What are Major Factors Driving Progress of Global Hydrogen Storage Market?

One of the key factors responsible for the rising demand for hydrogen storage across the world, is the rising shift to low-emission fuels in several countries.

Moreover, the enactment of stringent emission policies and standards in many countries, including the U.K. and the U.S., is promoting the adoption of clean energy and fuels, including hydrogen, in those countries.

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As per the Environmental Protection Agency (EPA), there were more than 10,000 fuel stations in the U.S., providing alternative clean energy fuels such as hydrogen fuels, in 2015.

The rising advancements in the fuel cells and hydrogen technologies is another major factor fuelling the surge in the demand for hydrogen storage across the world.

Additionally, the soaring government investments and initiatives in many countries for promoting the adoption of hydrogen fuel will create huge demand for hydrogen storage facilities in the coming years.

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For instance, the U.K. government made an investment worth $2.21 million in 2016 for the development of 100 hydrogen fuel cell vans and cars and this is expected to considerably increase the need for hydrogen storage in the country in future.

Due to the above-mentioned factors, the global hydrogen storage market is expected to witness huge growth over the next few years. There are two methods of hydrogen storage commonly used across the world -- physical form and material-based storage.

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Of these, the physical form-based storage method is expected to increase rapidly in the coming years. This is mainly attributed to the fact that the storage of hydrogen in physical form makes it suitable for use in a plethora of applications such as crude oil refining, metal working, ammonia production, and transportation.

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