Press release
Hydrogen Storage Market and Clinical Trial Insight 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 expected to witness significant growth over the forecast period owing to rising demand for clean energy technologies and stringent emission norms. Hydrogen has potential to power future of transportation and help reduce emissions. Moreover, favorable government policies promoting use of hydrogen as an alternative fuel is also contributing to the market growth. For instance, the European commission has pledged $500 million investments for hydrogen research and development programs. Furthermore, advancement in hydrogen storage technologies such as solid-state and metal hydride storage solutions that offer higher gravimetric and volumetric density compared to compressed gas and liquefied hydrogen storage are anticipated to provide new opportunities for market players over the coming years.
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Huge Carbon Emissions are Driving Increased Demand for Alternative Energy Solutions
As concerns around carbon emissions and climate change grow exponentially, many nations and corporations are pledging to transition to more sustainable energy sources to cut their carbon footprint substantially. Hydrogen is emerging as a very promising green alternative to power industries, transportation and more. It can be generated from renewable resources like solar and wind without producing any emissions. When used in fuel cells, it generates only heat and water. With its ability to store large amounts of energy and enable decarbonization across multiple sectors, hydrogen demand is expected to grow multi-fold in the coming decades to meet countries' climate goals. Major automakers are investing heavily in fuel-cell and hydrogen-powered vehicles which will also drive the need for widespread hydrogen infrastructure and storage solutions.
Mobile and Off-Grid Power Systems Present a Major Growth Opportunity
One sector presenting immense opportunity for hydrogen storage companies is mobile and off-grid power systems. As applications in transportation, remote power and backup power gain momentum, demand for portable storage solutions will surge exponentially. Fuel cell vehicles, boats, off-highway vehicles, emergency power units, autonomous mobile robots as well as portable and stationary power generators for remote locations lack grid connectivity. They depend on onboard energy storage for continuous power which traditional batteries cannot fulfill due to weight, recharging times and lifetime constraints. This is where compact, high-capacity hydrogen storage excels as it enables driving/operating ranges comparable to gasoline/diesel with quick refueling. It can power equipment continuously for days. The growing markets for mobile machinery, marine vessels and off-grid infrastructure will drive huge demand for lightweight hydrogen tanks and storage integration solutions.
Cost Reduction through Mass Manufacturing and Standardization will be a Major Trend
As production volumes and adoption of hydrogen energy systems increase manifold in the coming years to meet climate goals, bringing down costs significantly will be a major trend across the value chain. Standardization of components like storage vessels, fuel cells and refueling equipment will allow economies of scale in manufacturing and supply. Larger volumes produced through automated production lines can help absorb fixed costs, reduce material prices through economies of scale and learning curve effects. Collaborations between stakeholders on open standards will accelerate technology developments and commercialization. Establishing regional or global production hubs for core components like tanks and fueling stations through joint ventures can help maximize utilization rates of facilities and lower individual investment burdens as well. This will accelerate the transition to industrialized mass production of reliable and affordable hydrogen infrastructure including storage systems.
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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 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)
Key Insights from the Global Hydrogen Storage Market Analysis:
Market Size Evaluation: Assessing the value and sales volume of the Hydrogen Storage market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Hydrogen Storage market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Hydrogen Storage market.
Segment Analysis: Examining the market value and sales volume of Hydrogen Storage by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Hydrogen Storage market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Hydrogen Storage sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: www.linkedin.com/in/alice-mutum-3b247b137 )
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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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