Hydrogen Storage Market Emerging Trend, Advancement, Growth and Key Players: Hexagon Composites, INOXCVA, Worthington Industries, Praxair Inc, Air Liquide SA, Linde AG

Despite being the most-abundant element on earth, hydrogen is close to being utilized to its complete potential. It has perhaps found the widest use as rocket fuel, along with liquid oxygen; its usage in other applications remains limited. The major reason behind this is the high cost associated with extracting the gas from the atmosphere or hydrogen-based compounds, storing it, and transporting it. One of the simplest ways of producing it is reacting steam and methane; while steam takes almost nothing to produce, methane is expensive. Similarly, the expenditure in H2 production via electrolysis is governed by electricity prices, which keep on increasing.

However, seeing the negative environmental impact of burning crude oil, natural gas, and coal to produce electricity and power vehicles, the focus on cleaner fuels is rising. The efforts to clean the environmental have especially picked pace since the signing of the Paris Agreement in 2016, which has spawned extensive research and development (R&D) in hydrogen production, storage, and transportation technologies. Thus, with the demand for the gas increasing, the hydrogen storage market will likely reach $991.7 million by 2026 from $426.4 million in 2015, at a 7.6% CAGR between 2016 and 2026 (forecast period).

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The gas can be stored either in its pure/liquid form or within a number of hydrogen-based compounds. Physical storage is more-widely practiced since it is easier and cheaper. Moreover, the demand for pure hydrogen is increasing in a wide range of applications, including ammonia production, metal working, crude oil refining, glass production, and transportation. Not many know this but the usage of hydrogen to run automobiles was first demonstrated in 1807, long before the first gasoline (petrol) car, Karl Benz’s 1886 Patent Motorwagen, came out!

This is why among the transportation, portable power, and stationary power categories of the application segment, the transportation category will witness the fastest growth in the hydrogen storage market during the forecast period. Several strict emission regulations, such as Euro 6, Bharat State VI, and Environmental Protection Agency (EPA) Tier-IV standards, have been implemented to check the expulsion of harmful gases into the air from automobiles. As a result, older-generation conventional vehicles are being taken off the roads and newer models are becoming more expensive each year.

This is also why Asia-Pacific (APAC) accounts for the highest usage of hydrogen storage systems around the world. Being the most polluted region in the world, APAC has a strong need to clean up its transportation system. This is why China, Japan, India, and other regional countries are already doing a lot to reduce the number of ICE vehicles and replace them with those that burn cleaner fuels. Although fuel-cell electric vehicles (FCEVs) still represent a fraction of the total number of EVs in operation, they are set to gain rapid popularity in the coming years.

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Additionally, North America will grow the fastest in the hydrogen storage market during the forecast period due to the rapid advancements in the hydrogen fuel technology for vehicles. With stringent emission regulations in place, people are swiftly shifting to cleaner fuels. This is being accompanied by the expansion of the hydrogen filling infrastructure; as per the U.S. Department of Energy (DoE), there were only 39 hydrogen filling stations in the country in 2018, which is why efforts are being taken to increase their number.

Hence, with the world shifting to environment-friendly technologies, the demand for storage solutions for hydrogen will continue to increase.

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This release was published on openPR.