NEW YORK, March 6, 2024 /PRNewswire/ — The hydrogen storage market is estimated to grow at a CAGR of 5.31% between 2022 and 2027. The size of the market is forecast to increase by USD 3,884.93 million, according to Technavio. The growing competition in the market is compelling vendors to adopt various growth strategies, such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market’s competitive landscape and offers information on several market vendors, including – Air Products and Chemicals Inc., Air Liquide SA, American Elements, Calvera Maquinaria e Instalaciones S.L., Chart Industries Inc., Cummins Inc., HBank Technologies Inc., Hexagon Composites ASA, HPS Home Power Solutions GmbH, Hydrexia, Hydrogen In Motion Inc., Inox Leasing and Finance Ltd., Linde Plc, Luxfer Holdings Plc, McPhy Energy SA, Plug Power Inc., Pragma Industries SAS, Quantum Fuel Systems Technologies Worldwide Inc., SAS HySiLabs, and Worthington Industries Inc.
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Market Report Coverage |
Details |
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Page number |
167 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.31% |
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Market growth 2023-2027 |
USD 3.88 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.07 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 36% |
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Key countries |
US, China, Japan, Germany, and UK |
Market Insights –
- Vendors: 15+, Air Products and Chemicals Inc., Air Liquide SA, American Elements, Calvera Maquinaria e Instalaciones S.L., Chart Industries Inc., Cummins Inc., HBank Technologies Inc., Hexagon Composites ASA, HPS Home Power Solutions GmbH, Hydrexia, Hydrogen In Motion Inc., Inox Leasing and Finance Ltd., Linde Plc, Luxfer Holdings Plc, McPhy Energy SA, Plug Power Inc., Pragma Industries SAS, Quantum Fuel Systems Technologies Worldwide Inc., SAS HySiLabs, and Worthington Industries Inc., among others
- Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
- Segments: Type (physical and material-based), Application (chemicals, oil refining, industrial, and others), and Geography (APAC, North America, Europe, South America, and Middle East and Africa)
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The rising use of hydrogen storage tanks in transportation applications drives market growth.
Some of the main options for storing hydrogen in transportation applications include compressed gas, liquid hydrogen, metal hydride, and chemical carrier. In comparison to other fuels, hydrogen has the highest mass and thus hydrogen storage plays a vital role in the development of hydrogen and fuel cell technologies in areas including fixed electricity, portable power, and mobility. Furthermore, there is an increasing demand for hydrocarbons as there is a limited supply of economically usable hydrocarbon resources globally. Hence, such factors are expected to drive market growth during the forecast period.
- Price reduction of fuel cells is a primary trend in the market.
- The limited availability of hydrogen refueling infrastructure is expected to significantly hinder market growth during the forecast period.
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Analyst Review
The hydrogen gas industry is experiencing a surge in interest due to the rising demand for low-emission fuels driven by stringent environmental regulations and the need for NOx reduction in various sectors, including oil refineries and transportation applications. As a result, safe and efficient storage solutions have become a focal point for research and commercialized ventures alike.
Innovations in hydrogen storage encompass a variety of techniques, including high-pressure gas cylinders, liquid cryogenic tank methods, metal hydrides, and chemi-sorbed hydrogen on materials. These methods utilize materials such as AB5 (LaNi5), AB2 (ZrV2), and A2B (MgNi2), optimizing both volumetric and gravimetric efficiencies to meet engine manufacturer specifications and stringent Euro VII standards.
Physical methods of storage, such as the use of 700-bar storage tanks, offer rapid refueling times and address concerns regarding the limited availability of hydrogen refueling infrastructure. However, challenges persist, including the cost of hydrogen production and construction costs associated with establishing fueling stations.
Despite these obstacles, investor confidence remains high, particularly in fuel cell companies like Plug Power, Ballard Power Systems, Hydrogenics Corporation, and SFC Energy AG, which are pioneering new applications for hydrogen-powered fuel cells in various transportation and green technology adoption markets.
The transportation segment is witnessing exceptional growth, with hydrogen-powered vehicles gaining traction due to their zero carbon emissions and compatibility with existing desulfurization processes in oil refineries. Additionally, biofuels and electric vehicles present high competition, but hydrogen remains a promising alternative, especially in the gas form for physical hydrogen storage.
In conclusion, the hydrogen storage market is poised for significant expansion, driven by advancements in storage technology, environmental regulations, and the growing demand for low-emission fuels across various sectors.
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Market Overview
The hydrogen gas industry is experiencing rapid growth, fueled by the demand for clean energy solutions. To support this momentum, safe and efficient storage solutions are crucial. Companies are innovating robust delivery techniques to ensure the seamless transportation of hydrogen. High-pressure gas cylinders and liquid cryogenic tank methods are two prominent options utilized for storage. High-pressure cylinders offer portability, while cryogenic tanks provide long-term storage capabilities. Additionally, physical methods such as adsorption are gaining traction. With a focus on safe and efficient storage, the hydrogen storage market is poised for significant expansion. Embracing diverse storage technologies ensures scalability and reliability, driving the transition towards a hydrogen-powered future.
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Related Reports
The hydrogen generation market is estimated to grow at a CAGR of 5.58% between 2022 and 2027. The size of the market is forecast to increase by USD 47.84 billion. Furthermore, this report extensively covers market segmentation by delivery mode (merchant and captive), application (chemical industry, refinery industry, metal processing industry, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America). The growing demand for fertilizers is notably driving the market growth.
The hydrogen fluoride market is estimated to grow at a CAGR of 5.19% between 2022 and 2027. The market size is forecasted to increase by USD 900.48 million. Furthermore, this hydrogen fluoride market report extensively covers market segmentation by application (fluorocarbons, aluminum fluoride, and others), type (gas and liquid), and geography (APAC, North America, Europe, South America, and the Middle East and Africa). The increasing use of aluminum in the automotive industry is notably driving market growth.
Table of Contents
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base comprises enterprises of all sizes, including over 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
