Hydrogen Storage Pressure Vessel Market - (2023-2028)

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The Hydrogen Storage Pressure Vessel market size is forecast to reach USD 1.2 billion by 2028, after growing at a CAGR of 30.8% during the forecast period 2023-2028. Physically hydrogen can be stored as a liquid or as a gas. Generally, high-pressure tanks (tank pressure:250–700 bar) are needed to store hydrogen as a gas. Because the hydrogen boiling point is?252.8°C at one atmospheric pressure, liquid hydrogen storage needs cryogenictemperatures. Strong, lightweight materials like carbon fiber or metal alloys are commonly used for manufacturing hydrogen pressure vessels, which are built to resist the high pressures needed for hydrogen storage.

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Report Coverage

The report “Hydrogen Storage Pressure Vessel Market– Forecast (2023-2028)”, by IndustryARC, covers an in-depth analysis of the following segments of Hydrogen Storage Pressure Vessel. By Pressure Level: Pressure Level, Pressure Levels 250 Bar, Pressure Levels 300 Bar, Pressure Levels 500 Bar, Pressure Levels 700 Bar

By Classification: Type I, Type II, Type III, Type IV

By Application: Energy Application, Automotive Application, Mobile Application, Space Application, Others.

By Geography:? North America, South America, Europe, APAC.

Key Takeaways

?The South America signifies the fastest growth rate in the hydrogen storage pressure vessel market. Brazil has a wealth of renewable energy resources, especially solar, wind, and hydropower. Green hydrogen, which is seen as a sustainable and environmentally beneficial substitute for traditional hydrogen production techniques, can be produced by utilizing these resources. There is a growing demand for effective storage options, such as hydrogen storage pressure vessels, as green hydrogen generation rises. For instance,? In June 2023, in a Glimpse Into Renewable Energy's Future The University of S?o Paulo (USP), Shell Brasil, Raízen, Hytron, and Senai's biosynthetic and fibers innovation section, Cetiqt, worked together to create this ground-breaking project. The project includes building a hydrogen production facility and attempts to validate ethanol reforming technology.?

?On 13 January 2023, DSM Engineering Materials launched two new grades in its

Akulon? Fuel Lock range, FLX40-HP, and FLX-LP, for use as liner materials in Type IV pressure vessels for hydrogen storage. Manufacturers of tanks and pressure vessels will be able to achieve more robust processing performance and greater resilience in larger, sustainable designs by incorporating new materials.

?On 21 February 2023, Through its first funding competition, the Alberta Hydrogen Centre of Excellence (HCOE) is giving $20 million to 18 projects that successfully promote hydrogen technology. Initiatives supported by Alberta Innovates will focus on advancing the development and application of technologies centered on hydrogen, constructing an independent and sustainable clean hydrogen economy in Alberta, and bolstering the province's technological lead in the use of clean hydrogen technologies. The Canadian market for hydrogen storage pressure vessels will be fueled by substantial investments.

By Pressure Level- Segment Analysis

Pressure Levels 250 Bar dominated the market in 2022.? At a pressure of 250 bar, hydrogen can be stored. High-pressure tanks with a 250 bar pressure can hold hydrogen. For many years, compressed natural gas vehicles have safely utilized these tanks. The rise in environmental awareness, government initiatives to create and expand natural gas distribution infrastructure, and rising fuel costs are driving the growth of the worldwide automotive natural gas vehicle market. However, the increase in demand for electric vehicles is impeding the market's growth. Moreover, during the forecast period, growth prospects are anticipated due to the element of rising demand from emerging nations.

As the demand for clean transportation solutions grows, there could be increased interest in hydrogen-powered vehicles, particularly those utilizing 250-bar storage systems. This can drive market growth and investment in the hydrogen infrastructure.

By Classifications- Segment Analysis

Type III classification occupied a dominant position in the hydrogen storage pressure vessel market in 2022. A composite tank composed of aramid, glass fiber, or carbon fiber is called a

Type III pressure vessel. It features an aluminum or steel metal liner. The load is carried by the exterior carbon fiber vessel. Liquids and gasses are distributed and stored at high pressure using Type III pressure vessels.

These are composite carbon-fiber vessels with an inside steel or aluminum vessel. To handle the desired working pressure of 300 bar, a type III pressure vessel with an aluminum liner completely encased in carbon fiber composite was used.

By Application-Segment Analysis The Energy Application accounted for the largest share of the market in 2022. Hydrogen can play a key role in storing excess energy generated from renewable sources like wind and solar. High-pressure storage vessels enable the storage of hydrogen produced through electrolysis during periods of excess renewable energy production. According to IEA estimates, energy investments will total over USD 2.8 trillion by 2023. Clean energy, which includes nuclear power, storage, grids, low-emission fuels, renewable energy, efficiency upgrades, end-use renewables, and electrification, will cost more than USD 1.7 trillion. Hydrogen is considered a clean energy carrier as it can be produced using renewable energy sources and has the potential to replace traditional fossil fuels in various sectors. Energy investments are increasingly directed towards hydrogen technologies as part of efforts to transition to cleaner energy alternatives.

