Hydrogen Storage Market Size, Share, Trends and Growth Foecast to 2026 | Top Players are Air Liquide SA, Linde AG, Praxair Inc., Hexagon Composites ASA, INOXCVA, and Worthington Industries Inc

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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The rising consumption of ammonia and methanol around the world is a major driving factor of the hydrogen storage market in the U.S. and across the world. Power optimizers and micro-inverters, collectively known as module-level power electronics (MLPE), are gaining popularity. MLPE technology provides optimal performance and more power output than the traditional photovoltaic (PV) systems when installed in unevenly shaded regions. Attributed to this, different countries are increasingly making use of micro inverters, which is further expected to drive the demand for hydrogen storage in the coming years.

Another primary factor driving the growth of the hydrogen storage market is the increasing usage of hydrogen storage tanks in the transportation sector. As hydrogen storage systems are economically viable and have high storage performance as compared to other sources, they are increasingly being preferred for transportation fuels in order to power fuel cell vehicles and electric vehicles. As per the World Nuclear Association the requirement for hydrogen for the production of transport fuels from crude oil is projected to rise at a considerable pace 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.

Geographically, the APAC region accounted for the largest share in 2015 in the global hydrogen storage market. The market in the region is expected to witness a significant growth during the forecast period, owing to the rapid increase in usage of methanol produced from hydrogen, along with adoption of eco-friendly transportation fuels. In addition, increasing demand for ammonia from manufacturing facilities located in China, India and several other South-Asian countries is projected to propel the demand for hydrogen storage in the region during the forecast period.

Some of the leading players operating in the hydrogen storage market include Air Liquide SA, Linde AG, Praxair Inc., Hexagon Composites ASA, INOXCVA, and Worthington Industries Inc., among several others.

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This release was published on openPR.