Market Leader - Hydrogen Storage Tanks and Transportation Market
The hydrogen storage tanks and transportation market is expected to grow from an estimated in USD 174 million in 2022 to USD 4,155 million by 2030, at a CAGR of 48.6% during the forecast period. Abundant availability of biomass and demand for off-grid power for rural electrification is expected to drive the market.
A few major players that have a wide regional presence dominate the hydrogen storage tanks and transportation market. The leading players in the hydrogen storage tanks and transportation market include Worthington Industries, Inc. (US), Plastic Omnium (France) , Hexagon Purus (Norway), Tenaris (US), NPROXX (Germany) and others.
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The major strategies adopted by these players include product launches and new product development, contracts & agreements, investments & expansions, mergers & acquisitions, joint ventures, and partnerships & collaborations. Contracts and agreements were the two most adopted strategy from 2018 to 2022.
Hexagon Purus Hexagon Purus provides clean energy technology for gas storage, distribution, fuel systems, and drivetrains. It focuses on providing safe and innovative solutions for clean energy. In addition, the company provides storage and transportation technologies for mobility, industrial, and consumer applications. The company provides clean fuel solutions for medium- and heavy-duty commercial vehicles. It offers natural gas, hydrogen, and battery electric energy storage and delivery systems. The other business areas of the company are lightweight composites, high-pressure tanks and systems for storage, and the distribution of hydrogen, natural gas, and biogas. Its solutions serve a wide range of mobility and storage applications, enabling customers to reduce their carbon footprint. The company has adopted contracts & Agreements and Joint Ventures as growth strategy. For instance, in April 2021, Hexagon Purus signed a long-term agreement with Nikola Corporation. The scope of the agreement is to provide hydrogen cylinders over a multi-year period with an estimated sales value above EUR 200 million.
Tenaris manufactures, sells, and services steel pipe products, tubes, and other related products and services to the global energy industry and certain other industrial applications. The company’s business activities include casing, tubing, and line pipe products used in the energy industry, steelmaking, pipe rolling and forming, heat treatment, threading, and finishing across 16 countries. Tenaris operates mainly through two business segments across which it offers products and services: Tubes and Others. Under the Tubes segment, the company provides hydrogen storage tanks and transportation solutions as the new business service. In the hydrogen storage tanks portfolio, the company offers high-pressure hydrogen storage systems for various applications such as vehicles, stationary storage, and trailers. Tenaris has facilities in Argentina, Brazil, Mexico, Romania, and the US to produce sucker rods and accessories used in oil & gas production.
Related Reports:
Hydrogen Storage Tanks and Transportation Market by Modular Storage (Fuel Storage, Distribution), Application (Vehicles, Rail, Marine, Stationary Storage, Trailers), Tank Type (Type 1, Type 2, Type 3, Type 4), Pressure and Region - Global Forecast to 2030
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