Hydrogen Storage Tanks Market Size By Material (Metals, Glass Fibers, Carbon Fibers), By Tank Type), By Pressure, By Storage Form (Physical Based, Material Based), By Application (Industrial, Automotive) & Forecast Report, 2023- 2032

Hydrogen Storage Tanks Market Size By Material (Metals, Glass Fibers, Carbon Fibers), By Tank Type), By Pressure, By Storage Form (Physical Based, Material Based), By Application (Industrial, Automotive) & Forecast Report, 2023- 2032

Global Hydrogen storage tanks market is poised to record robust growth from 2023 to 2032 owing to the increasing focus on renewable energy sources and the transition towards a low-carbon economy.

Hydrogen storage tanks play a crucial role in the efficient storage and safe delivery of hydrogen in gaseous, liquid, and solid forms. These are high-pressure tanks and can store hydrogen from 5,000 - 10,000 psi. The widespread adoption of hydrogen for various applications, including power generation, transportation, and industrial processes, is among the major factors supporting the market growth.

Governments, industries, and research institutions are investing in developing advanced storage technologies and infrastructure to support the growing hydrogen economy, further strengthening the market outlook through 2032.

The hydrogen storage tanks market is segmented according to storage form, material, application, and region.

Based on storage form, the market share from the physical-based segment is projected to grow at over 38.5% CAGR from 2023 to 2032. Increased use of cutting-edge materials to store more hydrogen, such as metal-organic frameworks, carbon nanotubes, and graphene, will promote market expansion. Additionally, these hybrid systems have the potential to increase the overall performance and efficiency of storage tanks. The development of hybrid storage systems that combine physical-based storage with additional storage technologies such as cryogenic or compressed hydrogen will drive product demand.

As per material, the hydrogen storage tanks market from the glass fibers segment is estimated to observe significant growth through 2032. Due to their high strength, low weight, and corrosion resistance, glass fiber-reinforced polymers (GRP) are utilized to make hydrogen storage tanks. GRP tanks are normally constructed by wrapping glass fiber around a mold and covering the resultant structure with resin. They are readily molded into a variety of forms and sizes, making them suitable for a wide range of applications, thus favoring their adoption over the coming years.

The hydrogen storage tanks market from the transportation application segment amassed substantial gains in 2022 and is anticipated to exhibit a robust growth rate over 2023-2032. As the demand for hydrogen fuel cell vehicles increases, the need for efficient and safe storage solutions is surging. Hydrogen storage tanks enable the storage and transport of hydrogen for vehicle refueling, facilitating the growth of hydrogen-based transportation. The development of lightweight and high-capacity storage tanks, coupled with government initiatives and investments will boost the segment growth.

North America hydrogen storage tanks industry is anticipated to expand at more than 37% CAGR between 2023 and 2032 driven by the growing inclination toward fuel cell technology and increased investment in sustainable technologies. Technological breakthroughs in the development and deployment of hydrogen infrastructure, including tanks and pipes, are also contributing to market expansion. Besides, the increasing popularity of hydrogen storage systems in a variety of applications, such as stationary power production, transportation, and energy storage will boost the regional industry outlook.