Press release
Hydrogen Storage Market Growth Will Be Extreme in the Next Years 2024 - 2031 | Air Liquide, Air Products and Chemicals
Hydrogen Storage Market
The global hydrogen storage market is estimated to be valued at USD 1.6 Bn in 2024 and is expected to reach USD 6.8 Bn by 2031, growing at a compound annual growth rate (CAGR) of 23% from 2024 to 2031.
Market Dynamics:
The hydrogen storage market is driven by increasing demand for clean fuels to reduce carbon emissions. Hydrogen as a fuel emits only water as a by-product during usage which is pushing the demand. The other major driver is the focus of governments worldwide to increase usage of renewable energy through initiatives such as hydrogen economy. This is fueling research and development around technologies for safe storage and transportation of hydrogen.
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Hydrogen Storage Market Drivers: Increased Implementation of Fuel Cell Technology
The increasing implementation of fuel cell vehicles and other equipment that uses fuel cells is a major driver boosting the growth of the hydrogen storage market. Fuel cells have gained popularity as an efficient and clean source of energy for transportation and stationary power generation applications. Fuel cells generate electricity from an electrochemical reaction between hydrogen and oxygen without combustion. As fuel cells require hydrogen as fuel, advanced hydrogen storage systems that can safely and efficiently store hydrogen onboard vehicles and equipment are crucial for the growth of the fuel cell industry. Many leading automakers such as Toyota, Hyundai, and Honda have launched or are developing fuel cell electric vehicles. Several countries are investing heavily in building hydrogen refueling infrastructure to support the adoption of fuel cell vehicles. This growing implementation of fuel cells for transportation and stationary power will drive the demand for innovative hydrogen storage solutions in the coming years.
Hydrogen Storage Market Opportunity: Rising Investments in Green Hydrogen Production
The increasing focus on developing renewable and low-carbon means of hydrogen generation presents a major business opportunity for hydrogen storage system providers. "Green hydrogen" produced through electrolysis powered by renewable electricity is gaining attention as a promising technology to decarbonize various hard-to-abate sectors. Many governments and energy companies worldwide are undertaking large-scale projects and announcing ambitious targets to scale up green hydrogen production capacity over the next decade. For instance, the European Union's hydrogen strategy envisages installing at least 6 GW of renewable hydrogen electrolyzers by 2024 and 40 GW by 2030. Similarly, numerous green hydrogen valley projects are kick-starting in Australia, Chile, Middle East, etc. This rising trend of massive investments directed towards commercializing electrolytic hydrogen production using solar and wind energy opens up opportunities for companies to supply hydrogen storage solutions tailored for various application segments. There will be strong demand for storage technologies that can facilitate safe, space-efficient and cost-effective transportation and utilization of green hydrogen.
Hydrogen Storage Market Trends: Emergence of Novel Materials and Technologies
The hydrogen storage industry is actively exploring new promising materials like metal-organic frameworks (MOFs), nanoporous organic polymers, and different alloy combinations that show higher gravimetric and volumetric storage densities than traditional solutions. MOFs have emerged as a popular area of research due to their inherent characteristics to trap hydrogen molecules through weak van der Waals forces within their nanoscale pores. Scientists are also experimenting with novel nanoporous carbon and zeolite
Top Companies Featured in This Report:
★ Air Liquide
★ Air Products and Chemicals Inc.
★ Hexagon Purus
★ Worthington Industries Inc.
★ Linde plc
★ Luxfer Holdings PLC
★ Chart Industries
★ INOXCVA
★ HBank Technologies Inc.
★ Pragma Industries
Market Segmentation:
By Product Type:
★ By Form: Physical Storage , Material-based Storage
★ By Type: Cylinder , Merchant/Bulk , Onsite , On-Board
By Applications:
★ By Application: Oil Refineries , Chemicals , Industrial , Automotive & Transportation , Others (Metalworking, etc.)
Key Regions/Countries are Classified as Follows:
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
South America (Brazil, Argentina, Rest of SA)
Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
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Reasons to Obtain Our Comprehensive Market Report:
• Conduct an extensive analysis of various aspects of the Hydrogen Storage Market utilizing Porter's Five Forces framework.
• Gain insights into the growth rate and market shares of different product types and applications/end-users within the Hydrogen Storage Market.
• Explore the Hydrogen Storage Market dynamics across different regions through comprehensive regional analysis.
• Assess the impact of Covid-19 on the Hydrogen Storage Market with a meticulous research approach.
• Stay updated on the latest developments, market shares, and strategies of key market players within the Hydrogen Storage Market.
• Delve into a thorough evaluation of the market strategies, geographical presence, and business segments of the top players in the Hydrogen Storage Market.
• Anticipate key challenges, product advancements, and solutions that may influence the market's progression and threats.
Key Questions Answered:
• What was the size of the Hydrogen Storage Market in 2021, and what will it be worth by 2030?
• What is the current global scenario for the Hydrogen Storage Market?
• What are the optimal business strategies for maximizing growth potential?
• What are the recent trends in the Hydrogen Storage Market?
• What is the market share in terms of revenue, sales, and size in specific geographical regions?
• Who are the key industry players in the Hydrogen Storage Market?
• Which segments of the Hydrogen Storage Market are in high demand?
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About Us
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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