Hydrogen Storage Tanks & Transportation Market Size - By Material (Metals, Glass Fibers, Carbon Fibers), Tank, Pressure, Application (Vehicles, Railways, Marine, Industrial) & Forecast, 2024 - 2032

Hydrogen Storage Tanks & Transportation Market Size

Hydrogen Storage Tanks & Transportation Market size surpassed USD 906.9 million in 2023 and is anticipated to expand at 31.1% CAGR from 2024 to 2032 driven by growing investments in hydrogen fueling infrastructure.
 

Many governments across the globe are investing heavily in the establishment of hydrogen refueling stations In March 2023, the government also announced another USD 750 million for the advancement of clean hydrogen technologies. Moreover, rapid advancements in hydrogen-fueled vehicles will further create a broad scope for industry growth. 
 

A lack of policies and standards in developing economies for the implementation of hydrogen fueling infrastructure may limit hydrogen storage tanks & transportation market expansion. The storage of hydrogen as a gas requires high-pressure tanks, which adds to the overall cost of hydrogen refueling infrastructure. However, many economies across the globe are making investments in increasing the cost-effectiveness of hydrogen storage, which may favor industry growth.
 

COVID-19 Impact

The COVID-19 pandemic and energy crisis led to a decline in the production of hydrogen, posing barriers to industry growth. However, with gradual ease in social distancing norms, the demand for hydrogen witnessed a strong rebound in the post-pandemic era. As per IEA, in 2021, the hydrogen demand was 94 million tonnes. Moreover, the consolidated efforts by industry players toward the generation of clean energy will help bring the industry back to normalcy in the post-COVID-19 era.
 

Hydrogen Storage Tanks & Transportation Market Trends

Focused efforts towards limiting carbon emissions worldwide are emerging as a key trend driving hydrogen storage tanks & transportation market development. For instance, the European Parliament is taking various steps toward mitigating CO2 emissions, including the adoption of the European Climate Law, which increases the EU’s net GHG emission reduction target by at least 55% by 2030. Such initiatives are likely to increase demand for clean energy solutions such as hydrogen, and in turn, foster industry growth of the hydrogen storage tanks & transportation.
 

Hydrogen Storage Tanks & Transportation Market Analysis

The industry share from the carbon fibers segment will observe a growth rate of over 31% till 2032. Carbon fiber demonstrates superior corrosion resistance and has a high strength-to-weight ratio. Moreover, carbon fiber tanks also have the potential to store hydrogen at high pressure when compared to traditional metal-based counterparts. Additionally, the material helps capture hydrogen in a compact space, making it lightweight.

The hydrogen storage tanks & transportation market from the 200 – 500 bar segment surpassed USD 350 million in 2023. The 200-500 bar pressure for hydrogen storage tanks & transportation is ideal for the aerospace industry. Rising investments by governments in developed and developing economies in the aerospace industry are accelerating sector growth. However, the growing demand for hydrogen tanks and transportation can also be credited to expanding the scope of hydrogen technology in FCVs and high-pressure industrial operations.

Asia Pacific hydrogen storage tanks & transportation industry size is estimated to surpass USD 5.7 billion by 2032. Growing government focus on clean energy has increased product uptake in the region. As per the World Economic Forum, in the financial year 2021-22, India made an investment of around USD 14.5 billion in renewable energy, up by 125% as compared with the financial year 2020-21.
 

Hydrogen Storage Tanks & Transportation Market Share

• Mahytec
• Steelhead Composites, Inc
• Luxfer Gas Cylinders
• Weldship Corporation
• Composite Advanced Technologies, LLC
• Marine Service Noord
• Umoe Advanced Composites
• Pragma Industries
   

Hydrogen Storage Tanks & Transportation Industry News:

• In April 2023, Hexagon Purus, a prominent industry player, announced its plan for the expansion of its hydrogen production facility at its site in Weeze. The unit will be inclusive of office and training facilities and a hydrogen refueling hub, to accelerate the company’s growth in the energy transition space. This plan is expected to operate in three phases to revamp the company’s production capacity and accomplish its objective of generating clean hydrogen.
   
• In October 2022, NPROXX, a leader in high-pressure hydrogen storage solutions, unveiled its new advanced hydrogen storage solutions at the International Trade Fair which took place in Germany. Its solutions feature hydrogen-powered vehicles, compression natural gas, and refueling hubs. These product innovations helped the company expand its hydrogen storage portfolio for a low-carbon & hydrogen-led future.
   

This hydrogen storage tanks & transportation market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue USD Million from 2018 to 2032, for the following segments:

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Market Size, By Material

• Metals
• Glass Fibers
• Carbon Fibers

Market Size, By Tank

• Type 1
• Type 2
• Type 3
• Type 4

Market Size, By Pressure

• Below 200 bar
• 200 - 500 bar
• Above 500 bar

Market Size, By Application

• Vehicles
• Railways
• Marine
• Industrial

The above information has been provided for the following regions and country:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Netherlands
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Rest of World