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Liquid Organic Hydrogen Storage (LOHC) Market Revenue, Insights, Overview, Outlook, Analysis | Valuates Reports

02-22-2024 04:45 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Valuates Reports

Liquid Organic Hydrogen Storage (LOHC) Market

Global Liquid Organic Hydrogen Storage (LOHC) market is projected to reach US$ million in 2029, increasing from US$ million in 2022, with a CAGR of % during the period of 2023 to 2029.

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Liquid Organic Hydrogen Storage (LOHC) Market Trends

The market for liquid organic hydrogen storage (LOHC) is expanding significantly as a result of the growing interest in renewable energy sources. Hydrogen is developing as a potential energy source as the globe struggles with issues like climate change and environmental sustainability. Hydrogen is becoming an essential part of ecosystems for renewable energy since LOHC systems make it possible to store it safely and effectively. The Liquid Organic Hydrogen Storage (LOHC) Market is primarily driven by the worldwide shift towards cleaner energy sources. In the field of energy storage, LOHCs are becoming more popular. These organic substances efficiently absorb and release hydrogen gas, offering a scalable and environmentally friendly energy storage option. Effective energy storage is essential due to the intermittent nature of renewable energy sources like wind and solar.

The market for LOHC is also being driven by the expansion of the market for hydrogen fuel cell vehicles. In heavy-duty applications, hydrogen is a possible replacement for fossil fuels in transportation. Hydrogen can be safely and efficiently stored in LOHCs, making it appropriate for usage in a variety of vehicles, such as cars, trucks, and buses. Concerns about safety are quite real when it comes to storing hydrogen. LOHCs provide a safer substitute for established practices. They are a desirable option for hydrogen storage due to their non-toxic and flammable characteristics. Their acceptance is being aided by their improved safety profile in a number of sectors, including the energy and chemical industries.

The area of LOHCs is advancing technologically as a result of ongoing research and development. The effectiveness and scalability of LOHC systems are being improved by researchers in an effort to increase their affordability and accessibility. These developments are essential for the LOHC market to thrive in the future. Funding and investments in the LOHC market are increasing. Governments and private businesses are both making investments in LOHC technology research, development, and commercialization. These financial infusions are facilitating innovation and increasing production while also boosting market expansion.

Liquid Organic Hydrogen Storage Market Share

With the United States and Canada leading the way, North America is a sizable market for LOHC. The adoption of LOHC is being accelerated by the region's interest in hydrogen as a sustainable energy carrier, particularly in the industrial and transportation sectors. The development of LOHC technology in North America is aided by government funding and incentives for green energy initiatives.

By Type
• Technology
• Equipment

By Application
• Construction and Operation of Hydrogen Refueling Stations
• Hydrogen Fuel Cell Vehicle

Key Players
WUHAN QINGYANG ENERGY CO.,LTD, Chiyoda Corporation, Hydrogenious Technologies(HT), SLOHC, HydroTransformer, China National Chemical Engineering Co.,Ltd.

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