Global Hydrogen Storage Tanks and Transportation Market Analysis By Type of Storage (Compressed hydrogen storage tanks, Liquid hydrogen storage tanks, Metal hydride storage tanks), By Mode of Transportation (Transportation by pipelines, Tankers, and trucks), By Material (Steel, Aluminum, Composite materials), By Application (Stationary power generation, Portable power generation, Transportation) & Forecast
- PUBLISHED ON
- 5/10/2023
- NO OF PAGES
- 242
- CATEGORY
- Automotive & Transportation
The global hydrogen storage tanks and transportation market size was valued at around USD 200 million in 2022 and expected to grow at a CAGR of 48.9% during the forecast period.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 200 million |
Market Forecast in 2033 | USD 5,634.0 million |
CAGR % 2023-2033 | 48.9% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Production and consumption analysis by regions and countries, Company analysis by sales, revenue, gross margin and production capacity |
Key Companies | Air Liquide SA, Hexagon Composites ASA, Worthington Industries, Inc., McPhy Energy S.A., Chart Industries, Inc., Linde plc, Luxfer Holdings PLC, VRV S.p.A, Holtec Gas Systems LLC, Everest Kanto Cylinder Ltd., |
Covid-19 Impact:
The COVID-19 pandemic has had a significant impact on the global hydrogen storage tanks and transportation market. The pandemic has disrupted supply chains, reduced demand for hydrogen fuel in some sectors, and delayed or cancelled investments in hydrogen infrastructure projects.
The pandemic has caused significant disruptions in the global supply chains for hydrogen storage tanks and transportation equipment. Many manufacturers have faced challenges in securing raw materials, parts, and components due to disruptions in transportation and trade caused by restrictions on movement and border closures. This has led to production delays and increased costs.
The pandemic has also led to a reduction in demand for hydrogen fuel in some sectors, particularly in the transportation sector. The decline in travel and transportation activity has led to a reduced demand for fuel, including hydrogen. This has led to a decrease in investment in new hydrogen infrastructure, including hydrogen refuelling stations.
Despite these challenges, the long-term outlook for the hydrogen storage tanks and transportation market remains positive. Governments and companies around the world continue to invest in hydrogen as a key component of their decarbonization strategies. Many governments have announced ambitious targets for the deployment of hydrogen fuel cell vehicles and the development of hydrogen infrastructure. These investments are expected to drive the growth of the market in the coming years.
Market Dynamics:
Drivers:
- Increasing demand for clean energy: The growing concern over climate change and air pollution has led to an increasing demand for clean energy sources. Hydrogen is considered a clean energy source as it produces only water when it is used to generate electricity.
- Government support: Many governments around the world are providing financial support to companies that are developing hydrogen fuel cell technologies and infrastructure. This support includes tax incentives, grants, and subsidies to help offset the cost of research and development.
- Technological advancements: The development of new technologies for the production, storage, and transportation of hydrogen is driving down costs and increasing efficiency. These advancements are making hydrogen fuel more competitive with traditional fossil fuels.
- Growth of hydrogen fuel cell vehicles: The increasing adoption of hydrogen fuel cell vehicles in transportation is driving the demand for hydrogen storage tanks and transportation infrastructure. This growth is expected to continue as more automakers introduce hydrogen fuel cell vehicles to the market.
- Growing demand in industrial applications: Hydrogen is also used in industrial applications, such as chemical production, metal processing, and power generation. The growing demand for hydrogen in these applications is driving the need for increased storage and transportation infrastructure.
Restraints:
- High costs: The production and transportation of hydrogen is still relatively expensive compared to traditional fossil fuels. This has limited the adoption of hydrogen as an energy source, particularly in price-sensitive markets.
- Limited infrastructure: The lack of a comprehensive hydrogen infrastructure, including hydrogen production facilities, storage tanks, and refuelling stations, has limited the adoption of hydrogen fuel cell vehicles and other hydrogen-based technologies.
- Competition from other clean energy sources: Hydrogen faces competition from other clean energy sources, such as electric vehicles and renewable energy technologies. These alternative technologies may be seen as more mature and less risky than hydrogen-based technologies.
