Press release
A Recent Study Says Hydrogen Storage Market Will Make a Huge Impact in coming years | Top key players are Air Liquide, The Linde Group, Praxair, Inc, Worthington Industries, McPhy, Hexagon Composites ASA, VRV, INOXCVA
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Global hydrogen storage market worth $426.4 million in 2015
As per the research, the global market for hydrogen storage is likely to grow from $477.7 million in 2016 to $991.7 million by 2026. With the increasing focus of key players to produce alternative renewable energy from fuel cells, hydrogen and oxygen, the market for hydrogen storage is expected to increase at a robust pace. Additionally, increasing consumption of hydrogen in various end-use sectors including power, energy, transportation, fueling stations, and electronics are expected to bolster the market for hydrogen storage during the forecast period.
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Asia-Pacific stands as the largest hydrogen storage market
Asia-Pacific accounted for the largest region in the global hydrogen storage market, where China contributed to the largest revenue. The U.S. was the major market in North America, whereas Germany contributed to the largest revenue in Europe region. Saudi Arabia was the major market in the Middle East and Africa region while Brazil dominated the South America market.
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Growing demand for luxury vehicles bolsters market growth
The factors driving the growth of the hydrogen storage market include growing demand for low emission fuels, increasing consumption of ammonia and methanol worldwide and rising use of hydrogen storage tanks in transportation sector. The increasing demand for hydrogen-powered vehicles in North America and Europe is expected to have a positive impact on the growth of hydrogen storage market during the forecast period on account of easy availability of hydrogen filling infrastructure and stringent government regulations for the use of low emission generating vehicles.
Increasing government initiatives for promoting the use of hydrogen storage technologies provides opportunity for the global hydrogen storage market. North America and Europe are focusing on manufacturing zero-emission hydrogen vehicles for which countries such as the U.S. and the U.K. have released government funds and launched programs to encourage more businesses/companies to switch towards hydrogen-fueled vehicles. For instance, in 2016, the U.K. government had invested USD2.21 million to bring up an additional 100 hydrogen fuel cell cars and vans in the next few years. This would create growth opportunities for global hydrogen storage market during the forecast period.
GLOBAL HYDROGEN STORAGE MARKET SEGMENTATION
By Form of Storage
Physical
Material-based
By Type of Storage
Cylinder
Merchant/bulk
On-board
On-site
By Application
Stationary power
Portable power
Transportation
By Geograph
Asia-Pacific
China
Japan
India
South Korea
Thailand
Indonesia
Rest of Asia-Pacific
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Russia
Rest of Europe
Middle East and Africa (MEA)
Saudi Arabia
Kuwait
Oman
South Africa
Rest of MEA
South America
Brazil
Chile
Rest of South America
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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