Dublin, April 29, 2022 (GLOBE NEWSWIRE) -- The "Hydrogen Tube Trailer Market - Global Industry Analysis (2018 - 2020) - Growth Trends and Market Forecast (2021-2026)" report has been added to ResearchAndMarkets.com's offering.
Global hydrogen tube trailer market is expected to be worth US$498.6 Mn in 2026 from US$ 276.3 Mn in 2020. The market is expected to exhibit a CAGR of 10.3% CAGR between 2021 and 2026.
This report states that the high cost associated with transporting compressed gaseous hydrogen has given the global hydrogen tube trailer market a shot in the arm. Lack of pipeline infrastructure to transport this gas required by industries will give the players in the market tremendous growth opportunity in the coming years.
Key Highlights in the Global Hydrogen Tube Trailer Market are:
Year-on-year increase in sales of hydrogen fuel cell vehicles followed by renewable energy targets by 2030, which focuses more on the usage of greener fuel is expected to boost the demand for hydrogen tube trailers.
Global hydrogen demand stood at 90 million tons in 2020 compared to 71.1 million tons in 2015, which is 26.5% increase from the year 2015-2020.
Currently, the major end users of hydrogen are refineries and petrochemical industries. However, the end users are expected to increase through increasing usage of hydrogen in transportation, grid injection, synfuel, ammonia fuel, and other industries.
As per 2030 hydrogen (H2) refueling station deployment targets put forward by various nations; U.S. (7,100), Europe (3,700), Japan (900), and China (500) is expected to add 12,200 H2 refueling stations by 2030. This is likely to boost the demand for hydrogen tube trailers in near future.
Due to COVID-19 pandemic, logistics firms, which are involved in the movement, storage, and flow of goods, have been directly affected. A sudden halt in phase-wise development of planned H2 refueling stations hampered the overall demand for hydrogen tube trailers.
Investments in Refueling Stations Drive Global Hydrogen Tube Trailer Market
Soaring consumption of hydrogen in petrochemical industries and refineries is expected to bode well for the global hydrogen tube trailer market. This is also expected to result in growing investments towards refueling stations, creating a terrific opportunity for the market as trailers will be required to deliver hydrogen. Compressed hydrogen trailers present a highly cost-efficient alternative for near term distribution of gaseous hydrogen to H2 refueling stations than traditional pipeline delivery.
Asia Pacific and Europe to Emerge as Leading Regional Markets
As of 2020, Asia Pacific and Europe held a collective share of 80% in the global hydrogen tube trailer market. In 2019, Europe saw 80 hydrogen refueling stations come online. Meanwhile, in 2020, the demand for pure hydrogen reached 90 Mt as activities such as chemical production and oil refining picked up pace.
The emerging economies of India, China, and Japan are expected to be key contributors to the regional hydrogen tube trailer market. The report finds that Japan has more than 150 H2 fuel stations followed by China, which has more than 50. India and Australia hold excellent potential for growth of this market as governments are seeking ways to reduce the effects of pollution.
Some of the key players operating in the global hydrogen tube trailer market are
Air Products and Chemicals, Inc.
Roberts Oxygen Company, Inc.
Hexagon Composites ASA
Zhejiang Rein Gas Equipment Co., Ltd.
FIBA Technologies, Inc
Composite Advanced Technologies, LLC.
For more information about this report visit https://www.researchandmarkets.com/r/l85w9d
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