Attractive Opportunities
Global Demand Analysis & Sales Opportunities in Hydrogen Pressure Vessels Market
- The annual demand for hydrogen pressure vessels was USD 0.6 billion in 2024 and is expected to reach USD 1.1 billion in 2025, up 63.8% than the value in 2024.
- During the forecast period (2025-2034), the hydrogen pressure vessels market is expected to grow at a CAGR of 23.2%. The annual demand will reach USD 7.0 billion in 2034, which is almost 7 times the demand in 2025.
- During 2025-2034, the hydrogen pressure vessels industry is expected to generate a cumulative sales opportunity of USD 39.2 billion, which is almost 20 times the opportunities during 2019-2024.
High-Growth Market Segments:
- Asia-Pacific generated the highest demand with the largest market share of more than 55% in 2024.
- By vessel type, Type-IV vessel is expected to be the dominant as well as the fastest-growing segment by vessel type during the forecast period.
- By application type, Gas storage and distribution is likely to be the dominant application, whereas mobility is likely to remain the fastest-growing application during the forecast period.
- By process type, Wet winding process is expected to be the dominant market segment, whereas the towpreg process is likely to be the fastest-growing segment during the forecast period.
Market Statistics (H3)
Have a look at the sales opportunities presented by the hydrogen pressure vessels market in terms of growth and market forecast.
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Hydrogen Pressure Vessels Market Data & Statistics
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Market Statistics
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Value (in USD Billion)
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Market Growth (%)
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Annual Market Size in 2023
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USD 0.5 billion
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-
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Annual Market Size in 2024
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USD 0.6 billion
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YoY Growth in 2024: 27.7%
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Annual Market Size in 2025
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USD 1.1 billion
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YoY Growth in 2025: 63.8%
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Annual Market Size in 2034
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USD 7.0 billion
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CAGR 2025-2034: 23.2%
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Cumulative Sales Opportunity during 2025-2034
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USD 39.2 billion
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Top 10 Countries’ Market Share in 2024
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USD 0.5 billion +
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> 80%
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Top 10 Company’s Market Share in 2024
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USD 0.3 billion to USD 0.4 billion
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50% - 70%
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Market Dynamics
Introduction:
What are hydrogen pressure vessels?
Hydrogen pressure vessels are specially engineered containers designed to safely store and transport hydrogen gas at high pressures. Constructed using advanced materials like carbon fiber composites and metals, they ensure strength, safety, and leak prevention. These vessels are critical for hydrogen fuel cell vehicles, renewable energy storage, and industrial hydrogen applications, supporting the clean energy transition.
Market Drivers:
Some of the key growth drivers of the hydrogen pressure vessels market are given below:
- Rising adoption of hydrogen fuel cell vehicles (FCEVs) driving demand for lightweight, high-pressure storage.
- Government policies and net-zero targets promoting hydrogen as a clean energy carrier.
- Expansion of renewable energy storage solutions where hydrogen plays a vital role.
- Technological advancements in composite materials improving safety, durability, and weight reduction.
- Infrastructure development for hydrogen refueling stations and transportation networks.
- Growing industrial applications in power generation, chemicals, and heavy-duty transport.
Segments' Analysis
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Segmentations
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List of Sub-Segments
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Dominant and Fastest-Growing Segments
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Vessel-Type Analysis
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Type-I Vessel, Type-II Vessel, Type-III Vessel, and Type-IV Vessel.
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Type-IV vessel is expected to be the dominant as well as the fastest-growing segment by vessel type during the forecast period.
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Application-Type Analysis
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Mobility and Gas Storage and Distribution.
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Gas storage and distribution is likely to be the dominant application, whereas mobility is likely to remain the faster-growing application, during the forecast period.
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Process-Type Analysis
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Towpreg Process and Wet Winding Process.
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Wet winding process is expected to be dominant market segment and towpreg process is likely to be the faster-growing segment during the forecast period.
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Regional Analysis
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North America, Europe, Asia-Pacific, and Rest of the World.
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Asia-Pacific is expected to be the dominant market as well as the fastest growing market, during the forecast period.
