Hydrogen Storage Tank Market Size, Share and Global Trend By Storage Technology (Physical Based, Material Based), By Application (Chemical, Refinery, Transportation, Others) and Regional Forecast, 2024-2032

The rapid economic development has eased the life of human being, but at the same time, it has brought an adverse impact on the environment. If the world goes at the current rate of consumption of fossil fuel it very severely hampers the environment.

The government and private entities came together to mitigate the increasing GHG emission. In 2015 governments across the world reached a landmark agreement in association with UNFCCC to fight against climate change and accelerate the actions and investments required for sustainable low carbon future. Hydrogen is a versatile element available on the earth crust.

It is the most occurring component taking up 75% of the universe, and it plays a more significant role in the sustainability of life. Hydrogen is a renewable source of energy, but it also offers numerous environmental benefits such as non-toxicity, reduces pollution and much helps for sustainable development. Hydrogen can be extracted by either electrolysis or steam methane reforming.

In the electrolysis process, hydrogen is separated by running a high electric current through water. The technological advancement entails efficient hydrogen storage for a wide range of application. Ongoing research programs and awareness for sustainable energy sources is expected to enhance the demand for the hydrogen storage tank.

Hydrogen storage tank market is segmented on the basis of storage technology and application. Storage technology is further bifurcated into physical and material based storage. Hydrogen can be stored in either liquid or gas in physical-based storage.

To store hydrogen in gaseous form it requires a storage tank with 350-700 bar pressure capacity while in case of hydrogen storage in liquid form requires cryogenic temperature. Hydrogen storage tanks are widely used refineries, chemical plants, transportation, and so on.

The world is witnessing its worst environmental degradation in this century and mitigating the GHG emission the international organization signed a pact to promote sustainable energy sources. Hydrogen is the lightest and abundant element available on the earth with versatile properties such as odorless and non-toxic.

Along with this, it has the highest energy content of conventional fuel by weight which can be used in fuel cell electric vehicle (FCEV). Stringent emission regulation across the world and raising awareness for environment-friendly fuel is expected to increase the growth of the hydrogen storage tank market.

Hydrogen storage requires extensive infrastructure for its storage, which includes high initial cost and barriers involved in the hydrogen storage is expected to increase the hydrogen storage tank market. Also, the extraction of hydrogen is mainly carried out from fossil fuels which are quite a lengthy process which increases the cost of the extraction process is obstruction hydrogen storage tank market.

Key Players Covered

The leading manufacturers of the hydrogen storage tank are McDermott International Inc., Air Liquide, Linde, Praxair, Inc, Worthington Industries, Luxfer Holdings Plc, McPhy, HBank Technologies Inc., VRV, Cryofab, Inc., Nikkiso Cryo Inc., Cella Energy, and Pragma Industries.

SEGMENTATION

Regional Analysis

The hydrogen storage tank market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is projected to get a significant market share for the hydrogen storage tank. Ongoing investment in research and development of hydrogen storage technologies by the Department of Energy (U.S.) is expected to increase efficiency and lower down the cost of storing hydrogen. Simultaneously increased demand for fuel cell electric vehicle (FCEV) to promote green technology, creating a positive impact on the growth of the hydrogen storage tank market in North America. Europe is stringent in terms of protecting the environment by implementing harsh emission norms. The local government and private entities are working together to promote sustainable energy sources which leverage the demand for hydrogen fuel. The energy consumption in rapidly developing the Asia Pacific is tremendous owing to bountiful development in infrastructure, manufacturing, industrialization, and so on. Ever grossing use of conventional fuel and burning of a sizeable amount of fossil fuel has increased the carbon emission into the atmosphere which degrading the environment. In order to mitigate climate change, various governments are promoting renewable energy sources that will drive the hydrogen storage tank market in the Asia Pacific.

Key Industry Developments

• In May 2019, ISRO has successfully shipped India’s largest liquid hydrogen storage tank at the VRV Asia Pacific’s manufacturing plant in Andhra Pradesh. The hydrogen tank is manufactured in association with Satish Dhawan Space Centre (SDSC) under the Make in India initiative.
• In February 2019, McDermott secured a contract from NASA to build a 1.4million gallon liquid hydrogen storage tank that will be used by NASA to fuel its rocket headed to Mars.
• In December 2018, A contract has been assigned to Hexagon Composite for supplying hydrogen tanks for serial production of fuel cell electric vehicles (FCEV) to be launched by an automotive company. The worth of the contract is around $50-70 million.