Time Technoplast Leads India's Green Energy Storage Market with Dual International Approvals for Hydrogen Cylinders
Key Ideas
- Time Technoplast Ltd. achieves a milestone by being the only Indian company to receive approvals for 150-litre hydrogen composite cylinders from both PESO and Bureau Veritas, enhancing its presence in the green energy storage market.
- The dual certification supports the company's alignment with India's green energy initiatives and export goals, following years of intensive R&D and internal development.
- Industry projections suggest a significant growth opportunity, with the global market for composite hydrogen cylinders expected to reach approximately USD 4.4 billion by 2036, indicating a CAGR of 13.2%.
- The achievement underscores Time Technoplast's commitment to safety, strength, and reliability in composite technology, paving the way for broader applications in the clean energy sector.
Time Technoplast Ltd., a polymer product manufacturer in India, has made history by becoming the first Indian company to secure approvals for 150-litre hydrogen composite cylinders from both the Petroleum and Explosives Safety Organization (PESO) and Bureau Veritas Services SAS, France. This milestone was attained after years of dedicated research and development efforts, culminating in the certification of their 150-litre Type IV fully wrapped fibre-reinforced refillable composite hydrogen cylinder. The international recognition from Bureau Veritas strengthens Time Technoplast's foothold in the hydrogen storage sector, aligning with India's green energy objectives and export strategies.
The company's achievement reflects a significant growth opportunity in the composite hydrogen cylinder market, with estimates suggesting a remarkable CAGR of 13.2% over the next twelve years. This growth trend is projected to elevate the global market size from USD 1.125 billion in 2024 to approximately USD 4.4 billion by 2036. Time Technoplast's success is attributed to years of meticulous testing, internal trials, and continuous innovation, all funded through internal resources without external backing.
The approvals from PESO and Bureau Veritas not only validate the safety, strength, and reliability of Time Technoplast's technology but also position the company uniquely to cater to both domestic and international hydrogen cylinder demands. This development not only enriches the company's product offerings but also signals broader opportunities for clean energy applications in the future. The company's stakeholders have been instrumental in this journey, further solidifying Time Technoplast's commitment to sustainable practices and innovation in the green energy sector.