Increasing Use of Hydrogen Storage Tanks in Transportation Sector Driving Hydrogen Storage Market

The hydrogen storage market is predicted to register substantial growth in the coming years, which is attributed to the increasing usage of hydrogen storage tanks in the transportation sector, rising requirement for low emission fuels, and growing consumption of ammonia and methanol across the world. As per the U.S. Department of Energy, hydrogen storage is considered as a major enabling technology for the advancements of hydrogen and fuel cell technologies in different applications, such as portable power, stationary power, and transportation. Based on form of storage, the market is divided into material-based and physical.

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Geographically, Asia-Pacific (APAC) held the largest share of the hydrogen storage market in the past and is predicted to dominate the market in the coming years as well. North America is expected to witness the fastest growth in the near future, along with APAC. This is due to the rising requirement for hydrogen-powered cars, which is driven by the availability of proper hydrogen filling infrastructure and strict government regulations in the U.S. The hydrogen storage market in the U.S. is expected to dominate the market in the coming years.

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A key trend in the hydrogen storage market is the rising focus on research & development (R&D) for advancements in the hydrogen storage technology. In recent years, India, the U.S., and the U.K. have been increasingly focusing on R&D activities in order to ensure the development of adequate hydrogen storage for onboard light-duty vehicles, portable power applications, and material-handling equipment. In addition to this, the National Renewable Energy Laboratory, in collaboration with the U.S. Department of Energy, is increasingly focusing on the development of high performance and cost-effective fuel cell and hydrogen technologies.

Market Size Breakdown by Segment

The Hydrogen Storage Market report offers comprehensive market segmentation analysis along with market estimation for the period 2012-2026.

Based on Form

Physical
Material-Based
Based on Type

Cylinder
Merchant/Bulk
On-Board and On-Site
Based on Application

Stationary Power
Portable Power and Transportation
Geographical Analysis

North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Russia
Asia-Pacific (APAC)
Japan
China
India
South Korea
Indonesia
Australia
South America
Brazil
Chile
Middle East and Africa (MEA)
Saudi Arabia
Kuwait
Oman
South Africa

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This release was published on openPR.