Hydrogen Storage Tank Market By Tank Type (Type I, Type II, Type III, & Type IV), Storage Form (Physical Based and Material Based), and Application (Industrial, Transportation, and Others), and Region - Market Share, Trend Analysis, Competitive Intelligence, Historical Data, and Forecast 2024 – 2031
Market Perspective
The global Hydrogen Storage Tank Market size was worth around USD 188.5 million in 2023 and is predicted to grow around USD 1,591.6 million by 2031 with a compound annual growth rate of roughly 30.8% between 2024 and 2031.
The demand for hydrogen storage tanks has been rapidly expanding around the world, driven by the increasing demand for hydrogen in the industrial sector. Hydrogen is used in a variety of applications, including fuel cells, metal processing, and oil refineries, among others. This growing demand, coupled with government efforts to establish energy-saving hydrogen stations in various countries, has led to a profitable expansion of the hydrogen storage tank market.
Hydrogen storage tanks are containers that store pressurized hydrogen gas. They are essential for powering internal combustion engines and fuel cells, which enable the use of clean, renewable energy sources for cars.
One of the primary objectives of governments is to develop and build cost-effective and energy-efficient hydrogen stations across the nation. These efforts are expected to accelerate market expansion in the United States. The increasing use of hydrogen in several sectors, such as power production in stationary fuel cells, oil refineries, and the chemical industry, is also anticipated to fuel the hydrogen storage tank market growth. Hydrogen can be stored in various forms, including as a compressed gas, cryogenic liquid, or loosely bonded hydride chemical compound, making it a versatile fuel source.
Key Insights
- Based on tank type, the type I segment held the largest market share
- Based on storage form, the physical based segment dominated the market
- Based on application, the Industrial segment generated the highest revenue
- Based on region, Asia Pacific accounted for the largest market share
Increasing Use of Hydrogen in Oil Refineries and Chemical Industries
The market for hydrogen storage tanks is expanding as a result of the rising use of hydrogen in chemical and hydrocarbon refineries. Hydrogen is used in the production of fertilizers, food preparation, metal treatment, and petroleum refining. Hydrogen is used in petroleum refineries to reduce the sulfur level of fuels. For instance, the U.S. electricity Information Administration estimates that there will be approximately 161 operational fuel cells at 108 locations in the United States in October 2020, producing a combined 250 megawatts (MW) of electricity using hydrogen created from natural gas. As a result, the market for hydrogen storage tanks is anticipated to expand in the future due to the rising demand for hydrogen from oil refineries and the chemical industry.
Rapid Technological Advancements in Electric Fuel Cell Vehicles Offer Lucrative Growth Opportunities for Hydrogen Storage Tanks Market
The demand for hydrogen storage tanks is on the rise, driven by the increasing popularity of hydrogen-powered vehicles. For example, as of June 2021, the global circulation of vehicles powered by fuel cells was approximately 40,000, which was around 9,100 in 2021. Nearly 90% of these vehicles are located in four countries: the United States, Korea, China, and Japan.
Recent Developments
March 2022: Toyota Motor Corporation declared that they had created a hydrogen storage module for cars which is a 70 MPa high-pressure hydrogen tank that incorporates multiple resins.
January 2020: Cummins Inc. a global technology and power solutions leader, announced an agreement to form a joint venture with NPROXX, a leader in hydrogen storage and transportation, for hydrogen storage tanks. The joint venture will continue under the name NPROXX.
Segmentation Analysis
Based on tank type, the market is categorized into type I, type II, Type III, and type IV. As per tank type, the hydrogen storage tank market is dominated by the Type I segment. Due to its uses across numerous sectors, type I tanks currently hold the majority of the market share. The Type I tank, which is entirely made of metal and consequently heavy, has a weight drawback than the other three kinds of tanks. Since hydrogen has a high gas penetrability, a metal inner liner is given to ensure gas tightness, and a partial Type II or full Type III carbon fiber mesh is used to provide stability. Type IV tanks have an interior liner made of polymer and an outer winding made of carbon fiber, making them lightweight but expensive composite containers. Caron fiber makes up more than half of the tank's expense.
