Press Release Description

Liquid Hydrogen Storage Tanks and Transportation Market to Amplify with Increasing Adoption of Hydrogen Fuel Cell

The Global Liquid Hydrogen Storage Tanks and Transportation Market is projected to grow at a CAGR of around 50.12% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The growth of the market is primarily driven by the increasing global focus on clean energy & the transition towards a hydrogen-based economy. Sectors such as transportation and industrial processes are at the forefront of this transition, resulting in a rising demand for efficient liquid hydrogen storage tanks and transportation solutions.

In addition, the growing concerns about greenhouse gas emissions, climate change, and the environmental impact of traditional energy sources have led to a global agreement to prioritize renewable energy sources. Moreover, abundant & cost-effective options such as solar, wind, and hydropower are now widely available across the globe. The decreasing costs associated with renewable energy make it an attractive option, especially in low and middle-income countries where much of the growing demand for new electricity is concentrated.

Global Liquid Hydrogen Storage Tanks and Transportation Market

Hence, liquid hydrogen plays a key role as an energy carrier for storing and utilizing excess energy generated from renewable sources like wind and solar. This necessity is propelling the need for efficient liquid hydrogen storage tanks and transportation systems on a global scale. As a result, the market is poised to expand significantly in response to the increasing adoption of clean energy solutions and the integration of hydrogen into various sectors of the economy, further states the research report, “Global Liquid Hydrogen Storage Tanks and Transportation Market Analysis, 2024.”

Global Liquid Hydrogen Storage Tanks and Transportation Market Segmentation Analysis

Hydrogen Storage Systems to Lead the Market

Based on component, the market is segmented into Storage Systems and Transportation & Distribution. The Liquid Hydrogen Storage Tanks and Transportation Market is experiencing remarkable growth in Hydrogen Storage Systems, primarily driven by their extensive use in the automotive industry. The increasing greenfield investments in hydrogen storage for fuel purposes in Europe, North America, and select APAC countries are fueling the demand for storage systems, further elevating the market share in the coming years.

North America is Anticipated to Account for a Prominent Share of the Market

North America is poised to capture a significant share of the Liquid Hydrogen Storage Tanks and Transportation Market. This is attributed to the region's abundance of manufacturing and industrial companies, stringent government regulations aimed at carbon emission reduction in the US and Canada, and a growing awareness of sustainability among both consumers & businesses.

Furthermore, the region is actively participating in R&D activities, making substantial investments in promising technology. Moreover, North America benefits from a substantial capacity to harness renewable energy from sources like solar and wind. Consequently, the commitment to reduce carbon emissions, in alignment with international agreements such as the Paris Agreement, serves as a driving force behind the region's initiatives.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Hexagon Purus, NPROXX, Air Liquide, Worthington Industries, Tenaris, Plastic Omnium, Quantum Fuel System LLC, Cryolor, Pragma Industries, BNH Gas Tanks, AMS Composite Cylinders, Calvera Hydrogen, Protego, Taian Strength Equipments Co. Ltd, Marine Service Noord, Steelhead Composites, Doosan Mobility Solutions, and Others, are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the Liquid Hydrogen Storage Tanks and Transportation Market?
  3. What key factors would propel and impede the industry across the region?
  4. How has the industry been evolving in terms of geography & solution adoption?
  5. How has the competition been shaping across various regions?
  6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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