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By Vessel Type
“Type-IV vessel is expected to be the dominant as well as the fastest-growing segment by vessel type during the forecast period.”
- Based on the 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.
By Application Type
“Gas storage and distribution is likely to be the dominant application, whereas mobility is likely to remain the faster-growing application, during the forecast period.”
- Based on the 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.
By Process Type
“Wet winding process is expected to be the dominant market segment and towpreg process is likely to be the faster-growing segment during the forecast period.”
- Based on the process type, the market is segmented into the wet winding process and the 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.
Regional Analysis
“Asia-Pacific is expected to be the dominant market as well as the fastest growing market, during the forecast period.”
- In terms of regions, Asia-Pacific 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, 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.
Competitive Landscape
Top Players
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.
The following are the key players in the hydrogen pressure vessels market.
- Hexagon Purus
- Iljin Hysolus Co., Ltd.
- Luxfer Gas Cylinders
- Worthington Industries
- CIMC Enric
- Plastic Omnium
- Faurecia
Note: The above list does not necessarily include all the top players in the market.
Are you a leading player in this market? We would love to include your name. Please write to us at [email protected]
Recent Market JVs and Acquisitions:
- There have been a fair number of strategic alliances, including M&As, JVs, etc., performed over the past few years. Some of them have been mentioned below:
- In October 2022, Hexagon Purus and Lhyfe collaborated for the distribution of green and renewable hydrogen in Europe.
- In August 2022, Hexagon Purus entered into an agreement to acquire 40% shares of Cryoshelter’s liquid hydrogen business. Following the acquisition, the two companies are expected to develop liquid hydrogen technology in the coming years.
- In October 2021, Plug Power Inc. acquired Applied Cryo Technologies, Inc., a provider of technology, equipment, and services for transportation, storage, and distribution of liquefied hydrogen along with other cryogenic gases. This acquisition would help Plug Power Inc. expand its green hydrogen ecosystem and reduce the cost of hydrogen infrastructure and logistics networks.
- In September 2021, Hexagon Purus entered into an agreement to acquire 100% shares of Wystrach GmbH. This acquisition is likely to strengthen the capabilities of Hexagon Purus w.r.t its product offerings for hydrogen storage solutions and simultaneously increase its market share.
Report Features
This report provides market intelligence most comprehensively. The report structure has been kept so that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.
The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
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Market Study Period
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2019-2034
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Base Year
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2024
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Forecast Period
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2025-2034
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Trend Period
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2019-2023
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Number of Tables & Figures
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>100
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Number of Segments Analysed
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4 (Vessel Type, Application Type, Process Type, and Region)
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Number of Regions Analysed
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4 (North America, Europe, Asia-Pacific, Rest of the World)
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Countries Analysed
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15 (The USA, Canada, Mexico, Germany, France, Italy, The UK, China, Japan, India, Brazil, Saudi Arabia, Rest of Europe, Rest of APAC, and Rest of the World)
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Free Customization Offered
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10%
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After Sales Support
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Unlimited
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Report Presentation
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Complimentary
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Market Dataset
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Complimentary
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Further Deep Dive & Consulting Services
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10% Discount
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Market Segmentation
This report studies the market, covering a period of 15 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The hydrogen pressure vessels market is segmented into the following categories.
Hydrogen Pressure Vessels Market, by Vessel Type
- Type-I Vessel
- Type-II Vessel
- Type-III Vessel
- Type-IV Vessel
Hydrogen Pressure Vessels Market, by Application Type
- Mobility (Sub-Type Analysis: Light Vehicle, Truck, Bus, and Others)
- Gas Storage and Distribution (Sub-Type Analysis: Hydrogen Storage, Stationary Refueling, and Mobile Refueling)
Hydrogen Pressure Vessels Market, by Process Type
Hydrogen Pressure Vessels Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, Italy, Norway, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, South Korea, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Latin America, and Others)
Research Methodology
- This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s hydrogen pressure vessels market realities and future market possibilities for the forecast period
- The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
- The vital data/information provided in the report can play a crucial role for market participants and investors in identifying the low-hanging fruits available in the market and formulating growth strategies to expedite their growth process.
- This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
- More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
- We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research
Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected].
