2018 - 2032 (USD Million)
Chapter 9. North America Hydrogen Storage Tank Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 10. Europe Hydrogen Storage Tank Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 11. Asia Pacific Hydrogen Storage Tank Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 12.Middle East & Africa Hydrogen Storage Tank Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 13. South America Hydrogen Storage Tank Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 14. Competitive Landscape
Chapter 15. Key Vendor Analysis
Chapter 16. Sourcing Strategy and Downstream Buyers
Chapter 17. Marketing Strategy Analysis, Distributors/Traders
Chapter 18. Market Effect Factors Analysis
Chapter 19. Future Outlook of the Market
Browse Complete TOC: https://www.extrapolate.com/toc/energy-and-power/hydrogen-storage-tank-market/87492
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