South Korea Pressure Vessels for Hydrogen Storage Market was valued at USD 0.5 Billion in 2022 and is projected to reach USD 1.2 Billion by 2030, growing at a CAGR of 11.0% from 2024 to 2030.
South Korea's hydrogen industry is experiencing a significant transformation, with pressure vessels for hydrogen storage playing a pivotal role in this evolution. As the nation accelerates its transition towards clean energy, understanding the applications and industry requirements for these storage solutions becomes imperative.**Key Applications of Hydrogen Pressure Vessels in South Korea**- **Fuel Cell Electric Vehicles (FCEVs):** South Korea is at the forefront of FCEV adoption, with models like the Hyundai Nexo leading the market. These vehicles rely heavily on advanced hydrogen pressure vessels to ensure safe and efficient fuel storage, highlighting the critical role of these components in the automotive sector.- **Industrial Gas Storage and Distribution:** Beyond transportation, industries utilize hydrogen pressure vessels for bulk storage and distribution. This application supports various sectors, including manufacturing and energy production, by providing a reliable means of storing and transporting hydrogen gas.- **Power Generation:** Hydrogen serves as a clean fuel for power plants, necessitating robust storage solutions. Pressure vessels are integral in maintaining the supply needed for consistent energy generation, aligning with South Korea's goals for sustainable energy infrastructure.**Industry Requirements and Standards**To ensure safety and efficiency, South Korea has implemented stringent standards for hydrogen pressure vessels:- **Updated KGS Standards:** As of January 2025, the Ministry of Trade, Industry, and Energy (MOTIE) revised the Korean Gas Safety (KGS) standards. These updates permit the use of austenitic stainless steel in pressure-bearing parts and introduce enhanced testing protocols, such as safety valve retention time inspections, to bolster transport safety. citeturn0search0- **Material Compatibility Research:** The Korean Register (KR) has conducted extensive research into materials suitable for liquid hydrogen storage on marine vessels. This initiative aims to establish evaluation methods and standards for materials used in hydrogen pipes and tanks, ensuring compatibility with cryogenic environments. citeturn0search3**Market Growth and Future Outlook**The global hydrogen pressure vessels market is on a trajectory of rapid growth. Projections indicate an expansion from USD 10.3 billion in 2023 to USD 19.8 billion by 2030, reflecting a compound annual growth rate (CAGR) of 5%. This surge is largely attributed to the increasing adoption of FCEVs and the diversification of hydrogen applications across various industries. citeturn0search4In South Korea, the emphasis on alternative fuel vehicles and the development of hydrogen infrastructure are key drivers of this market expansion. The nation's commitment to reducing greenhouse gas emissions and fostering clean energy solutions positions it as a significant player in the hydrogen economy.In summary, pressure vessels for hydrogen storage are central to South Korea's clean energy initiatives. Their applications span from fueling the growing FCEV market to supporting industrial and power generation needs. Adherence to updated standards and ongoing research into material compatibility underscore the industry's dedication to safety and innovation. As the market continues to grow, South Korea's proactive approach ensures its prominence in the global hydrogen landscape.
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Toyota
Faurecia
CLD
Faber Industrie S.P.A.
Luxfer Group
Quantum Fuel Systems
Hexagon Composites ASA
NPROXX
Worthington Industries
Inc.
Zhangjiagang Furui Hydrogen Power Equipment Co.
Ltd.
CTC
Sinoma Science & Technology
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Pressure Vessels for Hydrogen Storage Market
Composite Vessels
Metallic Vessels
Hybrid Vessels
Compressed Hydrogen Storage
Liquid Hydrogen Storage
Metal Hydride Storage
Aerospace
Automotive
Industrial
Energy and Power
Others
Carbon Steel
Stainless Steel
Aluminum
Fiber-Reinforced Composites
Fuel Cell Vehicles
Stationary Power Generation
Industrial Hydrogen Supply
Portable Hydrogen Systems
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Pressure Vessels for Hydrogen Storage Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Pressure Vessels for Hydrogen Storage Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Pressure Vessels for Hydrogen Storage Market, By Type
6. South Korea Pressure Vessels for Hydrogen Storage Market, By Application
7. South Korea Pressure Vessels for Hydrogen Storage Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Pressure Vessels for Hydrogen Storage Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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