Hydrogen Storage Pressure Vessel Market worth USD 1.2 billion by 2028 – IndustryARC

According to the latest market research report on the Hydrogen Storage Pressure Vessel Market, published by IndustryARC, Physically, hydrogen can be stored as a liquid or as a gas. Generally, high-pressure tanks (tank pressure: 250–700 bar) are needed to store hydrogen as a gas. Because the hydrogen boiling point is −252.8°C at one atmospheric pressure, liquid hydrogen storage needs cryogenic temperatures. Strong, lightweight materials like carbon fiber or metal alloys are commonly used for manufacturing hydrogen pressure vessels, which are built to resist the high pressures needed for hydrogen storage.

The Hydrogen Storage Pressure Market research report is segmented by pressure level: Pressure Levels 250 Bar, Pressure Levels 300 Bar, Pressure Levels 500 Bar, Pressure Levels 700 Bar; By Classification: Type I, Type II, Type III, Type IV; By Application: Energy Application, Automotive Application, Mobile Application, Space Application, and Others; By Region:  North America, South America, Europe, APAC, which provides a comprehensive analysis of the global market & industry forecast (2023 – 2028).

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South America Anticipated to Show the Fastest Growth in the Market:

The South American region shows the fastest growth rate in the Hydrogen Pressure Vessel market share with a CAGR of 39.64% during the forecast period (2023-2028).     South America signifies the fastest growth rate in the hydrogen storage pressure vessel market. Brazil has a wealth of renewable energy resources, especially solar, wind, and hydropower. Green hydrogen, which is seen as a sustainable and environmentally beneficial substitute for traditional hydrogen production techniques, can be produced by utilizing these resources. There is a growing demand for effective storage options, such as hydrogen storage pressure vessels, as green hydrogen generation rises. For instance,  In June 2023, in a Glimpse Into Renewable Energy’s Future The University of São Paulo (USP), Shell Brasil, Raízen, Hytron, and Senai’s biosynthetic and fibers innovation section, Cetiqt, worked together to create this ground-breaking project. The project includes building a hydrogen production facility and attempts to validate ethanol reforming technology.

Hydrogen Storage Pressure Vessel Market 2023-2028: Scope of the Report

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Hydrogen Storage Pressure Vessel Market Report – Key Takeaways:

• Energy Applications are Leading the Market

The Energy Application accounted for the largest share of the market in 2022. Hydrogen can play a key role in storing excess energy generated from renewable sources like wind and solar. High-pressure storage vessels enable the storage of hydrogen produced through electrolysis during periods of excess renewable energy production. According to IEA estimates, energy investments will total over USD 2.8 trillion by 2023. Clean energy, which includes nuclear power, storage, grids, low-emission fuels, renewable energy, efficiency upgrades, end-use renewables, and electrification, will cost more than USD 1.7 trillion. Hydrogen is considered a clean energy carrier as it can be produced using renewable energy sources and has the potential to replace traditional fossil fuels in various sectors. Energy investments are increasingly directed towards hydrogen technologies as part of efforts to transition to cleaner energy alternatives.

• Energy Applications Dominate The Market Share

The Energy Application accounted for the largest share of the market in 2022. Hydrogen can play a key role in storing excess energy generated from renewable sources like wind and solar. High-pressure storage vessels enable the storage of hydrogen produced through electrolysis during periods of excess renewable energy production. According to IEA estimates, energy investments will total over USD 2.8 trillion by 2023. Clean energy, which includes nuclear power, storage, grids, low-emission fuels, renewable energy, efficiency upgrades, end-use renewables, and electrification, will cost more than USD 1.7 trillion. Hydrogen is considered a clean energy carrier as it can be produced using renewable energy sources and has the potential to replace traditional fossil fuels in various sectors. Energy investments are increasingly directed towards hydrogen technologies as part of efforts to transition to cleaner energy alternatives. 

• Increasing Investments in Technology Research and Capacity Expansion Is A Driver:

As the demand for sustainable energy technologies grows, hydrogen will be increasingly used in areas where it outperforms batteries and other energy storage options, including aerospace, rail, maritime, and heavy-duty commercial vehicles.

