Hydrogen Storage Market is Increasing Rapidly in Recent Years
The vast rise in demand for alternate power owing to depleting reserves and environmentally harmful nature of conventional power production processes has compelled researchers and government bodies to focus more on reliable alternative power sources in the past years. Research activities in this area have demonstrated the possible use of hydrogen as one of the key contenders in the field of alternative power. The vast potentials of hydrogen in leading to the development of an extremely clean and renewable source of energy in the form of fuel cells have made hydrogen fuel cells one of the most studied fields of science presently.
This report on the global hydrogen storage market presents a detailed overview of the market that deals with the effective storage of hydrogen for it to be used across a number of application areas. The report presents a thorough overview of the present growth dynamics of the market and its key segments and includes vast quantitative and qualitative details about aspects such as market valuation, overall sales, demand and supply statistics in key regional markets, and overall future growth prospects.
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The report also presents a detailed overview of the factors expected to have a notable impact on the overall development of the market in the next few years, including growth drivers, challenges, regulatory aspects across key regional markets, opportunities, and level of competition. The competitive landscape of the global hydrogen storage market is also analyzed in great details in the report, presenting before the reader a clear idea of challenges that established vendors could present to the growth aspirations of other vendors.
Global Hydrogen Storage Market: Drivers and Restraints
The global hydrogen storage market is chiefly driven by the mounting global demand for transportation fuels, the increased focus on the development of cleaner fuels to satiate this demand, and the vast technological developments observed in the field of fuel cell vehicles in the past few years. Hydrogen-powered fuel cell vehicles are expected to replace conventional fuel powered vehicles to a significant extent in the near future, especially in developed economies across regions such as North America and Europe.
The rising consumption of hydrogen across industries such as oil refining, chemicals, and metal working is also expected to be a key driver of the market over the report’s forecast period. However, despite the vast growth opportunities, factors such as the limited or underdeveloped hydrogen refilling facilities in certain emerging economies will act as a major restraint to the overall growth prospects of the global hydrogen storage market.
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Global Hydrogen Storage Market: Geographical Outlook
Of the key regional markets for hydrogen storage, Asia Pacific is presently the leading contributor of revenue to the global hydrogen storage market. The region leads on account of the high demand for industrially viable compounds such as methanol in developing economies with strong industrial sectors such as China and India. Additionally, the increasingly stringent regulatory scenario governing the oil and gas sector in these countries, chiefly to promote the increased production of cleaner fuels is also expected to drive the increased demand for hydrogen storage in the next few years.
Furthermore, countries such as Japan and South Korea are adopting innovative measures to promote the development of fuel cell vehicles through subsidies and investments. These factors are also expected to strengthen Asia Pacific’s position in the global hydrogen storage market in the next few years.
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Companies mentioned in the report
Some of the key vendors operating in the global hydrogen storage market are Worthington Industries, Inc., Linde AG, Luxfer Holdings Plc, and Praxair, Inc.
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