Hydrogen Storage Market Current Overview and Strategic Forecast 2024 - 2031 | Air Liquide, Air Products and Chemicals

Market Overview:

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:

Hydrogen storage plays a crucial role in the development and adoption of hydrogen as an alternative transportation fuel. The increasing demand for clean energy solutions as well as decreasing costs of hydrogen fuel cells are driving the growth of the hydrogen storage market. According to estimates, the global hydrogen storage market size was valued at US$ 1.3 billion in 2022 and is forecast to reach over US$ 2 billion by 2031, growing at a CAGR of 8% during the forecast period. Governments across various countries are supporting hydrogen infrastructure growth through funding and policy initiatives to reduce dependence on fossil fuels. Additionally, rising investments by leading automakers in developing hydrogen-powered vehicles will boost the hydrogen storage systems demand over the coming years.

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Hydrogen Storage Market Drivers:

Increasing Use of Hydrogen in Transportation Sector

The transportation sector has high carbon emission levels and governments are promoting the adoption of zero-emission vehicles to reduce greenhouse gas emissions. Hydrogen fuel cell vehicles provide a promising alternative to conventional vehicles as they only emit water and produce no greenhouse gases. Many leading automakers such as Toyota, Hyundai, and Honda have introduced hydrogen fuel cell vehicles. Various governments are investing heavily in building hydrogen refueling infrastructure to promote the adoption of fuel cell vehicles. This growing focus on integrating hydrogen technologies in the transportation sector will drive the demand for efficient hydrogen storage solutions in the coming years.

Hydrogen Storage Market Opportunity:

Development of Advanced Materials for Hydrogen Storage

Significant research is underway to develop novel high-performance materials for reversible hydrogen storage. Promising technologies like metal organic frameworks (MOFs), chemical hydrides and nanotube-based adsorbents offer potential for higher gravimetric and volumetric densities compared to current methods. Continuous innovations in hydrogen storage materials can help overcome density and cost challenges. Development of economical, safe and efficient adsorbent or absorber-based hydrogen storage systems can unlock new opportunities. Demonstration and commercialization of next-gen storage technologies will drive the hydrogen storage demand in the long run.

Hydrogen Storage Market Trend:

Rising Investments in Hydrogen Infrastructure Projects

To boost the hydrogen economy, governments and private entities have substantially increased investments in building hydrogen ecosystem. Major economies have announced multibillion-dollar programs for deploying hydrogen refueling stations, developing production and distribution systems. Countries are also collaborating at the international level through initiatives like the Clean Energy Ministerial Hydrogen Initiative to harmonize regulations and standards. Manufacturers are investing in large-scale projects involving hydrogen production plants, pipelines and transportation. Such infrastructure developments will help establish reliable supply chains and drive the market adoption of fuel cell technologies. This growing investment momentum in building the hydrogen value chain is a key trend that will propel the hydrogen storage market during the forecast period.

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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)

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📈 Market Outlook: Get current and future market outlooks, including recent developments, growth opportunities, drivers, challenges, and regional constraints

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