Hydrogen Storage Tanks and Transportation Market Size, Share, Analysis, Trends, Growth Report, 2032

Hydrogen Storage Tanks and Transportation Industry Prospective:

The global hydrogen storage tanks and transportation market size was evaluated at $320.14 million in 2023 and is slated to hit $8,150.33 million by the end of 2032 with a CAGR of nearly 43.29% between 2024 and 2032.  

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Hydrogen Storage Tanks and Transportation Market: Overview

Hydrogen storage can be distributed constantly in batch-wise by railways, ships, airplanes, and trucks. Furthermore, batch transportation requires a storage system and pipelines which can also be used as a pressure storage system. Moreover, hydrogen is eco-friendly and regenerative and hence can be easily stored in storage tanks and transported to other places.

Key Insights

• As per the analysis shared by our research analyst, the global hydrogen storage tanks and transportation market is projected to expand annually at the annual growth rate of around 43.29% over the forecast timespan (2024-2032).
• In terms of revenue, the global hydrogen storage tanks and transportation market size was evaluated at nearly $320.14 million in 2023 and is expected to reach $8,150.33 million by 2032.
• The global hydrogen storage tanks and transportation market is anticipated to grow rapidly over the forecast timeline owing to a surge in capital funding from various governments in developing strong hydrogen infrastructure.
• In terms of modular storage, the fuel storage segment is slated to register the highest CAGR over the forecast period.
• Based on application, the vehicles segment is predicted to contribute majorly towards the global industry share in the upcoming years.
• Region-wise, the Europe hydrogen storage tanks and transportation industry is projected to register the fastest CAGR during the projected timespan.

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Hydrogen Storage Tanks and Transportation Market: Growth Factors

Rise in the capital investments for developing strong hydrogen facilities to boost the global market trends

A surge in capital funding from various governments in developing strong hydrogen infrastructure will expand the scope of the global hydrogen storage tanks and transportation market. Strong industrial growth will further boost global market trends. Swift breakthroughs in hydrogen-driven vehicles will proliferate the size of the global market. The rising focus on restricting carbon emissions globally will steer the expansion of the global market. Growing demand for clean energy solutions will bolster the growth of the global market.     

Hydrogen Storage Tanks and Transportation Market: Restraints

Poor infrastructure facilities in the developing countries can retard the global industry surge by 2032

Lack of strong infrastructure facilities in emerging economies can restrict the expansion of the global hydrogen storage tanks and transportation industry. Hydrogen storage needs high-pressure tanks that further increase hydrogen costs, thereby inhibiting global industry expansion.  

Hydrogen Storage Tanks and Transportation Market: Opportunities

Easy access to hydrogen storage tanks & availability of efficient transport facilities to open new growth avenues for the global market

The availability of hydrogen storage tanks and strong transportation infrastructure in developed countries will open new growth opportunities for the global hydrogen storage tanks and transportation market.

Hydrogen Storage Tanks and Transportation Market: Challenges

Surging safety issues related to hydrogen storage & transportation activities to challenge the global industry surge by 2032

Growing safety concerns related to hydrogen storage and transport owing to their potential hazards and flammability can challenge the growth of the global hydrogen storage tanks and transportation industry.

Hydrogen Storage Tanks and Transportation Market: Segmentation

The global hydrogen storage tanks and transportation market is divided into modular storage, application, and region.                                         

In modular storage terms, the hydrogen storage tanks and transportation market across the globe is bifurcated into distribution systems and fuel storage segments. Additionally, the fuel storage segment, which acquired nearly 69% of the global market revenue in 2023, is expected to record the fastest annual rate of growth in the forecast timespan. The expansion of the segment in the next eight years can be due to a rise in the demand for storing excess sustainable energy from various sources such as solar and wind.  

Based on application, the global hydrogen storage tanks and transportation industry is divided into railways, stationary storage, vehicles, trailers, and marine segments. Moreover, the vehicles segment, which garnered about 63% of the global industry revenue in 2023, is projected to make sizable contributions toward the global industry share over the analysis timeline. The growth of the segment in the upcoming years can be credited to the integration of transport systems and hydrogen storage in vehicles. Breakthroughs in tank design, vehicle architecture, and onboard storage services will further steer the segmental surge.

Hydrogen Storage Tanks and Transportation Market: Report Scope

Hydrogen Storage Tanks and Transportation Market: Regional Insights

Asia-Pacific is expected to maintain its leadership status in the global market in the next couple of years

Asia-Pacific, which contributed approximately 65% of the global hydrogen storage tanks and transportation market earnings in 2023, is projected to maintain a numero uno position in the global market in the years ahead. In addition to this, the regional market expansion in the upcoming years can be due to rapid industrialization and urbanization in countries such as South Korea, China, and Japan. Growing awareness about clean and renewable energy will further steer the growth of the market in the APAC zone.

European hydrogen storage tanks and transportation industry is predicted to record the fastest growth rate in the forecast timespan. The rapid growth of the industry in the continent over 2024-2032 can be credited to the large-scale presence of key players in European countries such as the UK, Germany, Estonia, and France.

Key Developments

• In the first half of 2023, Hexagon Purus, a key player offering zero-emission mobility technology, decided to expand its hydrogen production unit at its location in Weeze. The move is likely to boost the expansion of the hydrogen production capacity in the upcoming years.
• In the third quarter of 2022, NPROXX, a key player in high-pressure hydrogen storage solutions, launched new advanced hydrogen storage solutions in Germany.

Hydrogen Storage Tanks and Transportation Market: Competitive Space

The global hydrogen storage tanks and transportation market profiles key players such as:

• Umoe Advanced Composites
• Marine Service Noord
• Hexagon Purus
• Mahytec
• Worthington Enterprises
• Steelhead Composites Inc.
• Plastic Omnium
• Tenaris
• Composite Advanced Technologies LLC
• Pragma Industries

Luxfer Holdings PLC

The global hydrogen storage tanks and transportation market is segmented as follows:

By Modular Storage

• Distribution Systems
• Fuel Storage

By Application

• Railways
• Stationary Storage
• Vehicles
• Trailers
• Marine

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa