Global Hydrogen Storage Tank Market Report and Forecast 2024-2032

Global Hydrogen Storage Tank Market Outlook

The global hydrogen storage tank market size is expected to grow at a CAGR of 5.10% in the forecast period of 2024 and 2032. The growth of the market is aided by the growing adoption of hydrogen storage tanks in the transportation sector.

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Global Hydrogen Storage Tank Market Trends

Hydrogen can be stored physically in either gas state or liquid state. A hydrogen storage tank is utilised to store hydrogen under high pressure to increase the storage density. To store hydrogen as in the gas form, high-pressure tanks of around 350-700 bar tank pressure are required. Hydrogen liquid storage would require cryogenic temperatures due to its low boiling point of -252.9 °C.

Growing Demand for Hydrogen Tanks in Transportation

Hydrogen storage is increasingly being utilised for powering fuel cells which are used for transportation purposes. They offer significant advantages over batteries as they can supply electricity if there is source fuel available, unlike batteries that can discharge after use.

Favourable Government Plans for Environmental Protection

Governments across the world have increased their efforts to reduce greenhouse gas emissions by promoting the establishment of energy-saving hydrogen stations.

Rising Adoption of these Tanks in Industrial Sectors to Provide Lucative Opportunities for Growth

Industrialisation is happening at a rapid pace and due to rising environmental concerns, various regulations are being implemented to compel companies to adopt hydrogen or alternate sources for various operations, like refining and electricity, among many others.

High Production and Distribution Cost of Green Hydrogen Can Hinder the Growth

The production of green hydrogen comes with a high price of production as it is dependent on the renewable electricity price, the cost of the electrolyser, and its operating time. Storing and distributing hydrogen to the point of use is more expensive as it contains less energy per unit volume than other fuels.

Global Hydrogen Storage Tank Market Analysis

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Based on storage technology, the market can be segmented into material-based and physical-based. Here, a material-based segment can be further divided by type into adsorbent, liquid organic, interstitial hydride, complex hydride, and chemical hydrogen. Additionally, the physical-based segment is further divided by type into compressed gas, cold/cryo compressed, and liquid hydrogen.

Based on application, it can be bifurcated into chemical, refinery, and transportation, among others. The regional markets for the market can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa. 

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global hydrogen storage tank market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments and expansion plans.

• Worthington Industries, Inc.

• McPhy Energy S.A.

• Pragma Industries Sas

• Linde plc

• Cryofab Inc

• Others

Storage Technologies in the Hydrogen Storage Tank Market

Among physical-based and material-based storage technologies, the physical storage segment accounts for a significant share of the market. The compressed gas segment is the most widely used form which is stored in tanks and is finding increased applications in transportation. The market is expected to experience significant growth in the coming years as the transportation industry focuses on the development of hydrogen-powered vehicles.

The material-based segment is estimated to project rapid growth as chemical hydrogen and absorbents find more applications in various industries.

Applications in the Hydrogen Storage Tank Market

Based on application, the market can be bifurcated into chemical, refinery, and transportation, among others. The transportation segment holds the largest share in the market owing to its rising application for powering fuel cells. The automotive industry is rapidly investing in the development of hydrogen-based cars to replace traditional fuels, which can help in reducing the formation of greenhouse gases.

With technological developments for commercial use of cryo tanks, compressed gas cylinders, and hydrogen fuel cells for sustainability and environmental solutions.

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Competitive Landscape

Worthington Industries, Inc. is a leading industrial value-added steel processor and a producer of market-leading consumer and building products, based in Ohio, United States and founded in 1955. Their products and services include cylinders, and solutions for heating, cooling, and construction applications.

McPhy Energy S.A. is a company focused on developing hydrogen storage and production solution for various end-use markets. The company was founded in 2007 and is based in France. The company distributes solid-state hydrogen technology to provide a solution for renewable energy storage.

Linde plc is a global leading chemical company that was formed by the merger of Praxair, Inc. and Linde AG. Linde is one of the world’s largest industrial gas companies according to market share and revenue. The company offers their products and services to various end-user markets, such as chemical and energy, food and beverage, manufacturing, electronics, healthcare, metals, and mining.

Other market players include Pragma Industries SAS and Cryofab Inc, among others.

Key Highlights of the Report