Dublin, April 18, 2023 (GLOBE NEWSWIRE) -- The "Hydrogen Pressure Vessels Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2030" report has been added to ResearchAndMarkets.com's offering.
Tt is expected that the hydrogen pressure vessels market would grow at a whopping CAGR of 50.9%, reaching US$ 19.8 billion in 2030.
Hydrogen pressure vessels are increasingly utilized for powering fuel cells that are used for transportation purposes. They offer significant advantages over batteries as they can supply electricity if there is source fuel available, unlike batteries that can discharge after usage. Although the overall fuel cell electric vehicle (FCEV) business is very niche currently, it has been witnessing tremendous growth in recent years and is likely to flourish significantly in the coming years.
In recent years, there has been an increased usage of hydrogen pressure vessels in the transportation industry, owing to growing traction toward alternative fuel vehicles. The long-term scenario seems to be extremely fruitful with a plethora of opportunities for all the players involved in the entire supply chain of hydrogen pressure vessels.
In addition, the Zero-Emission Vehicle (ZEV) regulations of various countries, increasing investments in the deployment of hydrogen infrastructure, and production upsurge of various FCEVs including passenger cars are the key factors, likely to escalate the market demand during the forecast period.
Moreover, the increasing focus on the deployment of hydrogen pipelines, liquefaction plants, storage facilities, compressors, and dispensers is also expected to significantly influence market growth in the coming years.
Governments all over the world have stepped up their efforts to reduce greenhouse gas emissions by encouraging the construction of hydrogen stations that use less energy is also a major reason for increasing hydrogen demand across the regions.
Scope of the Report
Between vessel types, type-IV vessel is expected to maintain their market dominance during the forecast period. The key advantages offered by type-IV vessels are weight reduction, corrosion-free, fatigue resistance, high storage density, and low operational cost. These vessels are highly used in mobility applications and are used across key FCEV models such as Toyota Mirai, Hyundai Nexo, and EUNIQ 7.
Between the two application types, mobility is likely to account for the undeniable market dominance during the forecast period, due to the rising production of FCEVs. Gas storage & distribution is also likely to record exceptional growth in the coming years.
In the coming years, towpreg process is likely to gain more acceptance, propelled by several factors including but not limited to clean processing, improved part quality, fast winding speeds, and short cure cycles. Despite some shifts towards towpreg process, wet winding is likely to remain the most widely used manufacturing process in the year to come.
Asia-Pacific is expected to remain the largest market for hydrogen pressure vessels during the forecast period. The region is home to major FCEV OEMs, such as Hyundai Motor Company and TOYOTA MOTOR CORPORATION, which are expected to drive the regional market demand in the coming years.
In addition to this, the active presence of hydrogen pressure vessels manufacturing companies, such as ILJIN Hysolus CO., LTD, TOYOTA MOTOR CORPORATION, and TOYODA GOSEI Co., Ltd., is likely to significantly influence the regional market growth during the forecast period.
Key Players
The market is currently consolidated with the presence of a handful of players. Most of the major companies have exceptional product development capabilities. They focus on increasing their vessel production capacity to keep up with the rising production of FCEVs.
These companies primarily produce type-IV vessels and have an active presence in mobility, gas storage, and distribution applications. However, as the market is relatively tiny currently, the competition is likely to evolve in the coming years, with the entry of new players in the market.
The following are the key players in the hydrogen pressure vessels market.
- Iljin Hysolus CO., LTD
- Hexagon Purus
- Luxfer Gas Cylinders
- TOYOTA MOTOR CORPORATION
- Plastic Omnium
- Faurecia
- TOYODA GOSEI Co., Ltd.
- Hanwha Solutions
- TEIJIN LIMITED
- NPROXX
Key Topics Covered:
1. Executive Summary
2. Hydrogen Pressure Vessels Market Environment Analysis
2.1. Supply Chain Analysis
2.2. PEST Analysis
2.3. Industry Life Cycle Analysis
2.4. Emerging Trends
2.5. Market Drivers
2.6. Market Challenges
3. Hydrogen Pressure Vessels Market Assessment (2017-2030) (US$ Million and Thousand Units)
3.1. Contribution of Hydrogen Pressure Vessels in the Total Pressure Vessels Market
3.2. Hydrogen Pressure Vessels Market Trend and Forecast (US$ Million and Thousand Units)
3.3. Market Scenario Analysis: Growth Trajectories in Different Market Conditions
3.4. Market Segment Analysis: Trend and Forecast (US$ Million and Thousand Units)
3.4.1. Vessel-Type Analysis
3.4.1.1. Type-III Vessel: Trend and Forecast (US$ Million and Thousand Units)
3.4.1.2. Type-IV Vessel: Trend and Forecast (US$ Million and Thousand Units)
3.4.2. Application-Type Analysis
3.4.2.1. Mobility: Trend and Forecast (US$ Million and Thousand Units)
3.4.2.1.1. LV: Trend and Forecast (US$ Million and Thousand Units)
3.4.2.1.2. MHDV: Trend and Forecast (US$ Million and Thousand Units)
3.4.2.2. Gas Storage and Distribution: Trend and Forecast (US$ Million and Thousand Units)
3.4.2.2.1. Hydrogen Storage: Trend and Forecast (US$ Million and Thousand Units)
3.4.2.2.2. Stationary Refueling: Trend and Forecast (US$ Million and Thousand Units)
3.4.2.2.3. Mobile Refueling: Trend and Forecast (US$ Million and Thousand Units)
3.4.3. Process-Type Analysis
3.4.3.1. Towpreg Process: Trend and Forecast (US$ Million and Thousand Units)
3.4.3.2. Wet Winding Process: Trend and Forecast (US$ Million and Thousand Units)
3.4.4. Regional Analysis
4. Carbon Fiber Composites Market Assessment
4.1. Carbon Fiber Value Chain Analysis for Hydrogen Pressure Vessels
4.2. Major Carbon Fiber and Resin Suppliers
4.3. Carbon Fiber Market Trend and Forecast for Hydrogen Pressure Vessel
5. Competitive Analysis
5.1. Product Portfolio Analysis
5.2. Market Share Analysis
5.3. Competitive Landscape
5.4. Key Information on the Major Hydrogen Pressure Vessel Manufacturers
5.5. Strategic Alliances
5.6. Geographical Presence
5.7. Porter's Five Forces Analysis
6. Strategic Growth Opportunities
6.1. Market Attractiveness Analysis
6.2. Strategic Implications
6.3. Emerging Trends
6.4. Key Success Factors (KSFs)
7. Company Profile of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/w6f8pi
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