LIQUID HYDROGEN TANK MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Regional Analysis

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Dominating Region- North America

North America is projected to lead the liquid hydrogen tank market in 2024, with an estimated market share of 49.5%.  North America liquid hydrogen tank market growth can be attributed to strong government support for clean energy initiatives such as U.S. Department of Energy's (DOE) Hydrogen Shot Initiative and increasing investments in hydrogen infrastructure by major players. Countries like the U.S. and Canada have ambitious targets for deploying hydrogen technologies and expanding the existing network.

Fastest-Growing Region- Asia Pacific

Asia Pacific region exhibits the fastest growth, driven by China and Japan's focus on establishing a hydrogen economy to meet sustainability goals and reduce dependence on fossil fuels. Considerable investments are being made to boost local manufacturing capabilities and scale up hydrogen applications across sectors in the near future.

Liquid Hydrogen Tank Market Outlook for Key Countries

Accelerated Adoption and Rising Demand for Liquid Hydrogen Storage Solutions

The U.S. is advancing hydrogen adoption through substantial federal and state incentives, particularly targeting clean energy and transportation sectors. The Biden administration's commitment to clean energy and decarbonization has spurred significant investments in hydrogen infrastructure, including liquid hydrogen storage solutions. Inflation Reduction Act (IRA) of 2022: The IRA introduces clean energy tax credits and provisions aimed at boosting domestic renewable energy production. It extends and enhances federal tax credits for clean hydrogen and fuel cell technologies, such as the Clean Hydrogen Production Credit under Section 45V and the Investment Tax Credit under Section 48, which support clean hydrogen production and related infrastructure.

China’s Hydrogen Strategy- Expanding Infrastructure and Demand for Liquid Hydrogen Storage Tanks

China is a major player in the hydrogen sector, with substantial investments in green hydrogen production. The government has set ambitious targets for reducing carbon emissions, including increasing hydrogen production and infrastructure. Liquid hydrogen storage tanks will play a crucial role as China scales up its hydrogen fuel cell vehicle fleet and develops industrial applications for hydrogen. China is already developing large-scale hydrogen storage projects in key industrial regions.

Japan’s Hydrogen Leadership- National Strategy and Growing Demand for Hydrogen Storage Solutions

Japan is one of the world leaders in hydrogen technology and is heavily investing in hydrogen infrastructure, particularly for transportation and energy applications. The Japanese government has introduced policies to encourage the adoption of hydrogen, which is expected to drive growth in the market for liquid hydrogen tank solutions. For instance, as per the DLA Piper in May 2024, Japan was the first country to release a national hydrogen strategy, and it continues its leadership by promoting the development of its domestic hydrogen industry and international supply chains. Japan’s strategy, most recently revised in 2023, sets a production target of 12 million tonnes of low-carbon hydrogen by 2040.

Canada’s Hydrogen Push- Strategic Investments and Infrastructure Development in Alberta

Canada has been actively investing in hydrogen as a clean energy solution, with multiple projects aimed at scaling up hydrogen production and infrastructure. As of August 2024, there is a significant push towards building infrastructure for hydrogen storage and distribution, particularly in Alberta. Linde's US$ 2 billion investment in a new hydrogen production facility is one example, signaling Canada's commitment to the hydrogen economy.

India’s Hydrogen Strategy- National Mission and Growing Demand for Liquid Hydrogen Storage Solutions

India has been making progress in developing its hydrogen strategy, with the government recently unveiling the National Hydrogen Mission to boost green hydrogen production. India's market for liquid hydrogen tank will benefit from partnerships with global players like INOXCVA, which have already contributed to India's hydrogen projects.