Hydrogen Storage Tanks Market Analysis

Hydrogen Storage Tanks Market Analysis

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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.