Rising Adoption of Hydrogen as a Substitute to Conventional Fuel to Enhance the Global Liquid Hydrog

It is expected that the size of the Global Liquid Hydrogen Storage Tanks and Transportation Market will grow at a CAGR of around 50.12% between 2024 to 2030. The growth of the market is accredited to the rising focus on clean energy and the development of a hydrogen-based economy, mainly in sectors such as industrial processes and transportation, driving the demand for liquid hydrogen storage tanks and transportation solutions.

In addition, given the current technological limitation in electrifying these sectors, and the lack of ability in other substitutes such as bioenergy to meet the demand, industries are constantly increasing the adoption of hydrogen as a substitute for fossil fuels. Consequently, the liquid Hydrogen Storage Tanks and Transportation Market is composed for notable growth during the predicted period, driven by the increasing demand for hydrogen storage tanks in the upcoming years.

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Advancements in Cryogenic Technology to Improve Insulation Materials in the Global Liquid Hydrogen Storage Tanks and Transportation Industry

The increasing advancements in material science have resulted in the development of more efficient materials in recent years. These materials have higher thermal resistance, lowering the rate of heat transfer into or out of the cryogenic storage tanks of transportation vessels. It helps in maintaining the low temperatures required for storing and transporting liquid hydrogen, positively propelling the Liquid Hydrogen Storage Tanks and Transportation Industry growth.

Furthermore, liquefying hydrogen is an energy-intensive process, and improvement in liquefaction technology have led to higher energy efficiency. Thus, in the forthcoming time period, as technology becomes more efficient & cost effective, it would become more attractive option for a wider range of industries, including transportation, industrial processes, and energy storage

The Hydrogen Storage Systems Observing Exponential Growth in the Global Liquid Hydrogen Storage Tanks and Transportation Market

On the basis of Components, the Liquid Hydrogen Storage Tanks and Transportation Industry is divided into two segments including – Transportation & Distribution and Storage System. Out of these, the Hydrogen Storage Systems are observing a rapid growth in the market owing to their wider deployment in the automotive industry. The growth in the greenfield investments in the storage of hydrogen as a fuel across North America, Europe, and some countries of APAC has been catalysing the demand for storage systems.

Dominant Market Participants of the Global Liquid Hydrogen Storage Tanks and Transportation Market

According to the recent report of MarkNtel Advisors, the leading players of the Global Liquid Hydrogen Storage Tanks and Transportation Market include- Protego, Pragma Industries, Cryolor, Quantum Fuel System LLC, Plastic Omnium, Calvera Hydrogen, AMS Composite Cylinders, BNH Gas Tanks, Doosan Mobility Solutions, Steelhead Composites, Marine Service Noord, Taian Strength Equipments Co. Ltd, Tenaris, Worthington Industries, Air Liquide, NPROXX, Hexagon Purus, and others.

Notable Development of the Global Liquid Hydrogen Storage Tanks and Transportation Industry

• In 2022, Hexagon Purus and Lhyfe, declared their collaboration for the production of green and renewable hydrogen for industrial and transportation applications.

North America is Estimated to Hold a Notable Share in the Liquid Hydrogen Storage Tanks and Transportation Industry

Geographically, the Global Liquid Hydrogen Storage Tank and Transportation Industry extends across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Among these the North America is expected to hold a prominent share in the market in the forthcoming years. To bring down its carbon emissions in line with the Paris Agreement, it would continue to make notable initiatives, create policies, and explore diverse use cases for implementing green hydrogen in the coming years.

Thus, North America commitment to green hydrogen as a clean energy source, and its notable investment in renewable energy capacity and infrastructure development are the key factors instigating the demand for liquid hydrogen storage and transportation.

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