Hydrogen Pressure Vessels Market Size, Share, Growth, and Industry Analysis, By Type (Type I, Type II, Type III, and Type IV), By Application (Industrials, Automotives, and Others), Regional Insights, and Forecast To 2031

Updated On: 08 July 2024

Hydrogen Pressure Vessels Market Report Overview

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The global hydrogen pressure vessels market size was USD 470.9 million in 2021 and is expected to touch USD 2588.25 million by 2031, at a CAGR of 18.6% during the forecasted period.

The hydrogen pressure vessels industry is set to expand exponentially owing to increasing demand in the aviation sector and transportation industry. The rise in the use of fuels will prompt the need for hydrogen pressure vessels. The hydrogen pressure vessels market is divided into the type and application segments. The type segment consists of Type I, II, III, and IV vessels, while the application segment consists of industrial and automotive uses.

Hydrogen pressure vessels are used to store industrial hydrogen. Hydrogen storage is a crucial technology for advancing hydrogen technologies in stationary and portable power and transportation applications. Hydrogen has the highest energy per mass compared to any fuel. However, its low ambient temperature density results in inadequate energy per unit volumes, thus requiring advanced storage development of methods that have the potential for high energy density volumes.

COVID-19 Impact: Lockdown Restrictions and Supply Chain Disruptions Impeded Growth

The global COVID-19 pandemic has been unprecedented & staggering, with hydrogen pressure vessels experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR can be attributed to hydrogen pressure vessels market growth and demand returning to pre-pandemic levels after the pandemic is over.

The movement restrictions amidst the pandemic and supply chain disruptions in the hydrogen vessels market impeded market growth worldwide. Due to disruptions in the Western economies during the pandemic, manufacturers in developing countries such as the Asia Pacific region incurred huge losses. The demand for vehicles and transportation saw the lowest sales levels, thus heavily impacting the hydrogen pressure vessels industry. However, the market is set to record exponential figures in the post-pandemic sales boom.

LATEST TRENDS

"Demand for Low Emission Transportation Fuels to Drive Market Growth"

Factors such as rising demand for low-emission fuels, increasing consumption of oil, and high demand for hydrogen from clean oil refineries will drive the market growth and share of the industry. With low carbon fuels being more financially efficient, vehicle industries are expected to switch to low carbon fuels, thereby driving the demand for hydrogen and hydrogen vessels. Along with this, greenhouse gas emissions will also come down, thus reducing gasoline costs for the biofuels industry.

Hydrogen Pressure Vessels Market Segmentation

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•  By Type

The market is subcategorized based on type I, type II, type III, and type IV vessels.

• By Application

Based on applications, the market is subcategorized into industrials, automotive, and others.

DRIVING FACTORS

"Rising Innovations in Technology to Lead Market Growth"

Digital innovations in the hydrogen pressure vessels market will enable efficient production, effective operational maintenance, and sales monitoring. Some key market developments include increasing demand for smart storage, intelligent automation, and rising disposable incomes in developing countries. The post-pandemic economic recovery will boost energy consumption and automotive, industrial, and consumer goods sales, leading to an impressive growth rate and increasing market share. Thus, these factors will lead to the hydrogen pressure vessels market growth.

"Rising Demand for Methanol and Ammonia to Spur Market Growth"

The rising demand for ammonia and methanol in the biofuels market will lead to industrial growth. Chemical storage of hydrogen in the ammonium form is an effective way to safely store hydrogen in hydrogen pressure vessels. Ammonia, methane, and methanol are hydrogen-rich molecules driving market growth and share as awareness has increased about hydrogen distribution storage mediums. Thus, the market is set to boom worldwide as the demand for these chemicals increases.

RESTRAINING FACTORS

"Strict Regulations and Fluctuating Prices to Impede Market Growth"

Stringent regulations and standards worldwide, growing competition, and inflation are estimated to hamper the market growth in key regions, and fluctuating raw material prices are some of the hydrogen pressure vessels market restraints for some time. The increasing tensions in the European region have prompted stricter regulations, resulting in losses for European companies. Thus, these factors may negatively affect the market, leading to less demand for hydrogen vessels.

Hydrogen Pressure Vessels Market Regional Insights

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"Asia Pacific to Lead Market Share Owing to Production Expansion"

The Asia Pacific region will lead the hydrogen pressure vessels market share due to the expansion of production and manufacturing capacities in countries such as Japan and South Korea. Countries such as China will lead the growth as industry players expand their production worldwide, leading to increased demand and affordable costs. Thus, developing nations will lead the manufacturing process while the developed countries will lead the demand as the need for hydrogen pressure vessels increases.

KEY INDUSTRIAL PLAYERS

The report analyzes various market players in the industry, and the information is published after proper research, analysis of trends, key developments, new initiatives, and technological developments and innovations. Other aspects of the report include a thorough research on companies, regions, technical and environmental outcomes, and newly emerging industries' impact and risks. The facts in the information may be subject to change, given the situation of market players. The research considers all the points after a thorough analysis, thus generating future possibilities for the market. The Asia Pacific region will lead the market with the largest share, thus benefiting industrial players and consumers with the product's prices.

List of Market Players Profiled

• Toyota (Japan)
• Faurecia (France)
• C.L.D. (China)
• Faber Industrie S.P.A. (Italy)
• Luxfer Group (U.K.)
• Quantum Fuel Systems (U.S.)
• Hexagon Composites A.S.A. (Norway)
• NPROXX (Netherlands)
• Worthington Industries, Inc. (U.S.)
• Zhangjiagang Furui Hydrogen Power Equipment Co. Ltd. (China)
• C.T.C.
• Iljin (China)
• Plastic Omnium (France)
• Mahytec (HENSOLDT) (Germany)

INDUSTRY DEVELOPMENT

• July 2022: NPROXX, the Netherlands-based hydrogen vessels company, has expanded its business to the U.S. The increasing need for hydrogen technology prompted the Type IV vessel manufacturer to consider new avenues, thus establishing a business in the U.S. as it is a potential market for the product. The supportive vehicle regulations with energy capabilities also drive the company's expansion decision, creating more opportunities for the manufacturer to produce efficient cars.

REPORT COVERAGE

The report examines elements that affect the demand and supply factors and estimates dynamic market forces for the forecast period. It also offers drivers, restraints, the latest trends, and critical industrial developments. After evaluating financial and technical market factors, the report provides an extensive SWOT analysis. The research is subject to alteration if leading players and analysis of market dynamics change. The information is an approximate estimation of the factors mentioned, taken into consideration after thorough research. The report also provides information on segmentation, key industry developments, and an analysis of risks in the hemoperfusion production industry.