Hydrogen Pressure Vessels Market is Forecasted to Reach US$ 10.3 Billion in 2030, Says Stratview Research

Stratview Research, a global market research firm has launched a report on the global hydrogen pressure vessels market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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 Market Statistics:

Market Size in 2030: US$ 10.3 billion

Growth (CAGR): 52.8% during 2023-2030

Leading Vessel Type: Type-IV Vessel

Leading Application Type: Gas Storage and Distribution

Leading Process Type: Wet Winding Process

Leading Region: Asia-Pacific

Forecast Period: 2023-2030

Trend Period: 2017-2021

Base Year: 2022

Number of Segments Covered: 4

Number of Tables & Graphs: 100+

Country-Level Market Assessment: 20

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 region.

Based on vessel type - The market is segmented into Type-I vessel, Type-II vessel, Type-III vessel, and Type-IV vessel. Among the vessel types, Type-IV vessels are expected to maintain their market dominance during the forecast period. The key advantages offered by these 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 - The market is classified as mobility and gas storge and distribution. Between two application types, mobility is likely to grow at a faster pace during the forecast period, due to rising production of FCEVs, which is the major demand generator. Further growth in their production is expected in the upcoming years, tremendously influencing the growth of the mobility market segment. Trucks and buses are likely to be the major contributors to the mobility category in the years to come.

Based on process type - The market is segmented into wet winding process and towpreg process. In the coming years, the towpreg process is expected to grow at a faster pace owing to the clean processing, improved part quality, fast winding speeds, and short cure cycles, during the mass production of hydrogen pressure vessels. A gradual shift towards the use of towpreg process is expected in the coming years, due to its increased winding speed and superior laminate quality.

To know the most attractive segments, click here for a free sample of the report:

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Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific is expected to remain the largest market for hydrogen pressure vessels during the forecast period. This growth outlook is majorly attributed to the following–

·      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, 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 regional market growth during the forecast period.

Hydrogen Pressure Vessels Market Drivers:

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

·      Growing production of hydrogen vehicles

·      Increasing focus on building hydrogen infrastructure

·      High focus on some countries in building hydrogen economy

Top Companies in the Hydrogen Pressure Vessels Market:

The market is currently consolidated with the presence of a handful of players. Several of these companies have exceptional product development capabilities, and they focus on increasing their vessel production capacity to keep up with the rising production of FCEVs, across the globe. These companies primarily engage in the production of the type-III and type-IV vessels and have an active presence in both, mobility and gas storage and distribution applications. However, as the market is relatively small currently, the competition is likely to evolve in the coming years with the entry of new players in the market. Stratview Research has identified the following companies as the top market players:

• Hexagon Purus
• Iljin Hysolus Co., Ltd.
• Luxfer Gas Cylinders
• Worthington Industries
• CIMC Enric
• Plastic Omnium
• Faurecia

What Unique Insights Does This Report Offer?

This report provides comprehensive insights into the market, answering critical questions like

-      How big is the sales opportunity?

-      Which regions offer the best sales opportunities?

-      Which are the most attractive market segments?

-      Which are the top players and their market positioning?

-      How complex is the business environment?

-      What are the factors affecting the market?

For Customization or Any Other Queries, get in Touch with our industry experts at sales@stratviewresearch.com

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• Carbon Composite Pressure Vessels Market
• Pressure Vessels Market

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

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