Hydrogen Pressure Vessels Market is Forecast to Reach US$ 19.8 Billion in 2030, Says Stratview Research - Seite 2

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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