Global Hydrogen Storage Tanks & Transportation Market will garner a sizeable valuation by 2032. Rapid industrial growth is working in favor of industry growth. Hydrogen fuel cells are being widely explored as a clean and efficient power source for various industrial applications, such as electric vehicles, backup power systems, and portable devices. These fuel cells require a steady supply of hydrogen, which necessitates the development of infrastructure for hydrogen storage and transportation. Moreover, increasing efforts by industries toward decarbonization has further increased the demand for hydrogen storage and transportation.
The overall hydrogen storage tanks & transportation market is categorized based on material, tank, pressure, application, and region.
Based on material, the metal segment held more than 38% of the hydrogen storage tanks & transportation market share in 2022. High durability and strength of metal tanks make them suitable for handling the high pressures required for hydrogen storage. Additionally, these tanks allow for rapid filling and emptying of hydrogen. This is essential for applications requiring quick refueling prompt hydrogen supply, such as hydrogen fueling stations for vehicles or backup power systems.
Based on the tank, the market size from the type 1 segment could drive lucrative gains through 2032. Cost-effectiveness and long life span of type 1 hydrogen storage tanks favor their adoption. They can be easily integrated into existing infrastructure, such as hydrogen refueling stations or industrial systems due to their compatibility with conventional gas handling and distribution equipment. This makes it easier to establish hydrogen storage and distribution networks without requiring major modifications to the infrastructure.
In terms of pressure, hydrogen storage tanks & transportation industry size from the above 500 bar segment will cross USD 3.6 billion by 2032. High storage capacity of these tanks has increased their uptake. These tanks enable faster refueling times for hydrogen-powered vehicles. The high pressure allows more hydrogen to be quickly delivered into the tank, reducing refueling times compared to lower-pressure storage systems. This improves convenience and usability for hydrogen fueling stations, especially in high-demand scenarios.
From the regional perspective, North America hydrogen storage tanks & transportation market share will grow at a substantial CAGR from 2023 to 2032. Growing deployment of hydrogen storage facilities in the region has increased product uptake. The regional government is putting significant efforts into developing hydrogen infrastructure, which will positively affect regional growth. The region also has a robust presence of industry giants such as Composite Advanced Technologies, LLC and others emphasizing growth through product innovations.