The hydrogen storage tank market expansion can largely be attributable to the quick industrialisation of developing nations and the rising adoption of alternative energy sources. Due to the nation's continuous R&D and construction of large-scale storage projects, the market is anticipated to experience considerable expansion over the course of the forecast period. One of the main goals the government has set is to develop and build cost-effective and energy-efficient hydrogen stations all around the nation. These elements should accelerate the market's expansion in the United States. The hydrogen storage tank market growth is anticipated to be fueled by rising hydrogen applications in a number of industries.
The market for the hydrogen storage tank will be significantly impacted by the recession. Even if it is predicted that price inflation would decrease in 2023, a rise in interest rates will surely result in a sharp slowdown in the rate of economic expansion. Power and raw materials will remain expensive for a while. The partial reversal of globalisation, labour shortages in many Western nations that drive up manufacturing costs, and the shift to a shared economy in response to the biggest threat to our species are other variables that influence inflation.
Market Growth Will Come From Growing Demand for Low-Emission Fuels
Hydrogen and fuels derived from hydrogen are among the low-emission fuels, which include liquid and gaseous biofuels. Where other strategies, like direct electrification, are impractical or expensive, as in some sectors of heavy industry and long-distance transportation, they play a crucial part in decarbonising energy systems. Just 1% of the final energy consumed worldwide in 2021 came from low-emission fuels. Of all accessible transportation fuels, hydrogen has a particularly clean burning quality. Compared to other fossil fuels, it contains less carbon, and as a result, it emits less CO2. It has been noted that hydrogen generation has increased over time. Other projected drivers of demand for hydrogen storage tanks include stricter engine manufacturer standards, tighter environmental restrictions governing the usage of cleaner, low-emission fuels, and more.
High Price Of Composite Material-Based Tank To Restrain Market Expansion
Composites and end-user industries have a competitive market. In such a situation, business concerns guide all decisions. Capital expenditure (CAPEX) and operating expense are the two most prevalent commercial elements (OPEX). There are less economies of scale due to the high cost of raw materials and the high costs involved in manufacturing. To attain total economies of scale, it is therefore desirable to use a cost-effective design and production technology. Due to the high entrance cost into the industry, many potential players are deterred from entering the carbon fibre and glass fibre industries. The main raw materials for Type 3 and Type 4 tanks, glass fibre and carbon fibre, are quite expensive, which ultimately raises the price of Type 3 and Type 4 hydrogen storage tanks. One of the most important concerns for manufacturers worldwide is the identification and definition of low-cost technologies for the commercial manufacturing of low-cost carbon and glass fibre composites.
Based on application, the hydrogen storage tank market is segmented into chemical, refinery, transportation and others. The transportation category dominated the market in 2022 due to its expanding role in fuel cell power. Since hydrogen storage is a crucial component of fuel cell vehicles, major advancements have been made in this area. Several different storage alternatives have been investigated using full-scale experimental systems. These technologies can provide hydrogen at the necessary rates in some situations, but additional effort is necessary.
By Storage Technology
Based on storage technology, the hydrogen storage tank market is segmented into Physical Based (Compressed Gas, Cold/Cryo Compressed, Liquid Hydrogen), and Material Based (Adsorbent, Liquid Organic, Interstitial Hydride, Complex Hydride and Chemical Hydrogen). The physical based category dominated the market in 2022 due to the significant need for tanks in transportation-related applications. Physical storage is the most sophisticated hydrogen storing technique. The present near-term technology for onboard automotive physical hydrogen storage uses compressed gas vessels with nominal working pressures of 350 and 700 bar (5,000 and 10,000 psi), also known as "tanks". Hydrogen storage tanks are in demand as more and more businesses rely on hydrogen. As an illustration, the transportation sector is investing in the creation of effective hydrogen-powered cars; as a result, hydrogen is utilised in these cars to start a chemical reaction that releases energy.
North America is projected to hold the largest share of the hydrogen storage tank market over the forecast period due to continued funding for research and development of hydrogen storage technologies in the region's nations. The demand for hydrogen storage systems is growing as a result of strict government rules in the United States regarding the operation of low-emission vehicles and the availability of infrastructure for filling up with hydrogen. On the other hand, the Asia Pacific hydrogen storage tank market is anticipated to grow significantly. This can be attributed to the rising use of methanol produced from hydrogen, the rising demand for ammonia in South Asian manufacturing facilities, the strict government regulations in China, South Korea, and Japan for the production of cleaner fuels, and the rising consumption of gasoline and diesel in the region's developing countries.
LIST OF KEY COMPANIES PROFILED:
- McDermott International Inc.
- Air Liquide
- Praxair, Inc
- Worthington Industries
- Luxfer Holdings Plc
- HBank Technologies Inc.
- Cryofab, Inc.
- Nikkiso Cryo Inc.
- Cella Energy
- Pragma Industries
- In May 2022, by establishing a zero-emission development centre, Airbus increased its footprint in the UK. Together with existing ZEDCs in Germany, Madrid, and Spain that are engaged in the development of cryogenic liquid hydrogen tanks, the UK ZEDC complimented Airbus' current Research and Technology base in the UK.
|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||