Hydrogen Tanks Companies

The hydrogen tanks market is projected to grow from USD 1.37 Billion in 2025 to USD 3.78 Billion by 2030, at a CAGR of 22.5% during the forecast period.

The growth of the hydrogen tank market is influenced by green hydrogen projects and composite tank development activities. The availability of green hydrogen, which is created through electrolysis using renewable energy, is advancing rapidly along pathways that could achieve a sustainable decarbonization pathway for sectors including transportation, power generation, and heavy industry to name a few. Governments around the world are now factoring green hydrogen into climate targets, leading to further investments in hydrogen-enabling infrastructure, including hydrogen storage solutions. Hydrogen is now a core enabling solution to clean energy-related activities; therefore, quality storage systems are needed to ensure the safe and efficient use of hydrogen. Coupled with innovations in composite materials engineering, tank performance and cost effectiveness have improved to ensure that these materials, engineering, and low-cost manufacturing enable supplier access to manufacturing and storage tanks for safe and efficient hydrogen fuel use. Continued developments in tank engineering and design initiatives continue to improve the safety of storage tanks and increasing resilience to damage and leaks. As the world continues to develop green hydrogen projects and anticipate growth, the need for safe and efficient solutions for storage will positively impact the growth of the hydrogen tank market.

Hydrogen Tanks Companies

The major players active in the hydrogen tanks market are based in North America, Europe, and Asia Pacific region. Worthington Enterprises (US), Luxfer Group (England), Hexagon Purus (Norway), Quantum Fuel Systems LLC (US), Faber Industrie S.p.A. (Italy), Everest Kanto Cylinder Ltd. (India), Beining Tianhai Industry Co. Ltd. (China), Composite Advanced Technologies, LLC (US), NPROXX (Germany), Tenaris (Luxembourg), OPmobility (France), Umoe Advanced Composites (Norway), CIMC Enric Holdings Limited (China), Doosan Mobility Innovation (South Korea), and Advanced Structural Technologies (US), are among a few leading players operating in the hydrogen tanks market. Significant attention has been dedicated to developing cost-effective manufacturing technology in the hydrogen tanks market to meet evolving global demands. Key players have implemented various growth strategies to solidify their market position. These strategies encompass contracts, partnerships, mergers and acquisitions, and, production capacity expansions, all aimed at enhancing their presence in the hydrogen tanks market.

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Worthington Enterprises (US)

Worthington Enterprises, Inc. is an industrial manufacturer located in Columbus, Ohio. The company was founded in 1955 by John H. McConnell. Worthington Enterprises, which has a Consumer Products and a Building Products Segment, is a manufacturer and supplier of hydrogen tanks and is also known for producing the ThermaGuard hydrogen cylinders, which allows for the safe storage and transportation of pressurized hydrogen gas. In total, Worthington has about 51 locations and 7,500 employees worldwide. Worthington has engaged in acquisitions over the years that have expanded their product lines and packaging offerings. Also, in December of 2023, Worthington announced the spin-off of their steel processing business.

Luxfer Group (England)

Luxfer Group, through its division Luxfer Gas Cylinders, is a premier manufacturer of high-pressure composite and aluminum cylinders and advanced hydrogen storage solutions. Founded in 1922, and headquartered in Riverside, California, Luxfer has a strong presence in the hydrogen market, including products utilizing Type 4 technology for hydrogen storage, such as the G-Stor Go H2 cylinder, which is lightweight and efficient that can store hydrogen at pressures of 350 bar (5,000 psi) or less. Luxfer is highly focused on zero-emission technologies and most recently has been granted funding for next-generation hydrogen cylinders capable of being filled with a capacity of 700 bar (10,000 psi).

Hexagon Purus (Norway)

Hexagon Purus, a subsidiary of the Hexagon Group in Norway's capital Oslo, specializes in developing and producing lightweight Type 4 composite cylinders for hydrogen storage and distribution. Founded in 2000, the company has quickly become a leader in the hydrogen market, opening a new, modern facility in Westminster, Maryland, in 2022 that can produce up to 10,000 cylinders each year for heavy-duty vehicle applications. Hexagon Purus is determined to deliver safe and efficient hydrogen storage solutions to meet the demanding needs of zero-emission mobility in automotive, maritime, and industrial applications. With a commitment to sustainability and innovation, Hexagon Purus is set to be an important part of the transition to clean energy by providing innovative storage technology that will promote the quickly growing hydrogen economy.

HYDROGEN TANKS MARKET: MARKET RANKING

The hydrogen tanks market is fragmented, with the top 5 players accounting for only 21-27% of the market share, which indicates that there are a number of players operating within this emerging market. Hexagon Purus has positioned itself in this market, due to its advanced technology, wide product portfolio, while also having a strong presence in transportation and industrial hydrogen storage sectors. In particular, Hexagon Purus has developed a reputation as an innovator in lightweight, high-pressure composite tanks for Fuel Cell Electric Vehicles (FCEV), and hydrogen storage applications. Other companies that are representative of the hydrogen tank industry, include Worthington Industries and Luxfer Gas Cyclinders, who've also made significant progress in offering competitive products and solutions to meet various hydrogen storage applications and needs. Other examples include Everest Kanto Cylinders Ltd, Tenaris, and OPmobility which are helping diversify the hydrogen tank market as these companies are pioneering new technologies and increasing their manufacturing capacity, which in turn, will also support overall hydrogen tank sector growth. Even though there are a few companies that dominate the market in terms of revenue, the fragmented nature of the market provides opportunities for players and innovation.

Related Reports:

Hydrogen Tanks Market by Tank Type (Type 1, Type 2, Type 3, Type 4), Material Type (Metal, Composite), Pressure (Below 250 bar 250 to 500 bar, Above 500 bar), Application (Stationary Storage, Fuel Tank, Transportation), & Region - Global Forecast to 2030