Hydrogen Storage Tank Market by Tank Type (Type 1, Type 2, Type 3), Material Type (Metal, Carbon, Glass), Application (Automotive, Industrial, Medical, Aerospace & Defense, and Others), Region - Forecast to 2030
The hydrogen storage tank market is projected to reach USD 521.28 million by 2030, at a CAGR of 35.0% from USD 47.25 million in 2022. One of the major factors contributing to the growth of the hydrogen storage tanks market is rising environmental awareness to increase natural gas demand. Also, the demand for renewable energy resources is also driving the market.
Attractive Opportunities in the Hydrogen Storage Tanks Market
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Market Dynamics
Driver: Increasing use of natural gas in the automotive industry
Natural gas is among the cleanest burning transportation fuels available as an alternative to gasoline and diesel. It comprises less carbon in comparison with other fossil fuels, due to which it produces lesser CO2 emissions when burned. Over the years, an increase is witnessed in the natural gas production and exploration. The natural gas industry has been able to yield greater amounts of natural gas with the help of technological innovation, thereby keeping pace with the budding demand.
Restraints: Limited availability of hydrogen refueling infrastructure in developed economies
The demand for natural gas as a fuel for transportation is mainly hampered by the lack of refueling stations with sufficient national coverage. Refueling stations supply natural gas that has been compressed to the H2 powered vehicles. Unlike the gasoline and diesel stations, there is a lesser number of H2 refueling stations globally. Without adequate refueling infrastructure, the consumer demand for natural gas is likely to be affected.
Opportunities: Emergence of lightweight composite material-based Hydrogen cylinders
H2 cylinders are available in variety of types, sizes, and weights to suit various applications. The emergence of lightweight cylinders has given rise to a new phase in the H2 tanks industry. Composite cylinders, which include Type 3, and Type 4 cylinders are basically, the lightweight cylinders, with Type 4 being the lightest., A cylinder’s cost increases with a reduction in its weight. Over the years, Type 1 has been the most dominant type of cylinder, but in recent years, there has been a shift in the demand toward the composite cylinders. The Type 3 cylinders are metal-lined composite cylinders, whereas Type 4 cylinders are plastic-lined composite cylinders, due to which Type 4 is the costliest H2 cylinder. These composite cylinders are lighter than the steel cylinders, safe, reliable; and have increased life span, owing to their advantageous properties and increasing demand.
Challenges: Ban of ICE Engines
The strictness by the regulations regarding pollution due to burning of fuels in vehicles will force the humanity to stop using fossil fuels for transportations purposes. According to the current scenario laws regarding emissions of US are the strictest in the world. Many countries have announced a proper ban to ICE engines ( internal combustion engines) till 2040. This situation is forcing the automotive industry to switch to hybrid modes. Electrification will play a key role to reach those targets, starting with the wide-spread adoption of hybrid electric vehicles (HEV).
“Industrial was the largest application for hydrogen storage tank market in 2021, in terms of value”
The Industrial application segment accounted for the largest share of the global hydrogen storage tank market, in terms of value, in 2021. The demand for hydrogen storage tank in the industrial application is expected to increase mainly because of the rise in production of different chemicals and energy requirement by the industrial segment in APAC.
“Asia Pacific was the largest market for hydrogen storage tank in 2021, in terms of value.”
Asia Pacific is the largest hydrogen storage tank market and is projected to register the highest CAGR, in terms of volume, between 2022 and 2030. Economic growth in the region has led to high internal trade and domestic transportation of commodities and supplies. China and Japan are some of the largest automobile producers globally. These countries are competing to manufacture technologically advanced vehicles and are investing heavily in their research and development to develop new ways to use H2 in the form of energy.
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Key Market Players
The key players in this market Worthington Industries, Inc., Luxfer Group, Hexagon Composites ASA, Quantum Fuel Systems LLC., Everest Kanto Cylinders Ltd., AVANCO Group, Beijing Tianhai Industry Co. Ltd, Faber Industries SPA, Composites Advanced Technologies, Praxair Technologies. Continuous developments in the market—including new product launches, mergers & acquisitions, agreements, and expansions—are expected to help the market grow. Leading manufacturers of hydrogen storage tanks market have opted for new product launches to sustain their market position.
