Hydrogen Storage Market Is Booming So Rapidly | Air Liquide (France), Worthington Industries, Inc. (US), Luxfer Holdings PLC (UK), Linde plc (Germany)

The hydrogen storage market is expanding due to rising demand for clean energy and advancements in storage technologies. Innovations in compression, liquefaction, and solid-state storage are driving growth. With increasing hydrogen adoption in mobility and industry, efficient storage solutions will be key to a sustainable energy future.
The total physical hydrogen storage market was estimated at USD 1.5 billion in 2023 and is expected to reach USD 6.3 billion in 2030 at a CAGR of 21.5%. Hydrogen is the most abundantly available chemical element and is important as a feedstock in the chemical industry. This gas has a high potential for accelerated growth due to the global annual production of 75 Mt as pure hydrogen and an additional 45 Mt as part of a mix of gases. (Source: IRENA - International Renewable Energy Agency, 2022). The research study covers significant research data and proofs to be a handy resource document for managers, analysts, industry experts and other key people to have ready-to-access and self-analyzed study to help understand hydrogen storage market trends [https://www.marketsandmarkets.com/Market-Reports/hydrogen-storage-market-15698551.html?utm_source=abnewswire.com&utm_medium=referral&utm_campaign=hydrogenstorage], growth drivers, opportunities and upcoming challenges and about the competitors.

Gas form accounts the highest market share in terms of value and volume in 2022.

The gas form dominated the market in 2022 and is expected to hold its position during the forecast period. In the gas form, hydrogen is compressed into large tanks without liquefying it. This is generally preferred if gaseous supply is more economical. This technology enables the automakers to store enough hydrogen to allow a car that runs on a fuel cell battery to cover 500-600 km between fill-ups.

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Merchant/Bulk accounts for the second-highest market share of the physical hydrogen storage market in 2022.

Bulk physical hydrogen storage tanks have applications in oil refineries, steel industries and more. Asia Pacific and North America have dominated the bulk physical hydrogen cylinder markets. The governments in some Asia Pacific countries are focusing on reducing greenhouse gases and adopting hydrogen as a fuel. For Instance, Japan aims to become a hydrogen society by 2050, whereas South Korea plans to build 310 hydrogen refueling stations by 2025. North America has manufacturing facilities like electronics manufacturing, transportation, and steel manufacturing; therefore, the demand for bulk physical hydrogen storage system is growing to support these industries. The demand for merchant physical hydrogen storage is expected to grow significantly due to the insufficiency of captive hydrogen in the existing oil refineries.

Oil refineries segment to be the second-largest application in the global physical hydrogen storage market in terms of value and volume in 2022.

Hydrogen gas is used for desulfurizing transportation fuels such as gasoline and diesel and reforming fuels derived from heavier distillates of crude oil refining. Furthermore, it is used in oil sand processing, gas-to-liquid, and coal gasification projects. The governments of developed and some developing countries have fixed regulations regarding using cleaner fuels to curb CO2 emissions, requiring hydrogen for desulfurization, which is expected to fuel the market growth.

Europe is witnessing exceptional growth during the forecast period in the physical hydrogen storage market.

In 2022, Europe held a share of 13.2% in the global physical hydrogen storage market. The primary drivers of physical hydrogen storage market in this region are the goal of reducing EU2 carbon emissions by 55% by 2030 compared to 1990 levels, rapid adoption of fuel cells due to an increasing number of fuel cell projects and government initiatives for their implementation. Further, the presence of prominent hydrogen storage tank manufacturers in the region are NPROXX, Plastic Omnium, Worthington Industries, and Air Liquide driving the hydrogen storage market.

Hydrogen Storage Companies [https://www.marketsandmarkets.com/ResearchInsight/hydrogen-storage-market.asp?utm_source=abnewswire.com&utm_medium=referral&utm_campaign=hydrogenstorage]

The global hydrogen storage market is segmented into form, type, and application of hydrogen gas. The form is subdivided into physical and material-based storage. The physical form includes hydrogen storage in pressure vessel-graded cylinders, tanks, and dewars in either gaseous or liquid form. Material-based form of storage (solid-based or metal hydride form) includes adsorption and absorption of hydrogen onto tanks manufactured with metal alloys made up of zinc, aluminum, nickel, and iron. This is the most advanced method of storing hydrogen, and less information is available as it is still under research.

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Air Liquide (France), Worthington Industries, Inc. (US), Luxfer Holdings PLC (UK), Linde plc (Germany), Chart Industries (US), INOXCVA (India), Hexagon Composites ASA (Norway), HBank Technologies Inc. (Taiwan), Pragma Industries (France), Croyolor (France), and others. The key strategies they adopted for increasing their revenue are expansions, partnerships, agreements, new product launches, and joint ventures.

Worthington Industries, Inc. (US)

Worthington Industries, Inc. is a leading manufacturing company which serves various industries such as transportation, construction, industrial, agricultural, retail and energy by delivering innovative solutions. The company offers a wide variety of products and services including laser welding solutions, ceiling solutions, gas containment solutions for hydrogen. The company manages its operations through four segments namely, Steel Processing, Building Products, Consumer Products and Sustainable Energy Solutions. Under its energy solutions company offers storage solutions for industrial gases. Worthington Inc. has its headquarters in the US and has presence in North America, Europe and Asia.

Air Liquide (France)

Air Liquide is a French multinational company that provides various gases, technology, and services worldwide. The company produces and distributes gases such as oxygen, nitrogen, argon, hydrogen, carbon dioxide, helium, and acetylene. The company's products and services have applications in healthcare, mobility, aeronautics, glass, and other industries. Air Liquide operates through the gas and services, engineering and construction, global markets, and technologies segments. The company has a presence in Europe, Asia Pacific, the Americas, and Middle East & Africa.

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Linde PLC (Germany)

Linde PLC is a multinational industrial gases and engineering company. It serves chemicals and energy, manufacturing, healthcare, metals and mining, food and beverage, electronics, and other markets. The company's technologies are used to produce pure hydrogen, oxygen for healthcare sector, and other industrial gases. The company is engaged in industrial gases through its subsidiary Linde Gas. It has a presence in Asia Pacific, the Americas, Europe, and Middle East & Africa.

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