Global demand for 700 bar hydrogen storage tanks to gain momentum after 2028
As per S&P Global Mobility forecast, demand for 700 bar onboard hydrogen tanks in Europe is expected to record a CAGR of more than 74% in 2023–30.
Amid the race for reducing greenhouse gas emissions (GHG) and combating climate change, research and development (R&D) on hydrogen-powered vehicles are gaining ground, especially around its applications in large commercial trucks and buses. Hydrogen is now increasingly seen as a more practical choice than large batteries for these vehicles. According to S&P Global Mobility, global demand for fuel-cell medium and heavy commercial vehicles (MHCVs) is projected to exceed 72,000 units by 2030. Similarly, in the light commercial vehicles (LCVs) segment, demand for fuel-cell electric vehicles (FCEVs) is expected to grow from 18,000 units in 2023 to 140,000 units in 2030, at a compound annual growth rate (CAGR) of 33.33%.