Hydrogen Storage Tanks Market Size - By Material (Metals, Glass Fibers, Carbon Fibers), By Tank Type), By Pressure, By Storage Form (Physical Based, Material Based), By Application (Industrial, Automotive) & Forecast Report, 2024– 2032

Hydrogen Storage Tanks Market Size

Hydrogen Storage Tanks Market size surpassed USD 223.2 million in 2023 and is anticipated to grow at a staggering CAGR of 39.5% from 2024 to 2032 owing to the surging number of investments in hydrogen fueling infrastructure.
 

In recent years, several governments worldwide are looking to seek the perfect mix of future vehicle technologies for the expansion of personal mobility as well as freight transport with near-zero emissions. The influx of government-based supportive schemes are also making way for the rising number of investments towards the development of hydrogen fueling infrastructure.
 

Hydrogen storage tanks are primarily vessels and containers employed for storing hydrogen in the gaseous, liquid, and solid forms. They are high-pressure tanks, capable of storing hydrogen from 5,000 - 10,000 psi. The growing popularity of hydrogen-powered FCEVs and electricity-powered plug-in vehicles for replacing petroleum-based, gasoline and diesel fuel vehicles will further push the hydrogen storage tanks market growth.
 

The dearth of effective policies along with the scaling capital investments and operational costs mainly across the developing nations may impede the industry expansion by 2032. The lack of skilled workforce for effectively managing hydrogen under several conditions with limited consumer awareness regarding the efficiencies of hydrogen as a fuel that may also minimize the adoption of hydrogen storage tanks.
 

COVID-19 Impact

The onset of the COVID-19 pandemic that hampered several global businesses worldwide, posed a negative impact on the hydrogen storage tanks market demand. This was mainly due to the declined annual installations of energy storage technologies. However, the surging government and regulatory support for penetrating hydrogen storage systems in various healthcare settings influenced the business development to some extent. For instance, the Department of Science and Innovation (DSI) introduced seven hydrogen fuel cell systems as primary power sources in field hospitals with testing and screening facilities across several parts of South Africa as alternatives energy sources to the electricity grid.
 

Hydrogen Storage Tanks Market Trends

The rapid industrial growth worldwide along with the higher government spending on infrastructure development are likely to drive the industry growth. The influx of various supportive government policies in emerging economies has offered a significant boost for the expansion of energy-intensive industries (EIIs). The strong presence of environmental regulations, policy interventions, trade facilitation are also enabling respective governments to match the increasing domestic demand to enter the international markets, thereby spurring the business statistics.
 

Hydrogen Storage Tanks Market Analysis

The industrial hydrogen storage tanks market is expected to observe 38% growth during 2023-2032 owing to the growing need for the placement of renewables, strategic and buffer reserve for power, and international energy distribution mainly in areas in need of energy imports. Hydrogen is widely employed as a feedstock in the refining, metal processing, glass, food & beverage, among other industries. The increasing demand for fuels that offer beneficial and economically viable solutions in the industrial sector will influence the industry growth.
 

The industry size from carbon fiber was worth USD 85 million in 2022. The demand for carbon fiber reinforced polymer (CFRP) is growing substantially as a composite material as it adds the strength of carbon fibers to the flexibility of polymer resins. The increasing incorporation of this material type in hydrogen storage tanks for withstanding high pressures and strength will bolster the market growth.
 

Asia Pacific hydrogen storage tanks market is estimated to amass USD 2.3 billion by 2032 credited to the growing investments in storage technologies in the region. Several countries, such as South Korea, Japan, and China are heavily investing on developing hydrogen infrastructure, including storage and transportation. The rising construction of new hydrogen refuelling stations as well as the ongoing transition toward clean energy are other factors influencing the regional business outlook.
 

Hydrogen Storage Tanks Market Share

Some of the major hydrogen storage tanks industry participants are:

• Plastic Omnium
• Mahytec
• Doosan Mobility Innovation
• Hexagon Purus
• NPROXX
• Umoe Advanced Composites
• Worthington Industries Inc
• HENSOLDT
• Quantum Fuel Systems LLC
• Luxfer Gas Cylinders
• Pragma Industries
• Weldship Corporation
• BayoTech
• Steelhead Composites Inc.,
• ECS GmbH & Co. KG.
   

These firms are working on strategic collaborations, such as mergers and acquisitions as well as technological advancements for product designing and development for scaled revenues. The changing regulatory frameworks and the rising number of investments toward hydrogen infrastructure will also anchor the industry growth.
 

Hydrogen Storage Tanks Industry News

• NPROXX, in May 2022, launched its first-ever innovative hydrogen storage system unit, Mireo designed and developed for passenger trains. The launch supported zero-emission targets for the development of hydrogen fuel cell electric version and sustainable transport in Europe
   
• Hexagon Purus, in January 2023, established a new manufacturing unit for hydrogen composite cylinders in Westminster, Maryland. The new state-of-the-art facility has an annual production of nearly 10,000 cylinders that are used in heavy vehicle applications. This strategy helped the firm to expand its cylinder capacities and production by deploying additional equipment for hydrogen storage cylinders.
   

This hydrogen storage tanks market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2019 to 2032 for the following segments:

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Market, By Material

• Metals
• Glass Fibers
• Carbon Fibers

Market, By Tank Type

• Type 1
• Type 2
• Type 3
• Type 4

Market, By Pressure

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

Market, By Storage Form

• Physical Based
• Material Based

Market, By Application

• Industrial
• Transportation
• Others

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