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Scope of the Report
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Report Metric |
Details |
|
Years considered for the study |
2018-2030 |
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Base Year |
2021 |
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Forecast period |
2022–2030 |
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Units considered |
Volume (Units); Value (USD Million) |
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Segments |
Tank Type, Material Type, Application, and Region |
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Regions |
Asia Pacific, North America, Europe, Middle East & Africa, and South America |
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Companies |
The key players in this market are Worthington Industries, Inc., Luxfer Group, Hexagon Composites ASA, Quantum Fuel Systems LLC., Everest Kanto Cylinders Ltd., AVANCO Group, Beijing Tianhai Industry Co. Ltd, Faber Industries SPA, Composites Advanced Technologies |
This report categorizes the global hydrogen storage tanks market based on tank type, material type, application, and region.
On the basis of tank type, the hydrogen storage tanks market has been segmented as follows:
- Type 1
- Type 2
- Type 3
- Type 4
On the basis of material type, the hydrogen storage tanks market has been segmented as follows:
- Metal
- Carbon
- Glass
On the basis of application, the hydrogen storage tanks market has been segmented as follows:
- Automotive
- Industrial
- Aerospace & Defense
- Medical
- Others
On the basis of region, the hydrogen storage tanks market has been segmented as follows:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- South America
Frequently Asked Questions (FAQ):
What is the expected growth rate of hydrogen storage tank market?
The forecast period for hydrogen storage tank market in this study is 2022-2030. The hydrogen storage tank market is projected to grow at CAGR of 35.0%, in terms of value, during the forecast period.
Who are the major key players in hydrogen storage tank market?
Worthington Industries, Inc., Luxfer Group, Hexagon Composites ASA, Quantum Fuel Systems LLC., Everest Kanto Cylinders Ltd., AVANCO Group, Beijing Tianhai Industry Co. Ltd, Faber Industries SPA,
What is the average selling price trend for hydrogen storage tank market?
Prices are low in Asian countries (primarily China and India) compared to those in Europe and North America due to the low prices of raw materials and the availability of low-cost workforces in Asia Pacific. .
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Table of Content
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Markets Covered
1.3.2 Years Considered in the Report
1.4 Currency
1.5 Limitations
1.6 Stakeholders
2 Research Methodology
2.1 Market Share Estimation
2.1.1 Secondary Data
2.1.1.1 Key Data from Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data from Primary Sources
2.1.2.2 Key Industry Insights
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Market Breakdown & Data Triangulation
