Covina, July 16, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the study concludes that the global hydrogen storage tanks and transportation market size and share is expected to grow at a CAGR of 44.7% between 2024 and 2034. The market revenue of USD 400 Million in 2024 is expected to grow up to USD 11598.6 Million by 2034.
Hydrogen Storage Tanks and Transportation Market Report Overview
Physically, hydrogen may be stored as a liquid or as a gas. Normally, hydrogen is stored as a gas in high-pressure tanks, where the tank pressure is 350–700 bar. Since hydrogen has a boiling point of -252.8°C at one atmospheric pressure, liquid hydrogen storage requires cryogenic temperatures. Many materials with high performance, such as carbon fiber composites, aluminum, and high-performance steels, have been developed over the years with projects and are applied in the current hydrogen storage technologies.
Hydrogen storage is a technology in itself that makes hydrogen and fuel cell technologies work for manifold applications such as transportation, portable power, and fixed power. Hydrogen storage means tanks and transportation have exponential market growth because there has been a trend shift worldwide towards a greener and more sustainable energy mix. Its environmental benefits and versatility make it increasingly popular. The demand for practical storage and transit infrastructure related to hydrogen is enormous as it has the potential to revolutionize industries related to energy and transport. The market for hydrogen storage tanks and transportation is based on the growing popularity of hydrogen fuel cell cars and the desire for cleaner energy alternatives.
Download a Free Sample Research Report with Latest Industry Insights: https://www.prophecymarketinsights.com/market_insight/Insight/request-sample/5482
Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Hydrogen Storage Tanks and Transportation Market is characterized by rapid growth, technological innovation and fierce competition. Companies are expanding their global presence, focusing on sustainability and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Linde plc
- Air Products and Chemicals, Inc.
- NPROXX
- Hexagon Purus
- Worthington Industries
- Chart Industries, Inc.
- Plug Power Inc.
- Praxair, Inc.
- VRV S.p.A.
- HBank Technologies Inc.
To Know More on Market Players, Download a Free Sample Report Here: https://www.prophecymarketinsights.com/market_insight/Insight/request-pdf/5482
Analyst View:
Hydrogen storage technology is an immense potential game-changer in both the energy and transport sectors, considering the increasing demand for sustainable energies. The popularity of hydrogen fuel cell cars and the wants for cleaner energy alternatives drive market growth, but high costs for tank technology, large infrastructure for refilling, and safety issues play to the other side. The global hydrogen fuel storage systems market is driven by innovations and technology partnerships. Interest from the automotive sector keeps the growth going by increasing interest in hydrogen fuel cell technology. Gas distribution systems include tanks, trailers, pipelines, and other related equipment that transport hydrogen from production locations to points of use. Type 1 tanks are lightweight, and high in capacity, while Type 2 and 3 tanks are heavier and lighter. Stationary storage tanks can be located near power stations or any industrial sites. Thus, they are much less mobile and larger in size compared to vehicle-mounted tanks. While North America is about to witness considerable growth in hydrogen transport and storage, the latter shall be dominated by Asia Pacific due to urbanization and industrialization in countries such as China, Japan, and South Korea.
Market Dynamics:
Drivers:
Growing Need for Sustainable Energy
- Hydrogen storage tanks and transportation markets will be rapidly growing, as the demand for sustainable energy is rising globally. The current state of the market drives increasing demand, with energy generation shifting toward renewable sources and lightweight, high-pressure composite tanks. Businesses and governments aggressively invest in infrastructure for this sustainable energy source that will saturate many markets. These technological developments are hence of key relevance to the growing usage of hydrogen as a carrier of sustainable energy.
Hydrogen Infrastructure Investment Should Be Prioritized
- Government regulations and public expenditures in hydrogen infrastructure, such as subsidies for hydrogen recharging stations, are being used to encourage the use of hydrogen fuel cell vehicles. For example, Germany and Japan have extended their networks for hydrogen refueling. All this infrastructure related to hydrogen storage and distribution needs to be fully reliable and scalable due to increasing use of hydrogen in transport, generation of power, and industry. Hydrogen gas transportation to long-distance places can be made more flexible by means of hydrogen transportation trailers. State-of-the-art hydrogen storage and transportation technologies are developed jointly by governments, academia, and business partners and move the industry forward.
Request for a Discounted Price on this Report @ https://www.prophecymarketinsights.com/market_insight/Insight/request-discount/5482
Market Trends:
Technological Innovations and Collaborations
- Moreover, technological improvements in hydrogen fuel storage and transportation systems are becoming more and more efficient and reliable; thus, expanding the market share of hydrogen gas. Technological up-gradation is achieved using the partnership between the government, research institutes, and industrial organizations.
Segmentation:
Hydrogen Storage Tanks and Transportation Market is segmented based on Modular Storage, Tank Type, Application, and Region.