Based on the storage form, the market is categorized into physical-based and material based. The physical based segment is projected to dominate the market during the forecast period. The segment generated a revenue of 116.74 million in 2022 and is expected to grow at a CAGR of 34.15% due to the advancing technology and equipment such as volumetric density, gravimetric density, and lower cost operations. The automotive OEMs have only introduced hydrogen fleet vehicles that use physical-based hydrogen storage systems. For instance, Ford Motor Company installed 35 MPa (350 bar) compressed gaseous hydrogen storage systems in a fleet of the internal combustion engine- and hydrogen fuel cell-powered cars.
The material-based segment is projected to grow at a CAGR of 29.17%. This is attributed to their potential to have a higher volumetric energy content than compressed hydrogen gas, material-based hydrogen storage has increased considerably over the last ten years.
By application, the market is categorized into industrial, transportation, and others. The industrial segment dominated the market with a revenue of 104.61 million in 2022 and is expected to grow at a CAGR of 32.08% as hydrogen is used in several industries such as chemical, oil refineries, and electricity generation, which is expected to fuel the market growth. The transportation segment is expected to grow at a CAGR of 38.19% in the years to come.
Vehicles with conventional combustion engines are heavy and inefficient. On the other hand, vehicles equipped with hydrogen fuel cells instead of combustion engine lacks moving components. As a result, they become more effective at converting energy into electricity.
Due to the absence of moving components, fuel cells increase the vehicle's efficiency and inaudibility. Heavy-duty tractor-trailers and public transportation buses, which travel hundreds of kilometers in one go, are perfect applicants for hydrogen fuel because it enables vehicles to travel farther distances with less refueling which is driving the market growth
Asia Pacific is Dominating the Market Due to High Energy Consumption and Strong Government Support
Asia Pacific is the leading region in the global hydrogen storage tank market, with the fastest projected compound annual growth rate (CAGR) of 32.87%. Within the region, India is expected to experience the highest CAGR of 42.56%, as the country aims to become a significant producer and exporter of renewable hydrogen through government initiatives such as the National Hydrogen Mission. The development of green hydrogen is essential for India to achieve energy self-sufficiency and independence. Currently, India spends over USD 160 billion to meet its energy demands every year.
China is the largest contributor to the Asia-Pacific market. In 2022, the country generated a revenue of USD 50.21 million. The high population and energy consumption of developing nations in the region, including India, China, and Japan, are expected to drive market growth during the forecast period. These nations' increasing focus on sustainability and clean energy sources is expected to boost demand for hydrogen storage tanks in the coming years, as they shift towards a more sustainable energy mix.
Competitive Landscape
- 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
The global hydrogen storage tank market report is segmented as follows:
By Tank Type
- Type I
- Type II
- Type III
- Type IV
By Storage Form
- Physical Based
- Material Based
By Application
- Industrial
- Transportation
- Others
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Reunion
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
ARE YOU SEEKING COMPREHENSIVE INSIGHT ON VARIOUS
MARKETS?
CONTACT OUR EXPERTS TODAY
Speak to an Expert
Hydrogen Storage Tank Market By Tank
- March-2023
- 148
- Global
- energy-and-power
Related Research
Air Electrode Battery Market By Product (Zinc-Air Batteries, and Lithium-Air Batteries) Type (Primar
February-2023
Battery Recycling Market By Chemistry (Lithium-ion, Lead Acid, Nickel and Others), Application (Tran
January-2023
Biodiesel Market By Feedstock (Soybean, Rapeseed, Palm, Palm, Poultry, Tallow, White Grease, and Oth
January-2023
Biomass Boiler Market Size, Share, and COVID-19 Impact Analysis, By Feedstock (Woody biomass, Forest
June-2022
Biomass Power Generation Market Size, Share, and COVID-19 Impact Analysis, by Feedstock (Solid bioma
June-2022
Biomethane Market by Application (Automotive, Power Generation, and Others), Production Method (Ferm
February-2023
Carbon Capture and Storage (CCS) Market Size, Share, and COVID-19 Impact Analysis, By Capture Source
June-2022
Diesel Market by Application (Marine, Railway, Automotive, and others), by Type (1 Diesel Fuel, 2 Di
December-2022
Electrical House Market Size By Type (Fixed and Mobile), Module Type (Single Module and Multi-Module
March-2023
Electricity Generation Market Size, Share & Trends Analysis Report By Application ( Power Stations,
March-2021