Global Hydrogen Pressure Vessels Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Hydrogen Pressure Vessels Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

The hydrogen pressure vessel is a closed container used to store hydrogen, which can withstand a certain pressure load, and its materials include metal and non-metal materials. According to different materials, hydrogen pressure vessels are divided into metal bottles (Type I), metal liner fiber hoop wound bottles (Type II), metal liner fiber fully wound bottles (Type III), and non-metal liner fiber wound bottles (Type IV) 4 types.

Market Overview:

The latest research study on the global Hydrogen Pressure Vessels market finds that the global Hydrogen Pressure Vessels market reached a value of USD 594.46 million in 2022. It’s expected that the market will achieve USD 1706.94 million by 2028, exhibiting a CAGR of 19.22% during the forecast period.

Increased demand for low-emission fuels

Low-emission fuels include liquid and gaseous biofuels - hydrogen and hydrogen-derived fuels. They play an important role in decarbonizing energy systems where other measures such as direct electrification are difficult or costly to implement, such as heavy industry and long-distance transport sectors. Hydrogen is one of the cleanest burning transportation fuels available. It contains less carbon than other fossil fuels and therefore produces less carbon dioxide emissions. Hydrogen production has increased over the years. In addition, stricter environmental regulations regarding the use of cleaner, lower-emission fuels, and stringent engine manufacturer specifications are expected to further drive the demand for hydrogen over the forecast period. Rising demand for hydrogen is expected to drive the hydrogen pressure vessel market growth.

Composite-based hydrogen pressure vessels are costly

The market for composites and end-user industries is highly competitive. In this case, all decisions are based on commercial considerations. The two most common business factors are capital expenditures (CAPEX) and operating expenses (OPEX). The high prices of raw materials and the high expenditure required in the manufacturing process lead to reduced economies of scale. Therefore, cost-effective design and production techniques are required to achieve overall economies of scale. Carbon fiber and fiberglass are highly capital-intensive and many potential players are not motivated to enter the market due to the high cost of entry. The cost of carbon fiber and glass fiber as the main raw materials of Type III and Type IV is very high, which finally increases the total cost of Type III and Type IV.

Region Overview:

In 2022, the share of the Hydrogen Pressure Vessels market in North America stood at23.40%.

Company Overview:

ILJIN Hysolus CO., LTD. is one of the major players operating in the Hydrogen Pressure Vessels market, holding a share of 12.85% in 2023.

Segmentation Overview:

As for product types, the Type IV segment held the largest market share in 2022.

Application Overview:

By application, the Industrials segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Hydrogen Pressure Vessels market covered in Chapter 3:

Plastic Omnium
Faurecia
Quantum Fuel Systems LLC
Sinoma Science & Technology Co.,Ltd.
NPROXX
Faber Industrie S.P.A.
ILJIN Hysolus CO., LTD.
Worthington Industries, Inc.
Beijing ChinaTank Industry Co, Ltd
Luxfer Group
Hexagon Composites ASA
Toyota
Mahytec
Beijing Tianhai Industrial Co., Ltd.

In Chapter 4 and Chapter 14.2, on the basis of types, the Hydrogen Pressure Vessels market from 2018 to 2029 is primarily split into:

Type I
Type II
Type III
Type IV

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Hydrogen Pressure Vessels market from 2018 to 2029 covers:

Industrials
Automotive
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)