Global Hydrogen Storage Market Size, Share, Development, Growth and Demand Forecast to 2026 By P&S Market Research

According to the U.S. Department of Energy, hydrogen storage can be described as a key enabling technology for the advancement of hydrogen and fuel cell technologies in applications such as stationary power, portable power and transportation. Hydrogen can be stored either in solid, liquid or gaseous form. For storing hydrogen in gaseous form, high-pressure tanks having 350–700 bar tank pressure is required; whereas for liquid form, storage of hydrogen requires cryogenic temperatures, as the boiling point of hydrogen at one atmosphere pressure is −252.8°C. Hydrogen storage market showcases widespread adoption among the manufacturers due to the low ambient temperatures of hydrogen that result in a low energy per unit volume. This makes them suitable for various applications such as hydrogen production sites, on-board vehicles, hydrogen refueling stations and stationary power sites.

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The global market for hydrogen storage is expected to witness a CAGR of 7.6% during the forecast period due to the increasing focus of key players to produce alternative renewable energy from fuel cells, hydrogen and oxygen. Additionally, increasing consumption of hydrogen in various end-use sectors including power, energy, transportation, fueling stations, and electronics are expected to bolster the market for hydrogen storage during the forecast period. Based on form of storage, physical storage is expected to be the largest segment in the global hydrogen storage market during the forecast period. Stationary power emanated the largest demand in the global hydrogen storage market. Additionally, the segment is expected to witness the highest demand in the global market for hydrogen storage during the forecast period.

The key trend observed in the global hydrogen storage market is the increasing focus on R&D for the development of hydrogen storage technology. In the recent years, the U.S., the U.K., and India have been increasingly focusing on R&D activities that would help in technological advancements in hydrogen and fuel cell technologies. This has ensured the development of adequate hydrogen storage for onboard light-duty vehicle, material-handling equipment and portable power applications that would help in fulfilling the targets set by the U.S. Department of Energy.

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The factors driving the growth of hydrogen storage market are growing demand for low emission fuels and increasing consumption of ammonia and methanol worldwide. The increasing shift towards lower emission fuels in China, India and South East Asia is likely to drive the growth of hydrogen storage during the forecast period. The increasing implementation of stricter emission standards in countries such as the U.S. and the U.K. would help in creating awareness among consumers towards the significance of clean energy and low emission fuels. Additionally, the increasing demand for hydrogen-powered vehicles in North America and Europe is expected to have a positive impact on the growth of hydrogen storage market during the forecast period on account of easy availability of hydrogen filling infrastructure and stringent government regulations for the use of low emission generating vehicles.

The major factor hindering the growth of the global hydrogen storage market include higher initial costs. The higher costs associated with hydrogen storage systems are a major hindrance to the growth of hydrogen storage market in the long run. The processes associated with the extraction of hydrogen are extremely expensive thus, making the gas costly. Therefore, end-use industries prefer alternate solutions over hydrogen energy storage, which are expected to hamper the market growth to a significant level during the forecast period; however, the increase in government investments and the growing persistent advances in research and development (R&D) efforts are expected to reduce the impact on the market in the long run.

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