What are the Historical Developments and Current Growth Metrics of the Hydrogen Pressure Vessels Market?
The hydrogen pressure vessels market has seen considerable growth due to a variety of factors.
• In recent years, there has been a swift expansion in the market size of hydrogen pressure vessels. The value is projected to escalate from $10.31 billion in 2024 to reach $11.42 billion in 2025, thus marking a compound annual growth rate (CAGR) of 10.8%.
The historic upsurge can be linked to several factors such as the increased use of hydrogen in transportation, growing investments in renewable energy, expanding hydrogen storage infrastructure, amplified investment in hydrogen production plants, and a notable increase in the number of hydrogen refueling stations.
What Is The Projected Growth Of The Hydrogen Pressure Vessels Template Market?
The hydrogen pressure vessels market is expected to maintain its strong growth trajectory in upcoming years.
• The market for hydrogen pressure vessels is projected to experience rapid expansion in the coming years. It is projected to reach a valuation of $16.98 billion in 2029, with a compound annual growth rate (CAGR) of 10.4%.
Factors driving growth during the forecast period include ramped-up investments in hydrogen refuelling frameworks, heightened demand for eco-friendly hydrogen, increased public and private funding in hydrogen structures, more hydrogen-powered vehicles on the road, and a strengthened dependence on renewable energy. Anticipated trends during this forecast period incorporate technological progression, hybrid pressure vessel systems, the incorporation of artificial intelligence, the development of high-strength alloys, and breakthroughs in vacuum-insulated storage technology.
What Are The Key Drivers Fueling Growth In The Hydrogen Pressure Vessels Market?
The anticipated surge in the usage of hydrogen fuel cell vehicles (FCVs) is predicted to drive the expansion of the hydrogen pressure vessels market in the upcoming years. Vehicles powered by electricity produced from hydrogen gas via fuel cells, which only emit water as a by-product, are referred to as Hydrogen fuel cell vehicles (FCEVs). Their rising popularity is due to their capability to provide high-capacity, lightweight, and secure storage for compressed hydrogen, thus enhancing advancements in this crucial part of hydrogen infrastructure. Hydrogen pressure vessels provide safe high-pressure storage of compressed hydrogen gas, ensuring a dependable fuel supply for the fuel cell system that transforms hydrogen into electricity. This energy then powers the vehicle, allowing for longer driving ranges while advocating for zero-emission transportation. As per the data shared by the International Energy Agency (IEA), a self-governed intergovernmental organization based in France, in May 2023, there was an increase of 40% in the number of hydrogen fuel cell electric vehicles (FCEVs) globally in 2022 compared to 2021, with a total of more than 72,000 vehicles. Consequently, this uptrend in the usage of hydrogen fuel cell vehicles (FCVs) is spurring the growth of the hydrogen pressure vessels market.
What Are The Principal Market Segments In The Global Hydrogen Pressure Vessels Industry?
The hydrogen pressure vessels market covered in this report is segmented –
1) By Type: Type I, Type II, Type III, Type IV
2) By Process Type: Towpreg Process, Wet Winding Process
3) By Application: Storage, Distribution, Stationary Or Mobile Refueling
Subsegments:
1) By Type I: Steel Cylinders, Seamless Pressure Vessels
2) By Type II: Hoop-Wrapped Steel Vessels, Composite Overwrapped Pressure Vessels
3) By Type III: Fully Wrapped Composite Vessels With Metal Liner, Carbon Fiber Reinforced Vessels
4) By Type IV: Fully Wrapped Composite Vessels With Polymer Liner, High-Pressure Hydrogen Storage Tanks
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What New Trends Are Influencing The Hydrogen Pressure Vessels Market?
Major companies operating in the hydrogen pressure vessels market are focusing on developing high-pressure hydrogen storage vessels to enhance storage efficiency. A high-pressure hydrogen storage vessel is a specialized container designed to safely store hydrogen gas at pressures typically exceeding 350 bar (5,000 psi), enabling efficient storage and transportation for various applications, including fuel cell vehicles and industrial uses. For instance, in September 2024, NPROXX, a Netherlands-based high-pressure hydrogen storage solutions company, launched the AH710-70 hydrogen storage solutions. This is an advanced high-pressure hydrogen storage vessel developed for the automotive industry, especially designed for heavy-duty vehicles and long-haul trucks. This is capable of storing 22.2 kg of usable hydrogen at 700 bars, and offers a compact, efficient, and secure solution for hydrogen storage. These vessels consist of a volume of 553 liters, a weight of 338 kg, and optimized for seamless integration into various vehicle designs, that ensures versatility and performance. The AH710-70 is set to be commercially available in Q3 2024, addressing the increasing demand for dependable hydrogen storage solutions in the automotive sector.
Who Are the Key Players In The Hydrogen Pressure Vessels Market?
Major companies operating in the hydrogen pressure vessels market are:
• Toyota Motor Corporation
• Worthington Industries Inc.
• Foriva SE
• Toray Industries Inc.
• Tenaris S.A.
• Mitsui & Co. Ltd.
• Opmobility
• Bharat Heavy Electricals Limited (BHEL)
• Japan Steel Works Ltd.
• Luxfer Gas Cylinders
• FIBA Technologies Inc.
• Doosan Mobility Innovation
• ILJIN Hysolus Co. Ltd.
• BNH Gas Tanks
• AVANCO Composites
• VAKO GmbH & Co. KG
• NPROXX
• Quantum Fuel Systems LLC
• CIKONI
• Steelhead Composites
What Are The Regional Insights Into The Hydrogen Pressure Vessels Market?
Asia-Pacific was the largest region in the hydrogen pressure vessels market in 2024. The regions covered in the hydrogen pressure vessels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