2.4 Research Assumptions
3 Executive Summary
4 Premium Insights
4.1 Significant Opportunities in Hydrogen Storage Tanks Market, 2022–2027
4.2 Hydrogen Storage Tanks Market, By Tank Type
4.3 Hydrogen Storage Tanks Market, By Material Type
4.4 Hydrogen Storage Tanks Market, By Application
4.5 Hydrogen Storage Tanks Market, By Region
5 Market Overview
5.1 Introduction
5.2 Market Segmentation
5.2.1 Hydrogen Storage Tanks Market, By Tank Type
5.2.2 Hydrogen Storage Tanks Market, By Material Type
5.2.3 Hydrogen Storage Tanks Market, By Application
5.2.4 Hydrogen Storage Tanks Market, By Region
5.3 Market Dynamics
5.3.1 Drivers
5.3.2 Restraints
5.3.3 Opportunities
5.4.4 Challenges
5.4 Porter's Five Forces Analysis
5.4.1 Bargaining Power of Suppliers
5.4.2 Bargaining Power of Buyers
5.4.3 Threat of New Entrants
5.4.4 Threat of Substitutes
5.4.5 Degree of Competition
5.5 Supply Chain Analysis
5.6 Ecosystem: Hydrogen Storage Tanks Market
5.7 Value Chain Analysis
5.8 Technology Analysis
5.9 Pricing Analysis
5.10 Trends and Disruptions Impacting Customers
6 Hydrogen Storage Tanks Market, By Tank Type
6.1 Type 1
6.2 Type 2
6.3 Type 3
6.4 Type 4
7 Hydrogen Storage Tanks Market, By Material Type
7.1 Metal
7.2 Carbon
7.3 Glass
8 Hydrogen Storage Tanks Market, By Application
8.1 Automotive
8.2 Industrial
8.3 Medical
8.4 Aerospace & Defense
8.5 Others
9 Hydrogen Storage Tanks Market, By Region
9.1 Introduction
9.2 North America
9.2.1 Hydrogen Storage Tanks Market Size in North America, By Application
9.2.2 Hydrogen Storage Tanks Market Size in North America, By Country
9.2.2.1 Canada
9.2.2.1.1 Hydrogen Storage Tanks Market Size in Canada, By Application
9.2.2.2 U.S.
9.2.2.2.1 Hydrogen Storage Tanks Market Size in U.S., By Application
9.2.2.3 Mexico
9.2.2.3.1 Hydrogen Storage Tanks Market Size in Mexico, By Application
9.3 Europe
9.3.1 Hydrogen Storage Tanks Market Size in Europe, By Application
9.3.2 Hydrogen Storage Tanks Market Size in Europe, By Country
9.3.2.1 Germany
9.3.2.1.1 Hydrogen Storage Tanks Market Size in Germany, By Application
9.3.2.2 France
9.3.2.2.1 Hydrogen Storage Tanks Market Size in France, By Application
9.3.2.3 UK
9.3.2.3.1 Hydrogen Storage Tanks Market Size in UK, By Application
9.3.2.4 Italy
9.3.2.4.1 Hydrogen Storage Tanks Market Size in Italy, By Application
9.3.2.5 Rest of Europe
9.3.2.5.1 Hydrogen Storage Tanks Market Size in Rest of Europe, By Application
9.4 Asia-Pacific
9.4.1 Hydrogen Storage Tanks Market Size in Asia-Pacific, By Application
9.4.2 Hydrogen Storage Tanks Market Size in Asia-Pacific, By Country
9.4.2.1 China
9.4.2.1.1 Hydrogen Storage Tanks Market Size in China, By Application
9.4.2.2 Japan
9.4.4.2.1 Hydrogen Storage Tanks Market Size in Japan, By Application
9.4.2.3 India
9.4.2.3.1 Hydrogen Storage Tanks Market Size in India, By Application
9.4.2.4 South Korea
9.4.2.4.1 Hydrogen Storage Tanks Market Size in South Korea, By Application
9.4.2.5 Rest of Asia Pacific
9.4.2.5.1 Hydrogen Storage Tanks Market Size in Rest of Asia Pacific, By Application
9.5 South America
9.5.1 Hydrogen Storage Tanks Market Size in South America, By Application
9.5.2 Hydrogen Storage Tanks Market Size in South America, By Country
9.5.2.1 Brazil
9.5.2.1.1 Hydrogen Storage Tanks Market Size in Brazil, By Application
9.5.2.2 Argentina
9.5.2.2.1 Hydrogen Storage Tanks Market Size in Argentina, By Application
9.5.2.3 Rest of South America
9.5.2.3.1 Hydrogen Storage Tanks Market Size in South America, By Application
9.6 Middle East & Africa
9.6.1 Hydrogen Storage Tanks Market Size in Middle East & Africa, By Application
9.6.2 Hydrogen Storage Tanks Market Size in Middle East & Africa, By Country
9.5.2.1 Saudi Arabia
9.5.2.1.1 Hydrogen Storage Tanks Market Size in Saudi Arabia, By Application
9.5.2.2 South Africa
9.5.2.2.1 Hydrogen Storage Tanks Market Size in South Africa, By Application
9.5.2.3 Rest of Middle East & Africa
9.5.2.3.1 Hydrogen Storage Tanks Market Size in Rest of Middle East & Africa, By Application
10 Competitive Landscape
10.1 Introduction
10.2 Market Share Analysis
10.3 Market Ranking
10.4 Market Evaluation Framework
10.4.1 Product Launches and Developments
10.4.2 Expansions
10.4.3 Contracts and Agreements
10.4.4 Mergers & Acquisitions
10.5 Revenue Analysis of Top Market Players
10.6 Company Evaluation Matrix
10.4.1 Star
10.4.2 Emerging Leaders
10.4.3 Pervasive
10.4.4 Participants
11 Company Profiles
* (Business Overview, Products Mix, Recent Developments, SWOT Analysis, MnM view)