Modular Storage Insights
- Interest from the automotive sector in hydrogen fuel cell technology is presently fueling growth in the global hydrogen fuel storage systems market. These devices store hydrogen gas at high pressure or through chemical bonding, having the potential to let the fuel cell take the fuel and utilize it to produce energy. Gas distribution systems include specially designed tanks, trailers, pipelines, and other equipment that transport hydrogen from production locations to places of consumption. The exact makeup will be determined by the receiving infrastructure and the volume of hydrogen that is to be carried.
Tank Type Insights
- Type 1 comprises high-capacity and lightweight tanks for applications in numerous vehicles. It has a balanced weight with hydrogen storage capacity to sustain pressure up to 35 MPa. Type 2 will be added with liners for more safety and strength to enable it to bear up to 70 MPa. Type 3 tanks are the heaviest of the options, although they are still lightweight in absolute terms and suitable for lower-pressure storage. When considering the overall volume capacity—and hence the increased flow rate—increased durability, and added safety, Type 4 tanks are recommended for the storage of alternative fuels.
Application Insights
- These tanks store hydrogen and find applications in various fields: cars, ships, and rail. Some marine applications are hydrogen-powered auxiliary power systems and fuel cell ships, while in vehicles, hydrogen storage tanks store fuel reliably for the same. Long-distance transport requirements entail stronger and higher capacity tanks, as railways introduce greener hydrogen-fuelled cell trains to replace diesel engines. Stationary storage tanks can be sited near power stations or industrial sites and are therefore less mobile and larger in comparison with vehicle-mounted tanks. Portable power sources, industrial processes, and aviation are examples of various emerging uses.
Reduce a full report cost up to 30% with a custom report by requesting here: https://www.prophecymarketinsights.com/market_insight/Insight/request-customization/5482
Recent Development:
- In May 2024, China unveiled a 100kg liquid-hydrogen fuel system that could allow a truck to travel 1,300km without refueling. State-owned China Aerospace and Technology Corporation says the new technology meets international standards.
- In March 2024, MNRE to discuss specialized cylinders for hydrogen storage with stakeholders. Commercial vehicle manufacturers identified the higher cost of green hydrogen fuel cells as another challenge in a meeting with MNRE. The Ministry of New and Renewable Energy (MNRE) plans to hold a meeting with stakeholders to discuss the development of specialized cylinders for green hydrogen storage, following concerns from commercial vehicle manufacturers about high-pressure storage cylinders in the adoption of green hydrogen as a sustainable fuel.
Regional Insights
- North America: Hydrogen transport and storage in North America is expected to grow significantly due to the increase in efforts to establish a sustainable energy transition. Enterprises and governments work on hydrogen infrastructure to reduce emissions with this clean-burning fuel. Favorable laws and regulations, technology development, and rising public awareness of hydrogen's potential are driving demand for hydrogen storage and transport options.
- Asia Pacific: As far as the market share of transportation and hydrogen storage tanks goes, this has also been foreseen to be dominated by Asia Pacific. With the rising process of urbanization and industrialization of the world taking place in countries like China, Japan, and South Korea, the demand for cleaner and more sustainable sources of energy keeps growing. Hydrogen storage tanks and transportation networks have become two central aspects of attempts at reducing pollution and fossil fuel dependency in smog-filled cities.
Browse Detail Report on "Hydrogen Storage Tanks and Transportation Market Size, Share, By Modular Storage (Fuel Storage, and Distribution Systems), By Tank Type (Type 1, Type 2, Type 3, and Type 4), By Application (Vehicles, Marine, Railway, Stationary Storage, and Others), and By Region - Trends, Analysis and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/hydrogen-storage-tanks-and-transportation-market-5482
Browse More Research Reports:
- Brain Health Supplements Market Size & Share Research Report, 2024-2034
- Recombinant Proteins Market Size & Share Research Report, 2024-2034
- Drones in Energy Market Size & Share Research Report, 2024-2034
- Solar Photovoltaic (PV) Market Size & Share Research Report, 2024-2034
- Cloud Computing In Energy Market Size & Share Research Report, 2024-2034
- Hospital Air Purifiers Market Size & Share Research Report, 2024-2034
About Us:
Prophecy Market Insights is a specialized market research, analytics, marketing, and business strategy, and solutions company that offers strategic and tactical support to clients for making well-informed business decisions and to identify and achieve high-value opportunities in the target business area. Also, we help our client to address business challenges and provide the best possible solutions to overcome them and transform their business.
Prophecy’s expertise area covers products, services, latest trends, developments, market growth factors, and challenges along with market forecasts in various business areas such as Healthcare, Pharmaceutical, Biotechnology, Information Technology (IT), Automotive, Industrial, Chemical, Agriculture, Food and Beverage, Energy, and Oil and Gas. We also offer various other services such as data mining, information management, and revenue enhancement suggestions.
Contact Us:
Prophecy Market Insights
US: 964 E. Badillo Street
#2042 Covina,
CA 91724
US toll-free: +1 860 531 2574
Rest of world: + 91 7775049802
Follow us on LinkedIn | Twitter
