Hydrogen Pressure Vessels Market | Strategic Assessment and Competitive Analysis

Q: Who are the key players in the market

Iljin Hysolus CO LTD Hexagon Purus and Luxfer Gas Cylinders are the leading players in the hydrogen pressure vessels market A majority of the leading 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

Q: Which region is estimated to be dominant in the market in the coming years

Asia Pacific is estimated to be dominant in the market in the coming years The projected increase in the production of FCEV models such as Toyota Mirai and Hyundai Nexo coupled with the active presence of leading companies such as ILJIN Hysolus CO LTD TOYOTA MOTOR CORPORATION and TOYODA GOSEI Co Ltd are the primary factors boosting the regional market demand

Q: Which region is estimated to be the fastest growing in the market in the coming years

Asia Pacific is estimated to remain the fastest growing market for hydrogen pressure vessels in the foreseeable future Increasing production of FCEV models such as Toyota Mirai and Hyundai Nexo coupled with the active presence of leading companies such as ILJIN Hysolus Co Ltd TOYOTA MOTOR CORPORATION and TOYODA GOSEI Co Ltd

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Report Summary

Table of contents

Market Insights

Hydrogen vehicles, also known as fuel cell vehicles, have been one of the most-discussed subjects in the transportation sector. Several companies have been making significant investments in different value chain with an aim to capture the huge growth potential. Currently, almost all categories, such as passenger car, truck, bus, train, lift truck, and aircraft, have been experiencing some developments with regard to hydrogen as its fuel. Some of the commercial hydrogen vehicles are Toyota Mirai and Hyundai Nexo. It is estimated the hydrogen vehicles may account for about 0.6% of the total automotive powertrain mix by 2030.

Pressure vessels remain one of the most crucial elements of the hydrogen system. The long-term scenario seems to be extremely fruitful, with a plethora of opportunities for all the players involved in the entire supply chain of hydrogen pressure vessels. In addition, the Zero-Emission Vehicle (ZEV) regulations of various countries, increasing investments in the deployment of hydrogen infrastructure, and the production upsurge of various FCEVs, including passenger cars, are the key factors likely to escalate market demand during the forecast period.

Moreover, the increasing global focus on the deployment of hydrogen infrastructure is also expected to significantly influence market growth in the coming years. 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, which is also a major reason for increasing hydrogen demand across regions. Overall, it is expected that the hydrogen pressure vessels market will grow at a solid CAGR of 52.8%, reaching US$ 10.3 Billion in 2030.

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.
In December 2020, Hanwha Solutions acquired 100% shares of Cimarron Composites, an American high-pressure vessel manufacturer. This acquisition would accelerate the expansion of Hanwha Solutions into the green hydrogen industry.
In June 2020, Cummins Inc. entered into an agreement to form a joint venture with NPROXX, to provide customers with hydrogen and CNG storage products for on-highway and rail applications.

Key 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

Market Segmentation

Segmentations	List of Sub-Segments	Dominant and Fastest-Growing Segments
Vessel-Type Analysis	Type-I Vessel, Type-II Vessel, Type-III Vessel, and Type-IV Vessel.	Type-IV vessel is expected to be the dominant as well as the fastest-growing segment by vessel type during the forecast period.
Application-Type Analysis	Mobility and Gas Storage and Distribution.	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.
Process-Type Analysis	Towpreg Process and Wet Winding Process.	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.
Regional Analysis	North America, Europe, Asia-Pacific, and Rest of the World.	Asia-Pacific is expected to be the dominant market as well as the fastest growing market, 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.

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.

Based on the process type, the market is segmented into wet winding process and 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.

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.

The hydrogen pressure vessels market is segmented into the following categories.

Hydrogen Pressure Vessels Market, by Vessel Type

Type-I Vessel (Trend and Forecast)
Type-II Vessel (Trend and Forecast)
Type-III Vessel (Trend and Forecast)
Type-IV Vessel (Trend and Forecast)

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

Towpreg (Trend and Forecast)
Wet Winding (Trend and Forecast)

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 in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate 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 10 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such 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, Product 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 existing and new players.
Key success factors.

Customization Option

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 sales@stratviewresearch.com.

Frequently Asked Questions (FAQs)

What will be the growth of the market in the coming five years?

The hydrogen pressure vessels market is estimated to grow at an extraordinary CAGR of 52.8% in the coming five years, driven by several factors, such as growing production of hydrogen vehicles, increasing focus on building hydrogen infrastructure, and high focus on some countries in building hydrogen economy.

Who are the key players in the market?

Iljin Hysolus CO., LTD, Hexagon Purus, and Luxfer Gas Cylinders are the leading players in the hydrogen pressure vessels market. A majority of the leading 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.

Which region is estimated to be dominant in the market in the coming years?

Asia-Pacific is estimated to be dominant in the market in the coming years. The projected increase in the production of FCEV models, such as Toyota Mirai and Hyundai Nexo, coupled with the active presence of leading companies such as ILJIN Hysolus CO., LTD, TOYOTA MOTOR CORPORATION, and TOYODA GOSEI Co., Ltd., are the primary factors boosting the regional market demand.

Which region is estimated to be the fastest growing in the market in the coming years?

Asia-Pacific is estimated to remain the fastest-growing market for hydrogen pressure vessels in the foreseeable future . Increasing production of FCEV models, such as Toyota Mirai and Hyundai Nexo, coupled with the active presence of leading companies such as ILJIN Hysolus Co., Ltd., TOYOTA MOTOR CORPORATION, and TOYODA GOSEI Co., Ltd.

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Hydrogen Pressure Vessels Market Forecast | 2023-2030