Understanding the Hydrogen Storage Tanks and Transportation Market Size: Opportunities for Industry Players

 

According to a research report, the global Hydrogen Storage Tanks and Transportation Market Size is projected to reach USD 4.4 billion by 2030 from an estimated USD 0.3 billion in 2024, at a CAGR of 52.4% during the forecast period.

The global hydrogen storage tanks and transportation market size is anticipated to grow at a higher level. There are various drivers responsible for the growth of the market such as the government policies and incentives and technological advancements among others. Government policies that encourage renewable energy and reduce carbon emissions, such as subsidies, grants, tax credits, and regulatory frameworks, are critical in encouraging the rise of hydrogen storage tanks and transportation. These incentives promote investment in hydrogen infrastructure, such as storage facilities and transit networks. Continuous improvements in hydrogen storage technologies, such as better tank materials, innovative storage methods (e.g., metal hydrides, chemical hydrogen storage), and improved compression techniques, all help to boost storage capacity, efficiency, and safety. Technological advancements enable the creation of more dependable and cost-effective hydrogen storage technologies, hence propelling market expansion.

 

Key Market Players

• Hexagon Purus (Norway),
• Worthington Enterprises (US),
• Plastic Omnium (France),
• Tenaris (US),
• Luxfer Holdings PLC (England) among others...

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by pressure segment

 

Hydrogen storage systems with pressures ranging from 200 to 500 bar are excellent options for balancing supply and demand changes in renewable energy systems and stabilizing grid operations. Hydrogen storage's adaptability makes it suited for grid-scale energy storage applications, which helps to drive market growth. Increased integration of renewable energy sources, such as solar and wind power, with electrolysis allows for the creation of green hydrogen.

 

The increased interest in zero-emission transportation alternatives, along with developments in fuel cell technology, is driving the market for hydrogen-powered FCVs. The 200-500 bar pressure range is ideal for storing hydrogen on board FCVs, providing enough range and recharging ease, hence contributing to the segment's growth.

 

by type segement

 

Amidst the worldwide transition to renewable energy sources like hydrogen and compressed natural gas (CNG), the need for effective storage solutions is escalating. Type 4 tanks stand out due to their superior storage capacity, durability, and safety features, making them the favored option for storing alternative fuels. With governments and industries globally pledging to slash carbon emissions, the uptake of Type 4 tanks is projected to soar across sectors such as automotive, aerospace, and energy generation.

 

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Asia Pacific: Is expected to be the largest region in the

 

Countries such as China, Japan, and South Korea are experiencing fast urbanization and industrialization, boosting demand for clean and sustainable energy solutions. Hydrogen storage tanks and transportation networks are viewed as critical components of attempts to minimize pollution and reliance on fossil fuels in densely populated cities. Domestic and foreign firms are making strategic investments in hydrogen infrastructure projects, research, and development, which is driving market growth. Partnerships among governments, industry stakeholders, and research institutions are driving innovation and hastening the commercialization of hydrogen storage and transportation systems.

 

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Africa’s Centrifugal Pump Market Growth to $903.1 Million by 2030

According to a research report "Africa Centrifugal Pump Market by Type (Overhung Impeller, Between Bearing, Vertically Suspended), Operation Type (Electrical, Hydraulic, Air-driven), Stage (Single, Multi), End User (Industrial, Residential & Commercial) and Country - Forecast to 2030" published by MarketsandMarkets, With a compound annual growth rate (CAGR) of 5.5% over the forecast period, the Africa centrifugal pump market is expected to grow significantly, from   an estimated USD 653.8 million in 2024 to USD 903.1 million by 2030. The primary driver of this robust growth is the growing demand for superior centrifugal pumps, particularly in light of the region's expanding agricultural industry. Another important factor propelling the growth of the Africa centrifugal pump market is the increasing preference for solar water pumps, which make use of centrifugal pump technology. Because of their effectiveness and environmental friendliness, these solar-powered pumps are becoming more and more popular, especially in isolated and off-grid areas with limited access to traditional power sources. The growing uptake of solar water pumps is a testament to the region's commitment to sustainable solutions and the desire to harness renewable energy sources to address water management challenges. The transition to renewable energy solutions, coupled with the need for dependable water management systems in agriculture, is driving the growing demand for advanced centrifugal pumps in Africa.

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Electrical by operation type is expected to grow at the highest CAGR during the forecast period.