Regional Analysis:
North America: North America is one of the leading markets for hydrogen storage tanks and transportation, with the United States being a major contributor to the market. The region is driven by government initiatives to reduce carbon emissions and promote clean energy. The adoption of hydrogen fuel cell vehicles is also driving the growth of the market in the region.
Europe: Europe is another significant market for hydrogen storage tanks and transportation. The region has set ambitious targets for the reduction of greenhouse gas emissions, which is driving the growth of the hydrogen economy. The development of hydrogen infrastructure and the adoption of hydrogen fuel cell vehicles are key drivers of the market in Europe.
Asia-Pacific: The Asia-Pacific region is a rapidly growing market for hydrogen storage tanks and transportation. Countries such as Japan, South Korea, and China are leading the way in the adoption of hydrogen fuel cell vehicles and the development of hydrogen infrastructure. The region is driven by government support and the need to reduce dependence on fossil fuels.
Middle East and Africa: The Middle East and Africa are emerging markets for hydrogen storage tanks and transportation. The region has abundant sources of renewable energy, which can be used to produce hydrogen. The adoption of hydrogen as a clean energy source is also driven by government initiatives to diversify their economies and reduce dependence on fossil fuels.
Latin America: Latin America is a growing market for hydrogen storage tanks and transportation. Countries such as Brazil and Chile are investing in the development of hydrogen infrastructure and the adoption of hydrogen fuel cell vehicles. The region is driven by the need to reduce carbon emissions and the availability of renewable energy sources.
Competitive Landscape:
The global hydrogen storage tanks and transportation market is highly competitive with the presence of numerous global and regional players.
- Air Liquide SA
- Hexagon Composites ASA
- Worthington Industries, Inc.
- McPhy Energy S.A.
- Chart Industries, Inc.
- Linde plc
- Luxfer Holdings PLC
- VRV S.p.A
- Holtec Gas Systems LLC
- Everest Kanto Cylinder Ltd.
These companies are focusing on various strategies such as mergers and acquisitions, partnerships, collaborations, and product innovations to strengthen their market position. For instance, in 2021, Hexagon Composites ASA and CIMC Enric signed a strategic cooperation agreement to jointly develop hydrogen storage and transportation solutions.
The market is also witnessing significant investments by various companies, governments, and institutions to develop new technologies and expand their market reach. For instance, in 2020, Air Liquide SA announced an investment of USD 150 million to build a liquid hydrogen production plant in the United States to cater to the growing demand for clean energy.
The intense competition in the market is expected to continue, driven by the increasing demand for hydrogen as a clean energy source and the need for efficient storage and transportation solutions.
Why to buy this Report?
The report provides quantitative and qualitative aspect for the market in terms of value and volume, along with supporting market trends, challenges, restraints.
The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.
The report provides competitive analysis of around 30-50 companies operated in the market, these companies are bifurcated into niche players, the leaders and major contenders.
• Business Model
• Production Capacity, Revenue, Sales, Gross Margin
• Key Business Strategy
• SWOT Analysis
In terms of competitive landscape, the report provides distinctive factors that would help the end user in taking a key decision within the business:
• Company Share Analysis from 2018-2022
• Company Analysis by Revenue and Sales
• Company Production Capacity, Gross Margin
• Company Share Analysis by Application/End Use
• Company Share Analysis by Product/Specification
Market Segmentation:
Type of Storage:
• Compressed hydrogen storage tanks
• Liquid hydrogen storage tanks
• Metal hydride storage tanks.
Mode of Transportation:
• Transportation by pipelines
• Tankers, and trucks.
Material:
• Steel
• Aluminum
• Composite materials.
Application:
• Stationary power generation
• Portable power generation
• Transportation
Region and Countries
North America
• U.S.
• Canada
• Mexico
Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia Pacific
South America
• Brazil
• Argentina
• Rest of South America
Middle East and Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of Middle East and Africa
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- We Market Research’s Quality Assurance program strives to deliver superior value to our clients.
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Market Research Process
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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