Hydrogen Pressure Vessels Market is Forecast to Reach US$ 19.8 Billion in 2030, Says Stratview Research

The hydrogen pressure vessels market is likely to rise at a CAGR of 50.9% during 2023-2030, to reach US$ 19.8 Billion in 2030, states Stratview Research.

DETROIT, March 27, 2023 /PRNewswire/ -- Stratview Research, a global market research firm has launched a report on the global hydrogen pressure vessels market which provides a comprehensive analysis of the global and regional industry forecast, current & emerging trends, segment analysis, and competitive landscape.

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Report Highlights

Segment Insights on the Hydrogen Pressure Vessels Market

The global hydrogen pressure vessels market is segmented based on vessel type, application type, process type, and by region.

Based on vessel type - among all the vessel types, Type-IV vessels are the most widely used hydrogen pressure vessel, and they occupied a major share of the market in 2022. The key advantages offered by type-IV vessels are weight reduction, corrosion-resistance, 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.

Based on application type - Mobility applications dominated the market in 2022, due to the rising production of FCEVs. Gas storage & distribution is also likely to record exceptional growth in the coming years.

Based on process type - Wet winding held the largest share of the market in 2022 and is likely to remain the most widely used manufacturing process in the years to come.

In the coming years, towpreg process is also 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.

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Which Region Offers the Best Opportunity and Growth?

The report suggests that the Asia-Pacific dominated the market with a >60% share in 2022 and 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 vessel 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. 

Hydrogen Pressure Vessels Market Drivers

Some of the key drivers listed in the report are given below.

• Rapid Shift towards Alternative Fuel Vehicles - It is likely that Fuel Cell Electric Vehicles would represent ~1% share of the worldwide powertrain mix for passenger and light commercial vehicles by 2030.
• Expected Recovery in Economy - After a decline in 2020, the global economy is expected to rebound at an impressive rate in the post-pandemic developments (6% in 2021 and 3.2% in 2022).
• Target reduction in Greenhouse Gas Emission – Major countries across the globe have committed to reducing global GHG emissions from the transport sector by up to 75% by 2050. 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.
• Increasing focus on the deployment of hydrogen pipelines, liquefaction plants, storage facilities, compressors, dispensers, etc.

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Top 10 Companies in Hydrogen Pressure Vessels Market.

The market is fairly consolidated with the presence of some global and regional players. Stratview Research has identified the following companies as the top market players.

• TOYOTA MOTOR CORPORATION
• Hexagon Purus
• Iljin Hysolus CO., LTD
• Luxfer Gas Cylinders
• Plastic Omnium
• Faurecia
• TOYODA GOSEI Co., Ltd.
• Hanwha Solutions
• TEIJIN LIMITED
• NPROXX

What Deliverables will You Get in this Report?

Related reports which might be useful:

• Composite Pressure Vessels Market
• Recreational Pressure Vessels Market

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