Objective of The Study

The report includes Technology landscape study on Hydrogen storage/transport technology.

Hydrogen has the highest level of energy by mass of any fuel, but as the lightest element it is also, in its natural state, extremely low in energy by volume. It is therefore necessary to store hydrogen at a high density in order to make it viable as a fuel for transport and other applications. Hydrogen is a highly reactive and lightweight gas, which presents challenges in terms of storage, handling, and transportation. Hydrogen has a much lower energy density by volume compared to conventional fossil fuels like gasoline or diesel. This means that a larger volume of hydrogen is required to store the same amount of energy. Hydrogen has one of the highest energy densities by mass of any fuel, making it an attractive option for certain applications, particularly in the context of fuel cell technology. However, its energy density by volume is much lower compared to other fuels like gasoline or diesel.

The objective of this study is to identify Technology landscape regarding Hydrogen storage/transport. And also, another objective is to identify landscape of potential technology related to market players active in this domain.

The report answers the following -

• HYDROGEN STORAGE/TRANSPORT TECHNOLOGY– What are the novel/ innovative technologies for Hydrogen storage/transport? What innovation the industry is looking at in this domain? What benefits these technologies claim regarding the storage and transportation of Hydrogen in comparison to conventional technologies?
• MARKET PLAYERS OF HYDROGEN STORAGE/TRANSPORT TECHNOLOGY– Who are the market players for Hydrogen storage/transport technology? At what scale they are working? What are their Brands? Who are the key people for contact?

Market Trend

The hydrogen storage tank and transportation market is poised for explosive growth, surging from an estimated US$392.6 million in 2024 to a staggering US$20.8 billion by 2034, fueled by a robust 48.7% CAGR.

The global hydrogen storage tanks and transportation market size reached USD 0.25 billion in 2023 and is expected to hit around USD 11.96 billion by 2033, poised to grow at a CAGR of 47.14% from 2024 to 2033.

Asia-Pacific held the largest market share of 42% in 2023 due to robust industrialization, government support for hydrogen initiatives, and a growing focus on clean energy. The Asia Pacific hydrogen storage tanks and transportation market size was valued at USD 0.1 billion in 2023 and is expected to reach around USD 5.09 billion by 2033, growing at a CAGR of 47.93% from 2024 to 2033.

Key Takeaways

• Asia-Pacific contributed 42% of market share in 2023.
• North America is estimated to expand the fastest CAGR between 2024 and 2033.
• By material, the carbon fibers segment has held the largest market share of 52% in 2023.
• By material, the metals segment is anticipated to grow at a remarkable CAGR of 34.7% between 2024 and 2033.
• By pressure, the 200 – 500 bar segment generated 46% of market share in 2023.
• By pressure, the above 500 bar segment is expected to expand at the fastest CAGR over the projected period.

Recent Updates

In June 2023, A group of French researchers has made a significant breakthrough in hydrogen storage technology. Unlike traditional methods of storing hydrogen in gas or liquid form, they have been able to store hydrogen on solid disks. The initial research was conducted at the French National Center for Scientific Research (CNRS), which filed the first European patents.

In February 2024, Germany's Voith Group signed a strategic cooperation agreement with Chinese state-owned enterprise Weifu Group to develop and promote high-pressure hydrogen storage systems.

Key Market Players

About Effectual Services

Effectual Services is an award-winning Intellectual Property (IP) management advisory & consulting firm offering IP intelligence to Fortune 500 companies, law firms, research institutes and universities, and venture capital firms/PE firms, globally. Through research & intelligence we help our clients in taking critical business decisions backed with credible data sources, which in turn helps them achieve their organisational goals, foster innovation and achieve milestones within timelines while optimising costs.

We are one of the largest IP & business intelligence providers, globally serving clients for over a decade now. Our multidisciplinary teams of subject matter experts have deep knowledge of best practices across industries, are adept with benchmarking quality standards and use a combination of human and machine intellect to deliver quality projects. Having a global footprint in over 5 countries helps us to bridge boundaries and work seamlessly across multiple time zones, thus living to the core of our philosophy - Innovation is global, so are we !!!

Related Resources: 

High Efficiency Fuel Cells for Automotive Industries

Hydrogen Engine Vehicles: Overview & Working Principle