Press release
Hydrogen Storage Market by Component, Solution, Service, Deployment Type and Regional Revenue by 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 the rising demand for alternative energy storage solutions and increasing use of fuel cells for various applications. Hydrogen fuel cells are increasingly used for applications ranging from transport to backup power solutions as they provide emissions-free operation. Further, various government policies and initiatives aimed at promoting hydrogen as a clean energy alternative are also boosting the demand for efficient hydrogen storage solutions. For instance, countries like Japan, South Korea, Germany and others have dedicated funding and programs to support hydrogen infrastructure and fuel cell technology development.
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Hydrogen Storage Market: Market Drivers and Restrains
Increasing Demand for Clean Fuel as a Means of Transport is Driving the Growth of Hydrogen Storage Market
The growing concerns about carbon emissions and climate change have led to stringent government regulations targeting vehicular emissions. This has boosted the demand for clean and sustainable fuel alternatives like hydrogen in the automotive sector. As hydrogen can be produced from renewable resources, its usage helps reduce dependency on fossil fuels. Many leading automakers are actively working on developing FCEVs and investing in building hydrogen refueling infrastructure. This rising focus on developing a hydrogen-based transportation system worldwide is a major factor contributing to the expansion of the global hydrogen storage market.
Developing Low-Cost Large-Scale Production of Green Hydrogen Presents Immense Opportunities
While the usage of clean hydrogen helps reduce emissions, its production also contributes to carbon footprint if powered by fossil fuels. There is immense scope for companies to capitalize on the opportunity of developing sustainable and low-cost methods for bulk production of green hydrogen using renewable energy sources. Investments in electrolysis technologies and building large renewable energy farms can help produce hydrogen in an environment-friendly manner at competitive rates. Establishing international collaboration for widespread deployment of green hydrogen production capacities worldwide presents a multi-billion dollar market potential in the coming years.
Declining Costs of Renewable Power and Electrolyzer Technologies to Positively Impact the Industry
The costs of renewable power generation from solar and wind have plummeted significantly over the past decade owing to technology advancements and economies of scale. This downward price trend is anticipated to continue helping green hydrogen become cost-competitive against other alternatives. Similarly, the electrolyzer costs are also expected to witness substantial reductions as production capacities increase globally. Favourable policy measures aimed at boosting renewables coupled with falling technology prices will make hydrogen more viable commercially. This cost decline will be a major driver facilitating broader uptake of clean hydrogen solutions across various hard-to-abate sectors.
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Top Companies Included 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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The report offers insights on the following topics:
Chapter 1: Study Coverage
Chapter 2: Executive Summary
Chapter 3: Competitor Landscape of the Hydrogen Storage Market by Players
Chapter 4: Market Size of the Hydrogen Storage Market by Type and Application
Chapter 5: Global and Regional Analysis
Chapter 6: Company Profiles, Recent Developments, and Investments
Chapter 7: Analysis of Market Opportunities, Challenges, Risks, and Influencing Factors
Chapter 8: Analysis of Value Chain and Sales Channels, including notable product developments
Chapter 9: Research Findings and Conclusion
Chapter 10: Methodology/Research Approach
Ultimately, the Hydrogen Storage Market report serves as a reliable source for acquiring market research to significantly enhance your business. It furnishes essential insights into regional economic conditions, product pricing, profitability, capacity, production, supply, demand, market growth rate, and forecasts. Additionally, the report includes a SWOT analysis, investment feasibility analysis, and return on investment analysis for new projects within the Hydrogen Storage industry.
Should the aforementioned report not meet your precise requirements, we offer customized research tailored to comprehensively address your specific business needs. Our customized research will encompass all the pertinent business information necessary to assist you in making strategic and profitable business decisions.
Author Bio:
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)
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