Market Overview:
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.
The global hydrogen storage tanks and transportation market refers to the industry involved in the production, storage, and transportation of hydrogen gas. This includes the manufacturing of various types of storage tanks, such as compressed hydrogen tanks and cryogenic hydrogen tanks, as well as the development of technologies and infrastructure for transporting hydrogen gas from production sites to end-users. The market is primarily driven by the increasing demand for hydrogen as a clean energy source in various sectors, including transportation, power generation, and industrial applications. The market also encompasses the development of hydrogen refuelling stations, which are crucial for the widespread adoption of hydrogen fuel cell vehicles.
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.
Some of the key players operating in this market include:
- 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.
The companies are analyzed in terms of following factors such as:
• 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