The hydrogen storage tank market was valued at US$268.555 million in 2022.
The rapid industrialisation of developing nations and the rising adoption of alternative energy sources are the main causes of the market expansion. Due to continuous research and development efforts as well as the development of large-scale storage projects in the nation, the U.S. market is anticipated to experience considerable expansion over the course of the forecast period. Based on current and forthcoming technologies at national labs, the Fuel Cell Technologies Office launched an effort in 2017 called the Hydrogen Fueling Infrastructure Research and Station Technology (H2FIRST).
Liquid and gaseous biofuels, hydrogen, and fuels generated from hydrogen are all considered low-emission fuels. They are crucial in the decarbonization of energy networks in sectors like heavy industrial and long-distance transportation where other solutions, like direct electrification, are impractical or expensive. One of the cleanest burning available transportation fuels is hydrogen. Compared to other fossil fuels, it contains less carbon, which results in lower CO2 emissions. Only approximately 1% of the world's total final energy consumption in 2021 was fueled by low-emission fuels. By 2020, India intends to implement Bharat Stage VI restrictions, and by 2018, China is anticipated to implement the next set of pollution limits, which are similar to Euro V requirements.
To fit a range of applications, H2 cylinders are offered in a number of types, sizes, and weights. The industry for H2 tanks has entered a new phase as a result of the development of lightweight cylinders. The most lightweight cylinders are generally Type 3 and Type 4 composite cylinders, with Type 4 being the lightest. A cylinder's price rises when its weight is reduced. Due to their beneficial qualities and rising demand, these composite cylinders are safer, more dependable, and have a longer lifespan than steel cylinders which is increasing the hydrogen storage tank market share.
To a large extent, the transportation industry is responsible for greenhouse gas emissions. As a zero-emission substitute for numerous forms of transportation, such as cars, buses, trucks, and trains, hydrogen fuel cells have attracted attention. Fuel cell vehicle adoption is facilitated by hydrogen storage systems, which allow for the secure storage and effective supply of hydrogen which is leading to putting more work into installing hydrogen fueling stations. For instance, as of 2020, there were 540 hydrogen refueling stations (HRS) worldwide, according to the IEA. By creating fuelling stations, Germany's H2Mobility initiative promotes the use of fuel cell vehicles. This creates opportunities for the installation of hydrogen storage tanks.
By establishing a chemical link with the hydrogen molecules, metal hydride storage devices are able to store a sizable amount of hydrogen. In comparison to other techniques of storing hydrogen, such as compressed gas or liquid hydrogen, they can store more hydrogen per unit of weight or volume. Metal hydride storage systems are very appealing for applications where weight and space restrictions are important, like portable gadgets or hydrogen fuel cartridges, due to their large store capacity. Hydrogen can be reversibly absorbed and reabsorbed by metal hydrides. Metal hydrides are excellent for a variety of applications, such as hydrogen fuel cells and portable power systems, due to their reversibility, which allows for the regulated and on-demand release of hydrogen.
In the chemical industry, hydrogen is a vital feedstock for the synthesis of many different compounds, such as the methanol, ammonia, and hydrogenation processes. These substances act as the building blocks for a variety of goods, including synthetic fuels, plastics, medicines, and fertilizers. Systems for storing hydrogen guarantee its availability as a raw material, enabling continuous and effective chemical production which Is increasing the hydrogen storage tank market size.
Innovation and technological development in hydrogen storage are being driven by the North American market, which puts the continent in a strong position to win a significant share of revenue in the global market. The investments in research and development (R&D) of storage for hydrogen technologies are responsible for the region's substantial revenue share. In particular, the US Department of Energy (DOE) has put forward plans to increase energy density and lower the price of hydrogen storage devices for a variety of uses. Onboard automotive hydrogen storage is the main focus of the DOE's hydrogen storage R&D efforts. Physical and materials-based methods are being investigated to improve hydrogen storage capabilities as part of the National Hydrogen Storage Project.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Market Size Value in 2022 | US$268.555 million |
| Growth Rate | CAGR during the forecast period |
| Base Year | 2022 |
| Forecast Period | 2024 – 2029 |
| Forecast Unit (Value) | USD Million |
| Segments Covered |
|
| Companies Covered |
|
| Regions Covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Customization Scope | Free report customization with purchase |
The Hydrogen Storage Tank Market is analyzed into the following segments: