Global Vehicle-Mounted High-Pressure Hydrogen Storage Cylinder Market

MARKET SCOPE:

The global Vehicle-Mounted High-Pressure Hydrogen Storage Cylinder market is projected to grow significantly, registering a CAGR of 33.1% during the forecast period (2024 – 2032).

Vehicle-Mounted High-Pressure Hydrogen Storage Cylinders are specialized containers designed to store and transport hydrogen gas at High-Pressures within hydrogen fuel cell vehicles. These cylinders are a crucial component of the overall hydrogen fuel system in a vehicle. The high-pressure storage allows for efficient and compact storage of hydrogen, facilitating the extended range and quick refueling characteristics of hydrogen fuel cell vehicles. The increasing adoption of hydrogen fuel cell vehicles by automotive manufacturers is a primary driver for the demand for high-pressure hydrogen storage cylinders. The global focus on reducing carbon emissions and achieving zero-emission transportation goals is driving interest in hydrogen fuel cell vehicles, contributing to the demand for associated storage solutions. Government incentives, subsidies, and supportive policies for hydrogen fuel cell vehicles play a key role in stimulating demand for the technology, including the high-pressure storage cylinders. Stringent environmental regulations and emission reduction targets are prompting the automotive industry to explore clean energy solutions, boosting the demand for hydrogen fuel cell vehicles and their storage components. The expansion of hydrogen refueling infrastructure is a critical factor. As more refueling stations are established, there is a growing need for vehicles equipped with high-pressure storage cylinders to utilize this infrastructure. Ongoing advancements in hydrogen storage technology, including improvements in the design and materials used in high-pressure cylinders, contribute to the overall efficiency and safety of the storage system, driving demand.

MARKET OVERVIEW:

Driver: Increasing need for hydrogen fuel cell vehicle adoption is driving the market growth.

The growing adoption of hydrogen fuel cell vehicles is a primary driver for Vehicle-Mounted High-Pressure Hydrogen Storage Cylinders. As more automakers develop and commercialize hydrogen-powered vehicles, there is an increasing demand for efficient and safe hydrogen storage solutions. Hydrogen fuel cell vehicles produce electricity through a chemical reaction between hydrogen and oxygen, emitting only water vapor as a byproduct. This zero-emission feature aligns with global efforts to reduce greenhouse gas emissions and combat climate change. Major automotive manufacturers are investing in the research, development, and commercialization of hydrogen fuel cell vehicles. As automakers commit to hydrogen technology, there is a corresponding demand for advanced and efficient storage solutions, including high-pressure hydrogen storage cylinders. Automakers are diversifying their vehicle portfolios to include alternative fuel options. Hydrogen fuel cell vehicles are seen as a complementary technology to battery electric vehicles, providing a solution for certain use cases where longer ranges and quicker refueling are essential. The competitive landscape in the automotive industry is driving innovation. As automakers compete to offer cutting-edge technologies and environmentally friendly solutions, the demand for high-pressure hydrogen storage cylinders becomes integral to the success of hydrogen fuel cell vehicles.

Opportunities: Growing need for infrastructure development is anticipated for the market growth in the upcoming years.

The expansion of hydrogen refueling infrastructure is essential for the widespread adoption of hydrogen fuel cell vehicles. Vehicle-Mounted High-Pressure Hydrogen Storage Cylinders support the development of a reliable and accessible hydrogen refueling network. High-pressure hydrogen storage cylinders allow for quick refueling times compared to some battery electric vehicles. This characteristic is essential for promoting user acceptance and convenience, making hydrogen FCVs more attractive to consumers. The high energy density of hydrogen enables FCVs to achieve longer ranges, making them suitable for various applications. To maximize the utility of these vehicles, it is crucial to have a well-established hydrogen refueling infrastructure that is accessible to consumers, businesses, and fleets. A reliable hydrogen refueling network enables long-distance travel for hydrogen FCVs. This is particularly important for consumers who may be hesitant to adopt alternative fuel vehicles without the assurance of convenient refueling options during journeys. In commercial applications, such as delivery trucks, buses, and other fleet vehicles, a robust hydrogen refueling infrastructure is necessary for operational efficiency. Vehicle-Mounted High-Pressure Hydrogen Storage Cylinders allow these commercial vehicles to carry sufficient hydrogen for extended routes. Vehicle-Mounted High-Pressure Hydrogen Storage Cylinders contribute to the hub-and-spoke model of hydrogen infrastructure development. Hydrogen production hubs with centralized production facilities can supply hydrogen to various refueling stations, optimizing the distribution network.

COVID IMPACT:

The pandemic has caused disruptions in global supply chains, affecting the production and distribution of various components, including those used in hydrogen storage cylinders. Delays in the supply chain may have impacted the availability of these cylinders for vehicle manufacturers. Automotive manufacturing plants and related industries experienced production halts or slowdowns during the peak of the pandemic. This could have affected the production of vehicles, including those equipped with high-pressure hydrogen storage cylinders. Economic uncertainties resulting from the pandemic may have led to challenges in securing investments and funding for hydrogen-related projects. Companies involved in the development and manufacturing of high-pressure hydrogen storage cylinders may have faced financial constraints. The pandemic may have slowed down the deployment of hydrogen infrastructure, including refueling stations. The expansion of infrastructure is crucial for the widespread adoption of hydrogen-powered vehicles, and delays could impact the overall market growth. Government priorities globally shifted during the pandemic, with a heightened focus on public health and economic recovery. This shift may have influenced the allocation of resources and attention away from certain renewable energy and clean transportation initiatives, potentially impacting the hydrogen sector.

SEGMENTATION ANALYSIS:

Aluminum Liner Fiber Wound Bottle (Type III) segment is anticipated to grow significantly during the forecast period

The Aluminum Liner Fiber Wound Bottle, specifically classified as Type III, represents a specific design of high-pressure hydrogen storage cylinder. Type III cylinders typically consist of an aluminum liner wrapped with carbon or aramid fibers. This design aims to provide a balance between weight reduction, strength, and safety. The use of aluminum in the liner combined with fiber winding results in a lightweight yet strong structure. This is crucial for vehicle-mounted high-pressure hydrogen storage cylinders, where weight considerations directly impact the overall efficiency and performance of the vehicle. Type III cylinders are designed with safety in mind. The combination of materials provides a structure that is resistant to damage and can withstand High-Pressures associated with hydrogen storage. This is essential for ensuring the safety of the vehicle and its occupants.

The commercial vehicles segment is anticipated to grow significantly during the forecast period

The commercial vehicles segment, including buses, trucks, and delivery vans, is showing increased interest in adopting hydrogen fuel cell technology. This interest is often driven by the need for cleaner and more sustainable transportation solutions in the commercial sector. Hydrogen is considered a sustainable fuel option for commercial vehicles, especially for applications where electric batteries may have limitations in terms of weight, range, or charging time. Hydrogen fuel cell vehicles offer a quicker refueling process compared to electric charging. Stringent environmental regulations and emission reduction targets set by governments and regulatory bodies contribute to the interest in cleaner and zero-emission technologies. Hydrogen fuel cell commercial vehicles align with these objectives. Commercial vehicles often require longer ranges and quick turnaround times for refueling. Hydrogen fuel cell vehicles, with high-pressure storage cylinders, offer a solution to address these requirements, providing longer ranges and shorter refueling times compared to certain battery electric vehicles.

REGIONAL ANALYSIS:

The Asia Pacific region is set to witness significant growth during the forecast period.

Hydrogen fuel cell vehicles utilize hydrogen gas as a fuel source to produce electricity through a chemical reaction in the fuel cell. This electricity then powers the vehicle's electric motor, emitting only water vapor as a byproduct. Hydrogen is stored in high-pressure cylinders on the vehicle. The cylinders are designed to withstand the High-Pressure required for efficient storage of hydrogen gas. This storage method allows for a more compact and efficient storage solution compared to other hydrogen storage technologies. High-pressure storage cylinders offer advantages in terms of energy density and weight, making them suitable for use in vehicles where space and weight considerations are crucial. They enable the storage of a significant amount of hydrogen in a relatively small space. The Asia Pacific region has shown interest and investment in hydrogen technologies, including hydrogen fuel cell vehicles. Countries like Japan and South Korea have been at the forefront of hydrogen adoption in the transportation sector. Some countries in the Asia Pacific region have implemented government initiatives and policies to promote the development and adoption of hydrogen fuel cell vehicles. This includes incentives for manufacturers, infrastructure development, and research funding.

COMPETITIVE ANALYSIS

The global Vehicle-Mounted High-Pressure Hydrogen Storage Cylinder market is reasonably competitive with mergers, acquisitions, and product launches. See some of the major key players in the market.

Plastic Omnium

• In 2023, For 290 million euros ($295 million), Plastic Omnium will purchase Hella's 33 percent share in the HBPO joint venture, which produces front-end modules. Plastic Omnium will now fully own the joint venture, which was founded in 2004 with Behr (later a part of Mahle) as a third partner. In 2019, Plastic Omnium acquired Mahle's portion, gaining a 66 percent ownership.

FAURECIA CLD SAFETY TECHNOLOGY (SHENYANG) CO.LTD.

• January 2021: Beijing BAI DAS Automotive System Co., Ltd., a joint venture between Faurecia and BAIC, has finalized the acquisition of 50% of DAS Corporation, subject to regulatory approval. The joint venture has significant development potential with other BAIC-owned brands and partners in addition to serving as BAIC Hyundai's primary seats supplier.

Quantum Fuel Systems LLC

JFE Holdings

Hexagon Purus AS

ILJIN Composite

NPROXX

Toyota

Shandong Auyan New Energy Technology Corp.,Ltd.

Jiangsu Guofu Hydrogen Energy Equipment Co, Ltd.

Scope of the Report

By Type

• Aluminum Liner Fiber Wound Bottle (Type III)
• Fiber-wound Plastic Liner Bottle (Type IV)

By Application

• Passenger Cars
• Commercial Vehicles

By Region

• North America (the United States & Canada)
• Europe (Germany, UK, France, Spain, Italy, and the Rest of Europe)
• Asia Pacific (China, Japan, India, and Rest of Asia Pacific)
• Rest of the World (the Middle East & Africa, and Latin America)

Key reason to purchase this report

It provides a technological development map over time to understand the industry’s growth rate and indicates how the Vehicle-Mounted High-Pressure Hydrogen Storage Cylinder market is evolving.

The report offers a dynamic method to various factors that drive or restrain the growth of the market and specifies which Vehicle-Mounted High-Pressure Hydrogen Storage Cylinder submarket will be the main driver of the overall market from 2024 to 2032.

It renders a definite analysis of changing competitive dynamics and stipulates the leading players and what are their prospects over the forecast period.

It builds a nine-year estimate based on how the market is predicted to grow and shows what will market shares of the global region change by 2032 and which country will lead the market in 2032.