Press release
Hydrogen Storage Market Size to Worth Around USD 6.3 billion by 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 growth of the hydrogen storage market is driven by the increasing focus on developing hydrogen fuel cell vehicles globally. Various automobile manufacturers are heavily investing in developing hydrogen fuel cell vehicles due to their zero-emission capabilities. For instance, in February 2021, Toyota Motor Corporation announced plans to launch multiple fuel cell electric vehicles by 2030. Furthermore, the growing adoption of hydrogen as an alternative fuel for generating stationary and portable power is also contributing to the market growth. Hydrogen fuel cells facilitate continuous power generation as long as hydrogen is supplied, making them suitable for stationary and portable power requirements.
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Major Drivers Propelling Growth of the Hydrogen Storage Market: Rise in Deployment of Fuel Cell Vehicles
The rising adoption of fuel cell vehicles is one of the key drivers of the hydrogen storage market. Fuel cell vehicles use hydrogen as fuel to generate electricity through an electrochemical reaction with oxygen from the air. As fuel cells continue growing in popularity due to their high performance and zero tailpipe emissions, more hydrogen storage systems will be needed to power these vehicles. Many major automakers like Toyota, Hyundai, and Honda have already launched fuel cell models. Several countries are also investing heavily in building hydrogen refueling infrastructure to support the increasing number of fuel cell vehicles on roads. This widespread commercialization and availability of infrastructure will further stimulate demand for advanced hydrogen storage technologies in the coming years.
Major Opportunity for Growth in the Hydrogen Storage Market: Utilization in Industries
While transportation has been the predominant focus of hydrogen applications so far, its usage in other industries presents a huge opportunity. Non-transportation sectors have even larger fossil fuel consumption and carbon emissions compared to road vehicles. Industries like oil refining, chemical and petrochemical, power generation, steel and metals have considerable potential to adopt hydrogen as an alternative energy source and replace fossil fuels currently in use. Many industrial processes require heat at high temperatures where hydrogen can be utilized more efficiently than electricity. This makes these sectors highly suited for hydrogen integration. As emission standards tighten globally, transitioning to carbon-neutral hydrogen technologies will become economically attractive for industries looking to cut carbon footprints. Rising adoption of hydrogen fuel in stationary and portable power generation also holds promise. Tapping such widespread non-transport applications can significantly enlarge the addressable hydrogen storage market.
Major Trend Shaping the Future of the Hydrogen Storage Market: Advancements in Materials Science Driving New Storage Methods
Innovations in materials science are inspiring the development of advanced storage technologies that overcome existing limitations and bring hydrogen one step closer to commercial viability. Researchers worldwide are exploring novel hydride materials, absorbents, adsorbents and chemical compounds to boost storage capacities, enhance thermodynamic properties, and reduce costs. Metal-organic frameworks (MOFs), carbon-based nanostructures and composite tanks are being extensively investigated. Notable materials include lithium and sodium borohydrides, reactive hydrides, nano-confined systems and renewable carbo-metallic compounds. Continuous refinement of these storage media through nanotechnology and composite engineering could optimize volumetric/gravimetric efficiencies. This ongoing R&D momentum backed by government funding is opening new opportunities. Emergence of disruptive materials with step-change capabilities will play a pivotal role in shaping the hydrogen economy of the future and escalating demand for safe, affordable and efficient storage technologies
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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:
Based on Product Type:
★ By Form: Physical Storage , Material-based Storage
★ By Type: Cylinder , Merchant/Bulk , Onsite , On-Board
Based on 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)
Reasons to Purchase This Report:
📈 Regional Insights: Understand regional consumption patterns and factors influencing the market in different areas.
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📈 Growth Potential: Identify the fastest-growing regions and sectors.
📈 Competitive Landscape: Review market rankings, recent product launches, partnerships, expansions, and acquisitions of leading companies.
📈 Company Profiles: Access comprehensive corporate profiles, including company overviews, insights, product benchmarks, and SWOT analyses of key market players.
📈 Market Outlook: Get current and future market outlooks, including recent developments, growth opportunities, drivers, challenges, and regional constraints
FAQ:
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Does the report provide market size in terms of Value (US$ Mn) and Volume (thousand ton/metric ton/cubic meter)?
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Author Bio:
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.
(LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)
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