Hydrogen Storage Tanks and Transportation Market Outlook 2024 – Huge Growth, Trends, Revenue And In-Depth Analysis 2030

According to a research report "Hydrogen Storage Tanks and Transportation Market by Modular Storage (Fuel Storage, Distribution Systems), Application (Vehicles, Railways, Marine, Stationary Storage, Trailers), Tank Type (Type 1, 2, 3, 4), Pressure and Region - Global Forecast to 2030" published by MarketsandMarkets, the global Hydrogen Storage Tanks and Transportation Market 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 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.

 

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200 to 500 bar, by pressure, is expected to be the fastest segment during the forecast period.

 

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.

 

The Type 4, by type, is expected to be the Fastest segment during the forecast period.

 

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.

 

Asia Pacific is expected to be the largest region in the hydrogen storage tanks and transportation market.

 

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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Key Players

Some of the major players in the Hydrogen Storage Tanks and Transportation Market are Hexagon Purus (Norway), Worthington Enterprises (US), Plastic Omnium (France), Tenaris (US), and Luxfer Holdings PLC (England). The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, partnerships, joint ventures, collaborations, investments, and expansions.

 

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Waste Management Market Size, Share, Trends and Future Growth Predictions till 2029

According to a research report "Waste Management Market by Waste Type (Hazardous Waste, E-Waste, Municipal Solid Waste, Medical Waste, Construction & Demolition, Non-Hazardous Industrial Waste), Disposal (Open Dumping, Incineration/Combustionl), Source & Region - Global Forecast to 2029" published by MarketsandMarkets, the global Waste Management Market is projected to reach USD 1598.1 billion by 2029 from an estimated USD 1219.6 billion in 2024, at a CAGR of 5.6% during the forecast period.

Waste management is an important process that includes the collection, transportation, disposal, and recycling of waste materials. Effective waste management is critical to ensuring environmental sustainability, public health, and resource conservation. Sustainable waste management practices not only help in reducing pollution but also create opportunities for economic growth through the development of recycling industries and job creation in the waste management sector. Proactive government actions, technical improvements, and an increase in e-waste output are all key drivers of this expansion. Waste Management, Suez, Veolia, and others are major players in the waste management market, with methods such as corporate development and alliances being implemented to improve services.

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Non-Hazardous Industrial Waste, by waste type is expected to be the largest segment during the forecast period.

Based on waste type, the waste management market is categorized into six categories: Hazardous Waste, E-Waste, Municipal Solid Waste, Medical Waste, Construction & Demolition, Non-Hazardous Industrial waste. The Non-Hazardous Industrial waste  is expected to be the largest segment. Non-Hazardous Industrial waste encompasses materials that become unusable during manufacturing processes in sectors like factories, mills, and mining. This waste can be solid, semi-solid, or liquid, containing substances such as dirt, gravel, concrete, scrap metal, oil, chemicals, and even organic matter from restaurants. Globally, Non-Hazardous industrial waste production is significant, with the US generating an estimated 7.6 billion tons annually, ranking first globally followed by China. Developing countries like China see a rise in industrial waste generation, while countries like India witness increasing demand for waste management services.

Recycling , by Disposal method, is expected to be the fastest growing segment during the forecast period.

Based on the Disposal method, the waste management market is segmented into six categories: Open Dumping, Incineration/Combustion, Landfill, Recycling, Composting & Anaerobic Digestion. Recycling is the fastest growing segment by disposal method. Recycling is the process of collecting and processing materials that would otherwise be thrown away as trash and turning them into new products. Recycling is crucial for managing waste sustainably. It helps save resources, reduce pollution, and create jobs. By recycling materials like paper, plastic, and glass instead of throwing them away, it helps to conserve energy, cut down on greenhouse gas emissions, and protect the environment. Recycling also supports the economy by generating income from selling recycled materials and encouraging innovation. The key advantages of recycling and recovery are reduced quantities of disposed waste and the return of materials to the economy. In many developing countries, informal waste pickers at collection points and disposal sites recover a significant portion of discards.

North America is expected to be the largest region in the waste management market.

The dense population and rapid urban development in the area result in a notable volume of waste from residential, commercial, and industrial activities. This situation necessitates the implementation of comprehensive waste management systems and infrastructure. Moreover, the United States, being the largest contributor to waste due to its population size, generates a significant portion of the world's municipal solid waste. In North America, the waste management sector benefits from efficient industrial waste management techniques, an increasing focus on environmental cleanliness, and the primary industrial sectors such as electricity, pharmaceuticals, and oil and gas, which are major consumers of waste management services. Stringent government regulations in the U.S. and Canada have spurred the collection and disposal of industrial waste, further stimulating the waste management industry in the region. It has headquarters of many big waste management companies such as WM Intellectual Property Holdings, L.L.C. (US), Republic Services (US) & Waste Connections (US).

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Key Players

Some of the major players in the waste management market are WM Intellectual Property Holdings, L.L.C. (US), Suez (France), Veolia (France), Republic Services (US) & Waste Connections (US) are the market leaders in the Waste management market. The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, partnerships, joint ventures, collaborations, investments, and expansions.

About MarketsandMarkets™

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.

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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Recloser Market Size by Type, End-use Industry and Forecast 2030

According to a research report "Recloser Market by Phase (Three-phase, Single-phase, and Triple Single-phase), Control Type (Electronic and Hydraulic), Voltage Rating (Up to 15 kV, 16-27 kV, and 28-38 kV), Insulation Medium (Oil, air, and epoxy) Region - Global Forecast to 2030" published by MarketsandMarkets, the market size for recloser is projected to reach approximately USD 1.5 billion by the year 2030, as compared to the estimated value of USD 1.1 billion in 2024, at a Compound Annual Growth Rate (CAGR) of 5.0% over the forecast period.

