The global hydrogen storage tank market is expected to exhibit strong growth, reaching USD 351.7 million by 2030. As per the report titled "Hydrogen Storage Tank Market Size, Share & Recession Impact Analysis, By Storage Technology (Physical Based (Compressed Gas, Cold/Cryo Compressed, Liquid Hydrogen), and Material Based (Adsorbent, Liquid Organic, Interstitial Hydride, Complex Hydride and Chemical Hydrogen)), By Application (Chemical, Refinery, Transportation and Others), and Regional Forecasts, 2023-2030" observes that the market size in 2022 stood at USD 45.1 million and USD 351.7 million in 2030. The market is expected to exhibit a CAGR of 34.10% during the forecast period.
Tenaris and Nel Hydrogen have Formed an Alliance to Provide a Hydrogen Truck Refuelling Network
In November 2020, a cooperation between Tenaris and Nel Hydrogen was formed to offer California a network of hydrogen truck filling stations. They create hydrogen technologies and offer Shell at Long Beach high-pressure options for hydrogen storage.
Market Expansion Will Be Aided By Rising Demand For Hydrogen Storage Tanks In Transportation Applications
A key element anticipated to fuel market revenue growth is the rising demand for hydrogen storage tanks in transportation applications. The U.S. Department of Energy claims that hydrogen storage is a crucial enabler for advances in hydrogen and fuel cell technology in a variety of applications, including mobile power, stationary power, and transportation. As hydrogen storage tanks are increasingly affordable and offer superior storage performance than other sources, they are becoming more and more popular as transportation fuels for fuel cell and electric vehicles. The International Nuclear Association predicts a large increase in the need for hydrogen in the production of transportation fuels from crude oil in the upcoming years.
Rising Oil Costs Will Impede The Market Growth Of Hydrogen Tanks
The markets for low-emission fuels are significantly impacted by the fluctuation in oil prices. Oil prices were comparatively constant in recent years, but they dropped precipitously in 2014, forcing many energy businesses to reevaluate their investments, business models, and cost structures. Fuel conversions have been brought on by the long-standing disparity in price between oil and low-emission fuels. In comparison to oil prices, hydrogen is viewed as a cost-effective solution. People are turning more to electric vehicles as a result of fluctuating oil prices. The economic feasibility of hydrogen as a transportation fuel can be threatened by even a slight decrease in the price difference between hydrogen and oil.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the hydrogen storage tank market plan acquisitions to improve their brand recognition globally. For instance, in May 2022, Liquefied hydrogen tanks for land storage and maritime transit are being developed by CB&I Storage Solutions, an American storage tank developer working on the Kennedy Space Center in Florida's development of the largest liquefied hydrogen tank in the world.
Recent Development:
Tenaris and Nel Hydrogen have Formed an Alliance to Provide a Hydrogen Truck Refuelling Network
In November 2020, a cooperation between Tenaris and Nel Hydrogen was formed to offer California a network of hydrogen truck filling stations. They create hydrogen technologies and offer Shell at Long Beach high-pressure options for hydrogen storage.
Market Expansion Will Be Aided By Rising Demand For Hydrogen Storage Tanks In Transportation Applications
A key element anticipated to fuel market revenue growth is the rising demand for hydrogen storage tanks in transportation applications. The U.S. Department of Energy claims that hydrogen storage is a crucial enabler for advances in hydrogen and fuel cell technology in a variety of applications, including mobile power, stationary power, and transportation. As hydrogen storage tanks are increasingly affordable and offer superior storage performance than other sources, they are becoming more and more popular as transportation fuels for fuel cell and electric vehicles. The International Nuclear Association predicts a large increase in the need for hydrogen in the production of transportation fuels from crude oil in the upcoming years.
Rising Oil Costs Will Impede The Market Growth Of Hydrogen Tanks
The markets for low-emission fuels are significantly impacted by the fluctuation in oil prices. Oil prices were comparatively constant in recent years, but they dropped precipitously in 2014, forcing many energy businesses to reevaluate their investments, business models, and cost structures. Fuel conversions have been brought on by the long-standing disparity in price between oil and low-emission fuels. In comparison to oil prices, hydrogen is viewed as a cost-effective solution. People are turning more to electric vehicles as a result of fluctuating oil prices. The economic feasibility of hydrogen as a transportation fuel can be threatened by even a slight decrease in the price difference between hydrogen and oil.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the hydrogen storage tank market plan acquisitions to improve their brand recognition globally. For instance, in May 2022, Liquefied hydrogen tanks for land storage and maritime transit are being developed by CB&I Storage Solutions, an American storage tank developer working on the Kennedy Space Center in Florida's development of the largest liquefied hydrogen tank in the world.
Recent Development:
- In May 2019, the manufacturing facility for VRV Asia Pacific in Andhra Pradesh has successfully received the largest liquid hydrogen storage tank ever sent by ISRO. The Satish Dhawan Space Centre (SDSC) and the Made in India project are partners in the production of the hydrogen tank.
List of Key Players Profiled in the Report
- McDermott International Inc.
- Air Liquide
- Linde
- Praxair, Inc
- Worthington Industries
- Luxfer Holdings Plc
- McPhy
- HBank Technologies Inc.
- VRV
- Cryofab, Inc.
- Nikkiso Cryo Inc.
- Cella Energy
- Pragma Industries
Further Report Findings
- The market in North America is expected to gain a huge portion of the global Hydrogen storage tank market share in the coming years due to continued funding for research and development of hydrogen storage technologies in the region's nations.
- Furthermore, the government of industrialised nations like the United States and Canada is heavily investing in development projects, which is fueling market expansion.
- In the Asia Pacific, the growth in this region is primarily driven by the expansion of the residential and industrial sectors, the increasing industrialization, and the growing significance of renewable energy storage.
| Attributes | Details |
| Market Size in 2022 | USD 45.1 Billion |
| Market Forecast in 2030 | USD 351.7 Billion |
| Compound Annual Growth Rate | 34.10 % |
| Unit | Revenue (USD Million) and Volume (Kilo Tons) |
| Segmentation | By Storage Technology, By Application and By Geography |
| By Storage Technology |
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| By Application |
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| By Region |
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| Base Year | 2022 |
| Historical Year | 2016-2021 |
| Forecast Year | 2023-2030 |