11.1 Worthington Industries, Inc.
11.2 Luxfer Group
11.3 Hexagon Composites ASA
11.4 Quantum Fuel Systems LLC.
11.5 Everest Kanto Cylinders Ltd.
11.6 AVANCO Group
11.7 Beijing Tianhai Industry Co. Ltd
11.8 Faber Industries SPA
11.9 Composites Advanced Technologies,
11.10 Praxair Technologies
11.11 Other Companies
*Details Might Not Be Captured in Case of Unlisted Companies.
Note: This is the tentative list, we will provide you the company profiles of major companies in this market.
12 Appendix
The study involved four major activities to estimate the size of hydrogen storage tanks market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources have been referred to for identifying and collecting information for this study. These secondary sources include annual reports, press releases, investor presentations of companies, white papers, certified publications, trade directories, certified publications, articles from recognized authors, gold standard and silver standard websites, and databases.
Secondary research has been used to obtain key information about the value chain of the industry, monetary chain of the market, the total pool of key players, market classification and segmentation according to industry trends to the bottom-most level, and regional markets. It was also used to obtain information about the key developments from a market-oriented perspective.
Primary Research
The hydrogen storage tanks market comprises several stakeholders in the value chain, which include raw material suppliers, manufacturers, distributors, and end users. Various primary sources from the supply and demand sides of the hydrogen storage tanks market have been interviewed to obtain qualitative and quantitative information.
The primary interviewees from the demand side include key opinion leaders in end-use sectors. The primary sources from the supply side include manufacturers, associations, and institutions involved in the hydrogen storage tanks industry.
The breakdown of profiles of the primary interviewees is illustrated in the figure below:
Note: Tier 1, Tier 2, and Tier 3 companies are classified based on their market revenue in 2021 available in the public domain, product portfolios, and geographical presence.
Other designations include consultants and sales, marketing, and procurement managers.
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Market Size Estimation
The top-down and bottom-up approaches have been used to estimate and validate the size of the hydrogen storage tanks market.
- The key players in the industry have been identified through extensive secondary research.
- The supply chain of the industry has been determined through primary and secondary research.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
- The research includes the study of reports, reviews, and newsletters of the key market players, along with extensive interviews for opinions with leaders such as directors and marketing executives.
Hydrogen Storage Tanks Market: Bottom-Up Approach 1
Source: MarketsandMarkets Analysis
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Data Triangulation
After arriving at the total market size from the estimation process explained above, the overall market has been split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and sub-segments, the data triangulation and market breakdown procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. Along with this, the market size has been validated by using both the top-down and bottom-up approaches and primary interviews. Hence, for every data segment, there have been three sources—top-down approach, bottom-up approach, and expert interviews. The data was assumed correct when the values arrived from the three sources matched.
Report Objectives
- To define, describe, and forecast the size of the hydrogen storage tanks market, in terms of value and volume
- To provide detailed information regarding the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the market
- To estimate and forecast the market size based on tank type, material type, application, and region
- To forecast the size of the market with respect to major regions, namely, Europe, North America, Asia Pacific, and Middle East & Africa, and South America along with their key countries
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and their contribution to the overall market
- To analyze opportunities in the market for stakeholders and provide a competitive landscape of market leaders
- To track and analyze recent developments such as expansions, new product launches, partnerships & agreements, and acquisitions in the market
- To strategically profile key market players and comprehensively analyze their core competencies
Available Customizations
Along with the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
- Regional Analysis
Further breakdown of a region with respect to a particular country or additional application
- Company Information
Detailed analysis and profiles of additional market players
Growth opportunities and latent adjacency in Hydrogen Storage Tank Market