All of these applications will necessitate the use of hydrogen storage pressure vessels, increasing market demand. Hydrogen energy is becoming more relevant in governments’ net-zero strategies. As a result, there is an increased demand for skilled design and production capabilities. Companies intend to accommodate this demand by investing in technology development and increasing manufacturing capacity.

For example, in August 2023, NPROXX created a brand-new hydrogen storage container for the BMW iX5. When the new R134 standard for FCEVs went into force in 2022, the NPROXX solution was among the first 700 bar boats to comply with it. In summary, the collaboration between NPROXX and the BMW Group to design the hydrogen tank system for the BMW iX5 Hydrogen demonstrates the significant impact of their partnership in showcasing the potential of hydrogen as a clean and effective substitute for conventional fuel sources in the automotive sector.

• Carbon Fiber’s High Cost And Limited Supply Is A Constraint To The Market:

Pressure vessels used for hydrogen storage have an impact on cost, weight, and safety depending on the material selection, which includes composite, steel, and aluminum. Because they are more corrosion-resistant and have a higher strength-to-weight ratio than traditional materials, composite materials are becoming more and more popular.

The kind of carbon fiber needed for hydrogen pressure vessels is currently manufactured in quantities that aren’t appropriate for demand and is somewhat costly. Pressure vessels used for hydrogen storage might suffer as a result. The amount of carbon fiber used in each tank is determined by its capacity and pressure rating, but as a general guideline, 10 kg of carbon fiber is needed for every kilogram of hydrogen held at 700 bar. Thus, fifty kilograms of carbon fiber will be needed to fill a tank that can carry five kilograms of hydrogen at 700 pressure. One potential obstacle for this sector might be a consistent supply of carbon fiber.

The following nine companies are the leading producers of carbon fiber pressure vessels for hydrogen storage: Toyota, Hanwha Cimmaron, Hexagon Composites, Hexagon Purus, NPROXX, Plastic Omnium, Iljin Hysolus, and Faurecia. All projects have varying levels of tank production expansion over the next five years. By some estimations, the total market for the hydrogen storage market could, by 2025, approach half a million carbon fiber composite tanks It can be difficult to meet the demands of this market.

It’s early in the hydrogen market’s seemingly quick maturity, so it will be interesting to observe how carbon fibre makers react to the demand signals that hydrogen storage pressure vessel manufacturers are sending out. And, of course, carbon fiber manufacturers have other markets to monitor as well, including wind energy, aerospace, and automotive, all of which are exerting their own demand pressures for the hydrogen storage pressure vessel market.

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Key Opportunity Analysis:

• The Emerging Hydrogen Economy Is A Key Opportunity For The Market:

Hydrogen storage is the fastest-growing pressure vessel market sector. Following the epidemic, there has been renewed and substantial regulatory attention to decreasing carbon emissions in transportation applications in North America, Europe, and China. The state of California, which has legislation in place to restrict the sale of gas-powered cars by 2035, is driving most of the decarbonization effort in the United States.

Battery recharge technology is continuously advancing and will only become easier and faster, but the metals resource constraint is difficult to overcome. As a result, several areas of the transportation industry have resorted to hydrogen fuel cell devices as a more environmentally friendly alternative.

Although green hydrogen technology is still in the early stages of development, its viability is assisting in the rapid expansion of the Hydrogen fuel cell economy, particularly in light-, medium-, and heavy-duty trucks, fleet vehicles, buses, trains, ships, and some passenger cars. Hydrogen is also projected to be used as a fuel source in aerospace. This market expansion has prompted demand for hydrogen storage and delivery, driving up the Hydrogen Storage Pressure Vessel market.

• The Traction Towards Alternative Fuel Vehicles and Zero-Emission Vehicle (ZEV) Regulations:

One of the major challenges for the Hydrogen storage Pressure Vessels market is the high cost associated with the production of hydrogen. Hydrogen storage pressure vessels are increasingly being employed to power fuel cells used in transportation. Although the entire fuel cell electric vehicle (FCEV) market is now niche, it has shown considerable growth in recent years and is expected to increase significantly in the next years.