From 2024 to 2030, the electrical segment of the Africa centrifugal pump market is projected to grow at the fastest rate. Electrical centrifugal pumps are becoming increasingly popular in a variety of applications due to their efficiency and dependability, which is what is driving their growth. These pumps are mostly used in artificial lift systems, which are used in the oil and gas industry in particular, to move moderate to large volumes of fluids from wellbores. Electrical centrifugal pumps have the important benefit of not allowing vapor cavities (cavitation) to form in liquids. Cavitation can damage pumping systems and lower their efficiency. This capability, combined with their consistent performance and ease of operation, positions electrical centrifugal pumps as a preferred choice in the market, particularly in industrial and commercial settings where reliability is critical.

Single stage segment by stage type is expected to occupy the majority share in the Africa centrifugal pump market.

The single-stage segment is anticipated to hold a dominant market share in Africa's centrifugal pump market because of its ease of use, affordability, and extensive application in a variety of industries. Single-stage pumps are perfect for applications requiring low to moderate pressure, such as irrigation, general industrial processes, and water supply. Their attractiveness is further increased by their simplicity in installation, upkeep, and effective functioning, particularly in areas with inadequate infrastructure and technical know-how. Furthermore, the growing need for wastewater and water management in African cities and rural areas supports single-stage centrifugal pumps' market dominance.

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South Africa likely to emerge as the largest Africa centrifugal pump market.

Over the course of the forecast period, South Africa is anticipated to hold the largest share of the Africa centrifugal pump market. The nation's thriving mining, power, water and wastewater, oil and gas, and construction industries are the key drivers of this market's expansion. Wastewater treatment becomes an essential way to meet water needs in an area where freshwater resources are scarce, especially for non-potable uses. In these procedures, centrifugal pumps are crucial because they provide effective water distribution, treatment, and circulation. Centrifugal pumps are in high demand due to South Africa's growing emphasis on infrastructure and industrial development, which has helped the company maintain its dominant position in the continent's market.

Key Market Players

Grundfos Holding A/S (Denmark), Xylem Inc. (US), Sulzer (Switzerland), KSB (Germany), Wilo (Germany), Weir (UK), Ruhrpumpen Group (US), and EBARA Corporation (Japan) are the major companies in the centrifugal pump market in Africa.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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MarketsandMarkets Inc.
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Global Wind Turbine Protection Market Expected to See Significant Growth by 2029

 The wind turbine protection market is forecast to reach USD 2.8 billion by 2029 from an estimated USD 1.7 billion in 2024, at a CAGR of 10.5% during the forecast period (2024-2029).

Wind turbine protection are primarily used to protect the turbines from factors like lightning strikes, high winds, and extreme temperatures. Wind turbine protection keeps turbines functional, protects investments, safeguards workers and wildlife, and contributes to a stable and reliable power grid.

Key Market Players

Some of the major companies in this market include BASF SE (Germany), 3M (US), Akzo Nobel N.V. (Netherlands), Trelleborg AB (Sweden), Hempel A/S (Denmark).

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This report segments the wind turbine protection market based on four equipments: Blades, Nacelle, Tower and Others. The Blades in the wind turbine protection market is expected to be the second fastest, because the blades are a critical focus area for the wind turbine protection market, as safeguarding the blades through coatings, tapes, and regular maintenance is crucial to optimizing turbine performance and extending operational lifespans.

This report segments the wind turbine protection market based on protection type into two segments: Coatings, Tapes & Films. The Tapes & films in the wind turbine protection market is expected to be the second fastest, because Tapes can be easily applied in both factory and field settings, providing a consistent and reliable solution for blade protection. They are designed for simple application via rope or platform access.

This report segments the wind turbine protection market based on end user into two segments: onshore and offshore. The offshore in the wind turbine protection market is expected to be the second fastest due to the Increasing energy demand, depletion of onshore reserves and technological advancements. The Wind Turbine Protection market for offshore installations is increasingly due to exposure to harsh marine conditions, including saltwater corrosion, high humidity, and strong winds.

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The wind turbine protection market is experiencing growth due to the need to protect wind turbines from environmental factors like climate change. The rising energy demand causes increasing energy consumption mostly in the emerging markets, which further drives the need for more effective and efficient techniques to meet the demand. Continuous improvements in materials, manufacturing processes, and monitoring technologies are enabling wind turbines to operate effectively for longer periods with proper protection and refurbishment.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets Inc.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA: +1-888-600-6441
Email: newsletter@marketsandmarkets.com