Hydrogen Storage Market worth $6.3 billion by 2030 | Key players Air Liquide (France), Worthington Industries, Inc. (US), Luxfer Holdings PLC (UK).

According to recent market research the "Hydrogen Storage Market by Storage Form (Physical, Material-Based), Storage Type (Cylinder, Merchant, On-Site, On-board), Application (Chemicals, Oil Refineries, Industrial, Automotive & Transportation, Metalworking), Region - Forecast to 2030", size is projected to grow from USD 1.5 billion in 2023 to USD 6.3 billion by 2030, at a CAGR of 21.5% during the forecast period. The hydrogen storage market is growing due to the rise in the demand for fuel cell across various industries, and stringent government regulations globally.

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The gas form dominated the market in 2022 and is expected to hold its position during the forecast period. In the gas form, hydrogen is compressed into large tanks without liquefying it. This is generally preferred if gaseous supply is more economical. This technology enables the automakers to store enough hydrogen to allow a car that runs on a fuel cell battery to cover 500-600 km between fill-ups.

Bulk physical hydrogen storage tanks have applications in oil refineries, steel industries and more. Asia Pacific and North America have dominated the bulk physical hydrogen cylinder markets. The governments in some Asia Pacific countries are focusing on reducing greenhouse gases and adopting hydrogen as a fuel. For Instance, Japan aims to become a hydrogen society by 2050, whereas South Korea plans to build 310 hydrogen refueling stations by 2025. North America has manufacturing facilities like electronics manufacturing, transportation, and steel manufacturing; therefore, the demand for bulk physical hydrogen storage system is growing to support these industries. The demand for merchant physical hydrogen storage is expected to grow significantly due to the insufficiency of captive hydrogen in the existing oil refineries.

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Hydrogen gas is used for desulfurizing transportation fuels such as gasoline and diesel and reforming fuels derived from heavier distillates of crude oil refining. Furthermore, it is used in oil sand processing, gas-to-liquid, and coal gasification projects. The governments of developed and some developing countries have fixed regulations regarding using cleaner fuels to curb CO2 emissions, requiring hydrogen for desulfurization, which is expected to fuel the market growth.

In 2022, Europe held a share of 13.2% in the global physical hydrogen storage market. The primary drivers of physical hydrogen storage market in this region are the goal of reducing EU2 carbon emissions by 55% by 2030 compared to 1990 levels, rapid adoption of fuel cells due to an increasing number of fuel cell projects and government initiatives for their implementation. Further, the presence of prominent hydrogen storage tank manufacturers in the region are NPROXX, Plastic Omnium, Worthington Industries, and Air Liquide driving the hydrogen storage market.
The major players in hydrogen storage market are Air Liquide (France), Worthington Industries, Inc. (US), Luxfer Holdings PLC (UK), Linde plc (Germany), Chart Industries (US), HBank Technologies Inc. (Taiwan), Pragma Industries (France), Croyolor (France), INOXCVA (India), Hexagon Composites ASA (Norway), and others.

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Worthington Industries, Inc. is a leading manufacturing company which serves various industries such as transportation, construction, industrial, agricultural, retail and energy by delivering innovative solutions. The company offers a wide variety of products and services including laser welding solutions, ceiling solutions, gas containment solutions for hydrogen. The company manages its operations through four segments namely, Steel Processing, Building Products, Consumer Products and Sustainable Energy Solutions. Under its energy solutions company offers storage solutions for industrial gases. Worthington Inc. has its headquarters in the US and has presence in North America, Europe, and Asia.

Air Liquide is a French multinational company that provides various gases, technology, and services worldwide. The company produces and distributes gases such as oxygen, nitrogen, argon, hydrogen, carbon dioxide, helium, and acetylene. The company's products and services have applications in healthcare, mobility, aeronautics, glass, and other industries. Air Liquide operates through the gas and services, engineering and construction, global markets, and technologies segments. The company has a presence in Europe, Asia Pacific, the Americas, and Middle East & Africa.

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