INDIA, September 18, 2023/EINPresswire.com/ — The hydrogen storage tanks and transportation market is estimated to grow from USD 174 million in 2022 to USD 4,155 million by 2030, at a CAGR of 48.6% during the forecast period. The primary drivers of the market include the rising demand for storage tanks to store gaseous hydrogen.
“Hydrogen fuel storage systems to be fastest-growing market from 2022 to 2030”
The hydrogen storage tanks and transportation market, by modular storage, is bifurcated hydrogen fuel storage systems and hydrogen distribution systems. The hydrogen fuel storage systems segment is expected to dominate in terms of CAGR during the forecast period and this dominance can be attributed to the increasing number of projects of fuel storage systems for the purpose of transportation.
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“Vehicle source segment to be fastest-growing market from 2022 to 2030”
The hydrogen storage tanks and transportation market, by application, is vehicles, marine, railway, stationary storage and trailers for H2 transportation. The stationary storage is expected to be the second-largest segment. Stationary storage is an excellent source for storing hydrogen in small scale industry which can be converted into fuel and chemicals.
“Type 4, by tank type, expected to be largest market from 2022 to 2030”
The hydrogen storage tanks and transportation market, by tank type, is bifurcated into type 1, type 2, type 3 and type 4.The type 4 segment is expected to be the largest market followed by the type 2 during the forecast period. This dominance is because of the need for lightweight storage tanks.
“Above 500 bar, by tank type, expected to be largest market from 2022 to 2030”
The hydrogen storage tanks and transportation market, by pressure, is bifurcated into below 200 bar, 200 – 300 bar, above 500 bar. The above 200 – 300 bar segment is expected to be the second largest market. This growth is attributed to the rising demand for hydrogen fuel cell based applications in transportation sector.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
By Designation: C-Level- 30%, Director Level- 25%, and Others- 45%
By Region: Asia Pacific – 35%, Europe – 25%, North America – 10%, Rest of the World – 30%
Note: Other designations include sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined based on their total revenue as of 2017. Tier 1: USD 1 billion and above, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million.
The Hydrogen storage tanks and transportation market is dominated by a few major players that have a wide regional presence. The leading players in the hydrogen storage tanks and transportation market are Hexagon Purus (Norway), NPROXX (Germany), Worthington Industries Inc. (US), Tenaris (US), Plastic Omnium (France), Quantum Fuel Systems LLC. (US), Composite Advanced Technologies, LLC. (US).
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The report defines, describes, and forecasts the hydrogen storage tanks and transportation market, by modular storage, pressure, tank type, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the hydrogen storage tanks and transportation market.