The recloser market is experiencing a surge driven by a confluence of factors. Aging grid infrastructure across the globe necessitates upgrades for improved reliability and to prevent outages. Reclosers offer a cost-effective solution for enhancing protection in specific sections of the power grid. Additionally, the focus on grid modernization aligns perfectly with the capabilities of reclosers. These automated devices provide fault isolation and protection, contributing to a more efficient and reliable grid. Furthermore, the increasing penetration of renewable energy sources like solar and wind requires robust grid integration solutions. Reclosers can effectively manage the inherent variability of renewable generation and ensure overall grid stability. Finally, a growing emphasis on environmental considerations is pushing the market towards sustainable recloser technologies. Solid dielectric reclosers, for instance, are gaining traction due to their eco-friendly nature, shaping the future of the recloser market.

Browse 281 market data Tables and 64 Figures spread through 288 Pages and in-depth TOC on "Recloser Market - Global Forecast to 2030"

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Triple Single-phase segment, by phase, to be third-largest market.

Triple single-phase reclosers occupy a unique position within the recloser market, catering to specific applications in medium voltage distribution networks. Unlike traditional three-phase reclosers that operate on all three phases simultaneously, triple single-phase reclosers function as three independent single-phase reclosers housed within a single unit. They can isolate faults on individual phases without interrupting the flow of power on healthy phases. This minimizes outage durations for customers unaffected by the fault. Triple single-phase reclosers currently hold a relatively small market share compared to three-phase reclosers. Their niche application and potentially higher cost per unit compared to three-phase options contribute to this limited presence. However, specific factors could influence future growth. As demand for consistent and reliable power supply grows, the ability of triple single-phase reclosers to minimize outage durations on healthy phases becomes increasingly attractive. Their potential integration with smart grid automation systems for remote monitoring and control could enhance their appeal. Manufacturers focusing on cost reduction strategies and highlighting the long-term benefits of improved power quality and reduced outage durations could broaden the market for triple single-phase reclosers. Clearer industry standards and supportive regulations promoting the use of these reclosers in specific applications could influence their adoption by utilities. Triple single-phase reclosers offer a valuable solution for targeted fault isolation and improved power quality in specific scenarios. While their current market share is modest, their potential for growth hinges on cost competitiveness, industry acceptance, and the evolving needs of the power grid, particularly in the context of distributed generation and smart grid integration.

 

Air segment, by insulation, to be second-largest and second-fastest market.

Air-insulated reclosers (AIR reclosers) are emerging as a promising alternative in the recloser market, driven by a growing focus on environmental sustainability. Air insulated reclosers, as the name suggests, utilize air as the insulating medium, eliminating the environmental concerns associated with mineral oil used in traditional oil-insulated reclosers (OIL reclosers) or SF6 gas employed in some switchgear alternatives. Similar to other recloser types, Air insulated reclosers function as automatic circuit interrupters. They detect faults on the power line, interrupt the current flow using air to extinguish the arc, and attempt to re-energize the line after a pre-programmed sequence. This functionality helps clear temporary faults while isolating persistent ones. While still under development and gaining traction, air insulated reclosers are envisioned for similar applications as OIL reclosers in medium voltage distribution networks, potentially including distribution feeders and overhead lines. AIR reclosers are a relatively new technology compared to OIL reclosers or even solid dielectric reclosers. This translates to a smaller market share currently. However, the environmental benefits and potential cost-competitiveness in the long run could propel significant growth. Growing environmental regulations and the push for sustainable solutions are creating a favorable landscape for AIR reclosers. Utilities increasingly seeking eco-friendly technologies are likely to find them attractive. air-insulated reclosers represent a promising step towards sustainable medium voltage distribution. Their future growth depends on overcoming limitations through technological advancements while leveraging their environmental benefits to gain wider acceptance within the evolving recloser market.

North America to emerge as the second-largest recloser market.

The North American recloser market is experiencing a surge, driven by several key factors. A significant portion of North America's power grid infrastructure is aging and requires upgrades to ensure reliability and prevent outages. Utilities across North America are actively investing in grid modernization initiatives to improve efficiency, reliability, and integrate renewable energy sources. Consumers and businesses are increasingly reliant on a consistent and reliable power supply. Reclosers can help minimize voltage sags and momentary interruptions, improving overall power quality for end users. The North American recloser market is expected to witness continued growth in the coming years. The US, in particular, is anticipated to hold the highest market share due to its extensive aging grid infrastructure and ongoing grid modernization efforts. The increasing adoption of distributed generation, such as rooftop solar panels, is also creating new opportunities for reclosers in managing fault currents associated with these sources. The North American recloser market is a fragmented market with established global players and regional participants vying for market share. International companies like ABB, Eaton, Schneider Electric, and Siemens hold a strong presence in the market, offering a variety of recloser solutions. North American companies like S&C Electric, GE, Hubbell, and Hughes Power Systems are also significant players, catering to specific regional needs and regulations. The North American recloser market presents a robust and exciting space. With a focus on grid modernization, sustainability, and advanced functionalities, the market is poised for continued growth. The competitive landscape will likely be shaped by innovation, cost-effectiveness, and the ability of companies to cater to the evolving needs of the North American power grid.

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Key Players

Key players in the global recloser market include Schneider Electric (France), Eaton (Ireland), ABB (Switzerland), General Electric (US), Siemens (Germany), NOJA Power Switchgear Pty Ltd (Australia), Hubbell (US), S&C Electric company (US), Tavrida Electric (US), ENTEC Electric & Electronic (South Korea), Arteche Group (Spain), and ILJIN ELECTRIC (South Korea).

About MarketsandMarkets™

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.

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. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com