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Hydrogen Storage Tanks Market Size
- Report ID: GMI5664
- Published Date: May 2023
- Report Format: PDF
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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Hydrogen Storage Tanks Market Size in 2023: | USD 223.2 Million |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 39.5% |
| 2032 Value Projection: | USD 4.22 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 200 |
| Tables, Charts & Figures: | 443 |
| Segments covered: | Material, Tank Type, Pressure, Storage Form, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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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.
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Hydrogen Storage Tanks Market Scope
