DUBLIN, Jan. 17, 2024 /PRNewswire/ — The “Hydrogen Storage Market by Storage Solution (Tanks, Cylinders), Storage Type (Physical Storage, Material-based Storage), Application (Fuel Cell, Chemical Production, Manufacturing, Oil & Gas), and Geography – Global Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
The global hydrogen storage market is projected to reach $33.8 billion by 2030, at a CAGR of 6.8% during the forecast period of 2023 to 2030
The growth of this market is driven by the increasing use of hydrogen storage tanks for transportation and the growing adoption of hydrogen storage facilities as an energy source for power generation. However, the high capital costs of hydrogen storage facilities restrain the growth of this market.
Furthermore, the rising government support for hydrogen production and the increasing demand for hydrogen-based fuel cells for vehicles is expected to create market growth opportunities. However, the high flammability of hydrogen makes storage a major challenge for market players.
The latest trends in the hydrogen storage market are the rising use of renewable energy sources for hydrogen production and the increasing use of hydrogen in oil refineries and chemical industries.
North America is expected to account for the largest share of the hydrogen storage market. North America’s significant market share is attributed to the increasing initiatives aimed at reducing greenhouse gas emissions, technological advancements in hydrogen storage facilities, the increasing adoption of fuel cell electric vehicles, and the utilization of renewable sources for hydrogen production. However, the market in Asia-Pacific is projected to register the highest CAGR during the forecast period.
In 2023, the cylinders segment is expected to account for the largest share of the hydrogen storage market.
The large market share of this segment is attributed to the versatility offered by cylinders in storing hydrogen in multiple forms, including gaseous, liquid, and solid states. Furthermore, the high-pressure storage capacity and cost-effectiveness of cylinders and the rising demand for zero-emission mobility solutions and associated infrastructure drive the adoption of cylinders for hydrogen storage.
However, the portable storage segment is projected to register the highest CAGR during the forecast period due to the increasing demand for fuel cell electric vehicles (FCEVs) as a sustainable mode of transportation, the need to transport hydrogen transportation across diverse locations and applications, particularly in areas lacking extensive pipeline infrastructure, and the rising initiatives focused on reducing Co2 emissions.
In 2023, the fuel cell segment is expected to account for the largest share of the hydrogen storage market.
The large market share of this segment is attributed to the increase in fueling infrastructure for diverse transportation and motive power applications and the increasing adoption of fuel cells in E-mobility to mitigate greenhouse gas emissions, reduce oil dependence, and lower air pollutants. Moreover, this segment is projected to register the highest CAGR during the forecast period.
Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of storage solution, storage type, and application?
- What is the historical market size for the global hydrogen storage market?
- What are the market forecasts and estimates for 2023-2030?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global hydrogen storage market?
- Who are the major players in the global hydrogen storage market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the global hydrogen storage market?
- What are the geographic trends and high-growth countries?
- Who are the local emerging players in the global hydrogen storage market, and how do they compete with other players?
Market Insights
Drivers
- Increasing Need to Transport Hydrogen Driving the Utilization of Hydrogen Storage Tanks
- Growing Deployment of Hydrogen Storage Facilities for Power Generation Supporting Market Growth
- Restraints
- High Capital Costs Limiting the Implementation of Hydrogen Storage Facilities
Opportunities
- Government Support for Hydrogen Production Expected to Generate Growth Opportunities for Market Players
- Increasing Demand for Hydrogen Fuel Cells in FCEV Production Expected to Accelerate Market Expansion
Challenges
- Safety Concerns Over the High Flammability of Hydrogen to Remain a Challenge for Market Stakeholders
Trends
- Rising Use of Renewable Energy Sources for Hydrogen Production
- Increasing Use of Hydrogen in Oil Refineries and Chemical Industries
Company Profiles (Company Overview, Financial Overview, Product Portfolio, Strategic Developments)
- L’Air Liquide S.A.
- Chart Industries Inc.
- Linde GmbH
- Matheson Tri-Gas Inc.
- Hexagon Purus ASA
- Luxfer Gas Cylinders
- Merck KGaA
- Hanwha Corporation
- Eutectix LLC
- HBank Technologies Inc.
- SPG Hydrogen Co. Ltd.
- FIBA Technologies Inc.
- American Elements
- NPROXX B.V.
- Steelhead Composites Inc.
- CALVERA HYDROGEN S.A.
- Pragma Industries
Scope of the Report:
Hydrogen Storage Market Assessment – by Storage Solution
- Tanks
- Cylinders
- Portable Storage
- Other Storage Solutions
Hydrogen Storage Market Assessment – by Storage Type
- Physical Storage
- Liquid
- Gas
- Material-based Storage
- Adsorbent
- Metallic Hydrides
- Complex Hydrides
- Chemical Hydrogen
Hydrogen Storage Market Assessment – by Application
- Fuel Cell
- Fuel Cell Electric Vehicles
- Power Generation
- Boats and Submarines
- Aviation
- Chemical Production
- Manufacturing
- Oil & Gas
- Aerospace & Defense
- Other Applications
Hydrogen Storage Market Assessment – by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Netherlands
- Poland
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Australia & New Zealand
- Indonesia
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/1sqvqq
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SOURCE Research and Markets