There is a rising global commitment to mitigating the effects of climate change by shifting away from fossil fuels and towards renewable, low-emission fuels. The need for hydrogen is growing quickly, with numerous potential applications in the industrial, automotive, aerospace, rail, and maritime sectors. Investment in hydrogen fuel cells and hydrogen storage pressure vessels is expected to increase dramatically as the clean energy transition advances.

The long-term picture appears to be incredibly profitable, with a variety of potential for all stakeholders involved in the full hydrogen storage pressure vessel supply chain. According to a combined government-industry research, nearly 1.5 million hydrogen-powered vehicles might be on UK roads by 2030. A coordinated network of hydrogen refueling stations will be required, increasing demand for Hydrogen Storage Pressure Vessel Market Value.

• Implementation of Stringent Environmental Rules to Prevent Hazardous Emissions from Traditional Fuel Sources such as Petrol and Diesel:

Stringent environmental regulations have been implemented to reduce the harmful emissions from traditional fuel sources such as gasoline and diesel. These regulations are aimed at reducing the amount of pollutants released into the atmosphere, which can have a detrimental effect on human health and the environment.

There are no carbon emissions from the fuel in hydrogen engines in particular. Furthermore, when green hydrogen is used, there are no greenhouse gas emissions from the manufacture of hydrogen fuel. As hydrogen production increases due to rigorous restrictions, the market for Hydrogen Storage Pressure vessels is expected to grow.

The United States Environmental Protection Agency (EPA) has implemented several regulations to reduce emissions from vehicles and engines, including smog, soot, and toxic pollution.  In addition, renewable energy research and development (RERD), technological innovation (TI), and economic growth (GDP) are important factors in reducing carbon emissions. The development of hydrogen fuel cell electric vehicle markets in California, Japan, and Germany, to name a few, has provided evidence of hydrogen’s feasibility in the road sector.

In Canada, the Clean Fuel Regulations require liquid fossil fuel (gasoline and diesel) suppliers to gradually reduce the carbon intensity of the fuels they produce and sell for use in Canada over time, leading to a decrease of approximately 15% (below 2016 levels) in the carbon intensity of gasoline and diesel used in Canada by 2030.

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The Report also Covers the Following Areas:

• Hydrogen Storage Pressure Vessel Market Size and Forecast
• Hydrogen Storage Pressure Vessel market Trends
• Hydrogen Storage Pressure Vessel Market Analysis by Type

Hydrogen Storage Pressure Vessel Market 2022-2028: Key Highlights

CAGR of the market during the forecast period 2023-2028

• Value Chain analysis of key stakeholders
• Detailed analysis of market drivers and opportunities during the forecast period
• Hydrogen Storage Pressure Vessel market size estimation and forecast
• Analysis and predictions on end users’ behavior and upcoming trends
• Competitive landscape and Vendor market analysis including offerings, developments, and financials
• Comprehensive analysis of challenges and constraints in the Hydrogen Storage Pressure Vessel market

Covid and Ukrainian Crisis Impact:

• Global supply chains have been severely disrupted by the COVID-19 epidemic, which has had an effect on the pricing and availability of raw materials as well as the transit of finished goods. Both the COVID-19 pandemic and geopolitical crises can disrupt global supply chains. Manufacturing facilities may face challenges in sourcing raw materials, production delays, and transportation issues, affecting the supply of hydrogen storage pressure vessels.
• Conflicts between the Ukraine and Russia led to an increase in prices. Many companies have shut business in Russia; temporarily shutting down their plants in Ukraine. Additionally, the crisis in Ukraine has also led to a reduction in investments in the market as companies are hesitant to invest in a region that is facing political and economic instability. This could impact the supply and demand dynamics of the market.

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List of Top Companies in the Hydrogen Storage Pressure Vessel Market:

The Global Hydrogen Storage Pressure Vessel market is consolidated as the majority share is held by the leading Hydrogen Storage Pressure Vessel manufacturers. The key companies profiled are listed below:

1. Hanwha
2. Plastic Omnium
3. ILJIN Hysolus
4. Worthington Industries
5. Chart Industries
6. Voith Composites
7. CIMC Enric
8. Hensoldt
9. Luxfer
10. Pragma Industries

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