Hydrogen Pressure Vessels Market is Forecasted to Reach US$ 10.3 Billion in 2028, Says Stratview Research

The global Hydrogen Pressure Vessels Market is projected to witness a growth rate of 52.8% annually from 2023 to 2028, with an anticipated size of US$ 10.3 billion in 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global Hydrogen Pressure Vessels Market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2028: US$ 10.3 billion
Growth (CAGR): 52.8% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 4
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Hydrogen Pressure Vessels Market:
The global Hydrogen Pressure Vessels Market is segmented vessel type, application type, process type, and region

Based on the vessel type: The market is segmented into Type-I vessel, Type-II vessel, Type-III vessel, and Type-IV vessel. Among the vessel types, Type-IV vessels are expected to maintain their market dominance during the forecast period. The key advantages offered by these vessels are weight reduction, corrosion resistance, fatigue resistance, high storage density, and low operational cost. These vessels are highly used in mobility applications and are used across key FCEV models such as Toyota Mirai, Hyundai Nexo, and EUNIQ 7.

Based on the application type: The market is classified as mobility and gas storge and distribution. Between two application types, mobility is likely to grow at a faster pace during the forecast period, due to rising production of FCEVs, which is the major demand generator. Further growth in their production is expected in the upcoming years, tremendously influencing the growth of the mobility market segment. Trucks and buses are likely to be the major contributors to the mobility category in the years to come.

Based on the process type: The market is segmented into wet winding process and towpreg process. In the coming years, the towpreg process is expected to grow at a faster pace owing to the clean processing, improved part quality, fast winding speeds, and short cure cycles, during the mass production of hydrogen pressure vessels. A gradual shift towards the use of towpreg process is expected in the coming years, due to its increased winding speed and superior laminate quality.

To know the most attractive segments, click here for a free sample of the report:
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Which Region Shows the Most Promising Growth Forecast and Opportunity?
The analysis Asia-Pacific is expected to remain the largest market for hydrogen pressure vessels during the forecast period. This growth outlook is majorly attributed to the following-
• The region is home to major FCEV OEMs, such as Hyundai Motor Company and TOYOTA MOTOR CORPORATION, which are expected to drive the regional market demand in the coming years.
• In addition, the active presence of hydrogen pressure vessel manufacturing companies such as ILJIN Hysolus Co., Ltd., TOYOTA MOTOR CORPORATION, and TOYODA GOSEI Co. Ltd. is likely to significantly influence regional market growth during the forecast period.

Hydrogen Pressure Vessels Market Drivers:
The Hydrogen Pressure Vessels Market is driven by several key factors, including:
• The increasing global focus on the deployment of hydrogen infrastructure is also expected to significantly influence market growth in the coming years.
• Governments all over the world have stepped up their efforts to reduce greenhouse gas emissions by encouraging the construction of hydrogen stations that use less energy, which is also a major reason for increasing hydrogen demand across regions.

Top 10 Companies in the Hydrogen Pressure Vessels Market:
Stratview Research has identified the following companies as the top market players:
• Hexagon Purus
• Iljin Hysolus Co., Ltd.
• Luxfer Gas Cylinders
• Worthington Industries
• CIMC Enric
• Plastic Omnium
• Faurecia

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Hydrogen Pressure Vessels Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:
• Pressure Vessels Market: https://www.stratviewresearch.com/438/Pressure-Vessel-Market.html
• Carbon Composite Hydrogen Tanks Market: https://www.stratviewresearch.com/1415/carbon-composite-hydrogen-tanks-market.html

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
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This release was published on openPR.