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Rising Adoption Of Hydrogen Fuel Cell Vehicles Drives Growth In The Market Fueled By Increasing Demand For Safe And Efficient Hydrogen Storage: Powering Innovation and Expansion in the Hydrogen Pressure Vessels Market by 2025
Hydrogen Pressure Vessels
What Is the Expected CAGR for the Hydrogen Pressure Vessels Market Through 2025?
In recent times, the hydrogen pressure vessels market has seen robust growth. The market is projected to expand from a size of $10.31 billion in 2024 to $11.26 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 9.2%. Factors contributing to the growth seen in the previous years include an upsurge in hydrogen-powered transportation growth, an increase in renewable energy investments, a rise in the hydrogen storage infrastructure, amplified investments in hydrogen production facilities, and an expansion in hydrogen refueling stations.
What's the Projected Size of the Global Hydrogen Pressure Vessels Market by 2029?
There is an anticipated robust expansion in the hydrogen pressure vessels market size in the forthcoming years. The market is projected to ascend to $16.43 billion in 2029, with a compound annual growth rate (CAGR) of 9.9%. The upsurge during the projected period is attributable to the escalating investments in hydrogen refueling facilities, surging demand for green hydrogen, increased public and private capital influx into hydrogen infrastructure, a rising trend of adopting hydrogen-powered vehicles, and an enhanced dependency on renewable energy sources. Key developments in the projection period include technological breakthroughs, hybrid pressure vessel systems, the inclusion of artificial intelligence, high-strength alloys, and progress in vacuum-insulated storage technology.
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Top Growth Drivers in the Hydrogen Pressure Vessels Industry: What's Accelerating the Market?
The growth of hydrogen pressure vessels markets is anticipated to be driven by the rising adoption of hydrogen fuel cell vehicles (FCVs). Hydrogen fuel cell vehicles, also known as FCEVs, are powered by electricity that is generated from hydrogen gas via a fuel cell and only emit water as a waste product. The high-capacity, lightweight, and safe storage systems for compressed hydrogen offered by FCVs are causing the increasingly widespread usage of these vehicles, thus leading to advancements in the crucial aspect of hydrogen infrastructure. These pressure vessels provide a secure storage solution for compressed hydrogen gas under high pressure, guaranteeing a steady fuel supply for the FCEVs. The conversion of hydrogen into electricity to power the vehicle is enabled by the fuel cell system, extending driving distances, and encouraging emission-free transportation. For example, the International Energy Agency (IEA), an independent intergovernmental organization based in France, reported in May 2023 that the global number of hydrogen fuel cell electric vehicles (FCEVs) on the roads experienced a growth of 40% compared to 2021, totaling over 72,000 vehicles in 2022. Consequently, the escalating adoption of hydrogen fuel cell vehicles (FCVs) is fueling the expansion of the hydrogen pressure vessels market.
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What Are the Key Trends Driving Hydrogen Pressure Vessels Market Growth?
Key players in the hydrogen pressure vessels market are prioritizing the creation of high-pressure hydrogen storage vessels to boost storage efficiency. Such a vessel, specifically intended for the secure storage of hydrogen gas, typically exceeds pressures of 350 bar (5,000 psi), facilitating effective storage and transport for a variety of applications such as fuel cell vehicles and industrial applications. For instance, NPROXX, a Dutch company that specializes in high-pressure hydrogen storage solutions, unveiled the AH710-70 hydrogen storage solutions in September 2024. Developed specifically for the auto industry to cater to the needs of heavy-duty vehicles and long-haul trucks, this state-of-the-art high-pressure hydrogen storage vessel can hold up to 22.2 kg of utilizable hydrogen at 700 bars. With a storage capacity of 553 liters, weight of 338 kg, and designed for easy integration into different vehicle designs, the AH710-70 offers a compact, efficient, and safe hydrogen storage choice. Ensuring versatility and performance, the AH710-70 is expected to go on sale commercially in Q3 2024, to meet the growing need for reliable hydrogen storage solutions in the automotive industry.
What Are the Main Segments in the Hydrogen Pressure Vessels Market?
The hydrogen pressure vesselsmarket 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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Which Top Companies are Driving Growth 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
Which Regions Will Dominate the Hydrogen Pressure Vessels Market Through 2029?
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.
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