By Geography - Segment Analysis

The Europe region in the hydrogen storage pressure vessel market is anticipated to hold a major share with a CAGR of 28.66% during the forecast period (2023-2028).?? On 28 April 2023, Developing high-performance hydrogen powertrain solutions for the automobile sector, Viritech (Nuneaton, Warwickshire, U.K.) announced that it is expanding its partnership with Haydale a provider of functionalized graphene-enhanced nanomaterials.

The two companies will collaborate to develop Type V, linerless composite pressure vessel solutions for the storage of hydrogen in automotive applications.?

Hydrogen storage and distribution pressure vessel prototypes will be built thanks to funding obtained through the Scottish Government's Hydrogen Innovation Scheme On 01 June 2023,? by Glacier Energy, one of the leading global providers of specialized goods, services, and engineered solutions for renewable and conventional energy markets. The project that was granted looked into the possibility of producing an affordable, low-cost hydrogen storage vessel in partnership with Robert Gordon University. Thirty-two initiatives aimed at promoting innovation in the generation, delivery, and storage of renewable hydrogen in

Scotland received funding from the ￡7 ($8.49) million Hydrogen Innovation Scheme.

Drivers – Hydrogen Storage Pressure Vessel Market

?Increasing Investments in Technology Research and Capacity Expansion:?

As the demand for sustainable energy technologies grows, hydrogen will be increasingly used in areas where it outperforms batteries and other energy storage options, including aerospace, rail, maritime, and heavy-duty commercial vehicles.?

All of these applications will necessitate the use of hydrogen storage pressure vessels, increasing market demand. Hydrogen energy is becoming more relevant in governments net-zero strategies. As a result, there is an increased demand for skilled design and? production capabilities. Companies intend to accommodate this demand by investing in technology development and increasing manufacturing capacity.

For example, in August 2023, NPROXX created a brand-new hydrogen storage container for the BMW iX5. When the new R134 standard for FCEVs went into force in 2022, the NPROXX solution was among the first 700 bar boats to comply with it. In summary, the collaboration between NPROXX and the BMW Group to design the hydrogen tank system for the BMW iX5 Hydrogen demonstrates the significant impact of their partnership in showcasing the potential of hydrogen as a clean and effective substitute for conventional fuel sources in the automotive sector.

?Rising Demand for Methanol and Ammonia to Drive Market Growth:

Industrial development will result from the growing market for biofuels, which would drive up demand for methanol and ammonia. Chemical storage of hydrogen in the form of ammonium is an efficient method of safely storing hydrogen in hydrogen pressure vessels. Ammonia, methane, and methanol are hydrogen-rich compounds that are driving market growth and share as consumer knowledge of hydrogen distribution storage mediums has grown. As a result, the market for hydrogen storage pressure vessels is expected to expand globally as demand for these chemicals rises.

According to the Ammonia Energy Association 2023 report, around 2.5 Mt of hydrogen is used as a feedstock to create ammonia in Europe each year, accounting for over a third of total current hydrogen usage. Because the majority of hydrogen is produced on-site, the ammonia sector is both the greatest producer and consumer of hydrogen, second only to oil refining.

Given the well-acknowledged challenges with hydrogen distribution and transportation systems, as well as their technological immaturity, ammonia could be a useful hydrogen transporter. Ammonia, a carbon-free energy carrier that could provide a solution to store hydrogen under moderate conditions, is increasingly being studied as a potential option for decarbonized energy systems. Challenges – Hydrogen Storage Pressure Vessel Market

?Meeting Stringent Requirements for a Regulatory Landscape:?

Stringent regulations are a major hurdle for the Hydrogen Storage Pressure Vessels market. Composite pressure vessels are already playing an important part in hydrogen storage, both in vehicles and for transport and distribution, and the future growth potential in this product segment is immense. However, performance and safety regulations in critical applications such as aviation and heavy-duty transportation are rigorous, and manufacturers must rely on resin suppliers to select the best chemistry and manufacturing process.?

The emergence of hydrogen storage has created technical hurdles, particularly given the higher pressure requirements, which can range between 350 and 700 bar. For instance, impact resistance, chemical exposure, and several temperature/pressure-cycling tests are mandated in addition to high-safety-margin pressure testing under the Global Technical Regulation on Hydrogen and Fuel Cell Vehicles (GTR No. 13). Pressure resistance in hydrogen storage tanks is primarily determined by the performance of the reinforcing fibers, but the resin matrix also contributes significantly by offering protection against thermal, chemical, and impact exposure as well as fatigue and pressure cycling resistance to withstand repeated filling and emptying cycles. Hence, Stringent laws and standards around the world, as well as

increased rivalry, are expected to stymie market expansion in key regions. As a result, these variables may have a detrimental impact on the market, resulting in lower demand for hydrogen storage pressure vessels.

Market Landscape

In 2022, the top ten players in the hydrogen storage pressure vessel market share accounted for 71.7% of the share. Major players in the hydrogen storage vessel market are Hanwha, Plastic Omnium, ILJIN Hysolus, Worthington Industries, Chart Industries, Voith Composites, CIMC Enric, Hensoldt, and Others.