Hydrogen storage tanks are containers designed to safely store and transport hydrogen gas under high pressure. These vessels are an important component of hydrogen storage and distribution systems and are used in a variety of applications including hydrogen fuel cell vehicles, industrial processes, energy storage and aerospace.
The primary function of a hydrogen storage tank is to maintain the pressure of hydrogen for efficient storage and transportation while ensuring safety. Hydrogen is typically stored at high pressure to maximize its energy density, which makes it more suitable for a variety of applications.
These vessels are built with materials and designs that can withstand high pressures, often using high-strength metals such as carbon steel, stainless steel, or aluminum alloys. These containers undergo rigorous testing and certification processes to ensure their integrity and safety under a wide range of operating conditions.
Hydrogen storage tanks must also be equipped with features such as pressure relief valves, rupture discs and other safety mechanisms to prevent overpressure conditions and mitigate risks associated with hydrogen handling, including embrittlement and hydrogen embrittlement.
According to the new market research report “Global Hydrogen Tank Market Report 2024-2030”, published by QYResearch, the global Hydrogen Tank market size is projected to reach USD 1.67 billion by 2030, at a CAGR of 14.4% during the forecast period.
Figure. Global Hydrogen Tank Market Size (US$ Million), 2019-2030
Above data is based on report from QYResearch: Global Hydrogen Tank Market Report 2024-2030 (published in 2024). If you need the latest data, plaese contact QYResearch.
Figure. Global Hydrogen Tank Top 14 Players Ranking and Market Share (Ranking is based on the revenue of 2023, continually updated)
Above data is based on report from QYResearch: Global Hydrogen Tank Market Report 2024-2030 (published in 2024). If you need the latest data, plaese contact QYResearch.
According to QYResearch Top Players Research Center, the global key manufacturers of Hydrogen Tank include Hexagon Purus, Faurecia, Iljin Hysolus, Toyota, Zhangjiagang Furui Hydrogen Power Equipment Co., Ltd., Faber Industrie, Quantum Fuel Systems, Luxfer Group, Worthington Industries, NPROXX, etc. In 2023, the global top 10 players had a share approximately 58.0% in terms of revenue.
Market Drivers:
Hydrogen storage tanks for hydrogen storage are very important in the automotive industry for fuel cell electric vehicles (FCEVs), which combine hydrogen with oxygen in an electrolysis reaction to produce energy. A by-product of this process is water; therefore, FCEVs are emission-free. FCEV technology is being used in industrial and commercial vehicles, and its emissions-free operation makes it an important target for governments seeking to mitigate climate change.
Compact, reliable, safe, and cost-effective hydrogen storage is a key challenge for the widespread commercialization of fuel cell electric vehicles (FCEVs) and other hydrogen fuel cell applications. As with any vehicle powered by non-gasoline fuels, one of the challenges is infrastructure. In the United States, the number of hydrogen refueling stations is relatively small relative to the land area (most are located in California), and in Europe, Japan, and South Korea, there are slightly more hydrogen refueling stations. Gas stations notwithstanding, anyone in the market for an FCEV has three options: Toyota Mirai, Hyundai Nexo and Honda Clarity. They have ranges of 400, 380 and 360 miles respectively and cost about $68,000 (including a $15,000 fuel credit), but affordable onboard hydrogen storage remains a key hurdle.
Restraint:
Market conditions are driving up the cost of many raw materials, with buyers currently being hit by rising prices for a variety of products.
Raw material prices continue to rise, and manufacturers face a host of challenges in the supply chain. As prices continue to rise, manufacturers are still dealing with two supply chain headwinds that have plagued the industry throughout the pandemic: slowing supplier deliveries and slowing labor availability.
As the military conflict between Russia and Ukraine intensifies, it threatens to disrupt global supply chains that are recovering from the effects of the COVID-19 pandemic. With Russia bearing the brunt of Western sanctions imposed on it over the Ukraine invasion, including cutting off many Russian banks from the interbank payments system SWIFT, the ongoing conflict could hit industries that rely on supplies of raw materials, particularly industrial commodities, from Russia.
All of this could lead to a new wave of shortages in a world that is gradually recovering from the impact of the pandemic. It could also lead to higher prices, affecting entire industries and households at a time when inflation is a major concern around the world.
For more information, please contact the following e-mail address:
Email: global@qyresearch.com
Website: https://www.qyresearch.com
About QYResearch
QYResearch founded in California, USA in 2007.It is a leading global market research and consulting company. With over 16 years’ experience and professional research team in various cities over the world QY Research focuses on management consulting, database and seminar services, IPO consulting, industry chain research and customized research to help our clients in providing nonlinear revenue model and make them successful. We are globally recognized for our expansive portfolio of services, good corporate citizenship, and our strong commitment to sustainability. Up to now, we have cooperated with more than 60,000 clients across five continents. Let’s work closely with you and build a bold and better future.
QYResearch is a world-renowned large-scale consulting company. The industry covers various high-tech industry chain market segments, spanning the semiconductor industry chain (semiconductor equipment and parts, semiconductor materials, ICs, Foundry, packaging and testing, discrete devices, sensors, optoelectronic devices), photovoltaic industry chain (equipment, cells, modules, auxiliary material brackets, inverters, power station terminals), new energy automobile industry chain (batteries and materials, auto parts, batteries, motors, electronic control, automotive semiconductors, etc.), communication industry chain (communication system equipment, terminal equipment, electronic components, RF frontend, optical modules, 4G/5G/6G, broadband, IoT, digital economy, AI), advanced materials industry Chain (metal materials, polymer materials, ceramic materials, nano materials, etc.), machinery manufacturing industry chain (CNC machine tools, construction machinery, electrical machinery, 3C automation, industrial robots, lasers, industrial control, drones), food, beverages and pharmaceuticals, medical equipment, agriculture, etc.