What are the latest figures on the hydrogen pressure vessels market’s size and projected CAGR?
The hydrogen pressure vessels market size has grown rapidly in recent years. It will grow from $10.31 billion in 2024 to $11.42 billion in 2025 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to rise in growth in hydrogen-powered transportation, rise in growth in renewable energy investments, rise in growth in hydrogen storage infrastructure, increasing investments in hydrogen production plants, and rise in growth in hydrogen refueling stations.
The hydrogen pressure vessels market size is expected to see rapid growth in the next few years. It will grow to $16.98 billion in 2029 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to rising investments in hydrogen refueling infrastructure, growing demand for green hydrogen, rising public and private investments in hydrogen infrastructure, growing adoption of hydrogen-powered vehicles, and increasing reliance on renewable energy. Major trends in the forecast period include technological advancements, hybrid pressure vessel systems, integration of artificial intelligence, high-strength alloys, and advances in vacuum-insulated storage technology.
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Which Market drivers have played a significant role in driving the hydrogen pressure vessels market?
The increasing adoption of hydrogen fuel cell vehicles (FCVs) is expected to propel the growth of the hydrogen pressure vessels markets going forward. Hydrogen fuel cell vehicles (FCEVs) are vehicles powered by electricity generated from hydrogen gas through a fuel cell, producing only water as a by-product. The increasing adoption of hydrogen fuel cell vehicles (FCVs) is due to its high-capacity, lightweight, and safe storage solutions for compressed hydrogen, driving advancements in this critical component of hydrogen infrastructure. Hydrogen pressure vessels securely store compressed hydrogen gas at high pressures, ensuring a reliable fuel supply for the fuel cell system, which converts hydrogen into electricity to power the vehicle while enabling extended driving ranges and promoting zero-emission transportation. For instance, in May 2023, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, in 2022, the number of hydrogen fuel cell electric vehicles (FCEVs) on global roads grew by 40% compared to 2021, reaching a total of over 72,000 vehicles. Therefore, the increasing adoption of hydrogen fuel cell vehicles (FCVs) is driving the growth of the hydrogen pressure vessels market.
What are the key segments within the hydrogen pressure vessels market?
The hydrogen pressure vessels market 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 key players are shaping 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 transformative trends will shape the hydrogen pressure vessels market landscape?
Major companies operating in the hydrogen pressure vessels market are focusing on developing high-pressure hydrogen storage vessels to enhance storage efficiency. A high-pressure hydrogen storage vessel is a specialized container designed to safely store hydrogen gas at pressures typically exceeding 350 bar (5,000 psi), enabling efficient storage and transportation for various applications, including fuel cell vehicles and industrial uses. For instance, in September 2024, NPROXX, a Netherlands-based high-pressure hydrogen storage solutions company, launched the AH710-70 hydrogen storage solutions. This is an advanced high-pressure hydrogen storage vessel developed for the automotive industry, especially designed for heavy-duty vehicles and long-haul trucks. This is capable of storing 22.2 kg of usable hydrogen at 700 bars, and offers a compact, efficient, and secure solution for hydrogen storage. These vessels consist of a volume of 553 liters, a weight of 338 kg, and optimized for seamless integration into various vehicle designs, that ensures versatility and performance. The AH710-70 is set to be commercially available in Q3 2024, addressing the increasing demand for dependable hydrogen storage solutions in the automotive sector.
How do regional factors impact the hydrogen pressure vessels market, and which region is the largest contributor?
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.
What Does The Hydrogen Pressure Vessels Market Report 2025 Offer?
The hydrogen pressure vessels market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Hydrogen pressure vessels are defined as specialized containers or tanks designed to store and transport hydrogen gas at high pressures. These vessels are designed for safely handling hydrogen, which is a lightweight, volatile, and highly flammable gas.
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