REDDING,
Calif., May 13, 2024 /PRNewswire/ -- According to
a new market research report titled, 'Hydrogen Storage
Market by Storage Solution (Tanks, Cylinders), Storage Type
(Physical Storage, Material-based Storage), Application (Fuel Cell,
Chemical Production, Manufacturing, Oil & Gas), and
Geography—Global Forecast to
2031' the hydrogen storage market is projected to
reach $38.3 billion by 2031, at a
CAGR of 8.3% during the forecast period.
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Hydrogen storage refers to securely storing hydrogen in various
states, including gas, liquid, and solid forms, for industrial
applications. Hydrogen is a light and highly flammable gas
requiring efficient and safe storage. Hydrogen storage methods
include physical storage and material storage. Physical hydrogen
storage utilizes cylinders, tanks, and portable containers tailored
to specific applications. The stored hydrogen finds application in
fuel cells, chemical production, manufacturing, oil & gas, and
power generation.
The growth of this market is driven by the increasing use of
hydrogen storage tanks for transportation and the growing adoption
of hydrogen storage facilities as an energy source for power
generation. However, the high capital costs of hydrogen storage
facilities restrain the growth of this market.
Furthermore, the rising government support for hydrogen
production and the increasing demand for hydrogen-based fuel cells
for vehicles is expected to create market growth opportunities.
However, the high flammability of hydrogen makes storage a major
challenge for market players. The latest trends in the hydrogen
storage market are the rising use of renewable energy sources for
hydrogen production and the increasing use of hydrogen in oil
refineries and chemical industries.
The hydrogen storage market is segmented by storage
solution (tanks, cylinders, portable storage, and other storage
solutions), storage type (physical storage [liquid, gas],
material-based storage [adsorbent, metallic hydrides, complex
hydrides, chemical hydrogen]), Application (fuel cell [fuel cell
electric vehicles, power generation, boats and submarines, and
aviation], chemical production, manufacturing, oil & gas,
aerospace & defense, and other applications), and geography.
The study also evaluates industry competitors and analyses the
market at the regional and country levels.
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Based on storage solution, in 2024, the cylinders segment
is expected to account for the largest share of 65% of
hydrogen storage market. The large market share of this segment is
attributed to the high-pressure storage capacity and
cost-effectiveness of cylinders and the rising demand for
zero-emission mobility solutions and associated infrastructure.
However, the portable storage segment is projected to register the
highest CAGR during the forecast period due to the increasing need
to transport hydrogen transportation across diverse locations and
applications, particularly in areas lacking extensive pipeline
infrastructure.
Based on storage type, in 2024, the physical
storage segment is expected to account for the largest share
of the hydrogen storage market. The large market share of this
segment is attributed to the advantages provided by physical
storage, including high energy density, the benefit of leveraging
existing infrastructure for transportation and storage, and quick
refueling times. Moreover, this segment is projected to register
the highest CAGR during the forecast period.
Based on application, in 2024, the fuel cell segment is
expected to account for the largest share of 39.4% of the
hydrogen storage market. The large market share of this segment is
attributed to the rising utilization of fuel cells in E-mobility to
mitigate greenhouse gas emissions, reduce oil dependence, and lower
air pollutants. Moreover, this segment is projected to register the
highest CAGR during the forecast period.
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Based on geography, in 2024, North America is expected to account for the
largest share of 40% of the hydrogen storage market. The
North America hydrogen storage
market is projected to be worth USD 8.7
billion in 2024. North
America's significant market share is attributed to the
growing adoption of fuel-cell electric vehicles, the growing
utilization of renewable sources for hydrogen, the increasing
initiatives aimed at reducing greenhouse gas emissions, and
technological advances in hydrogen storage facilities.
The Asia-Pacific hydrogen
storage market is projected to register the highest CAGR during the
forecast period. The growth of this market is driven by the growing
potential to produce carbon-free hydrogen in the region, the
growing focus of Australia to
generate hydrogen using Carbon Capture, Usage and Storage (CCUS)
technology, and the growing focus of China to generate hydrogen using renewable
energy, natural gas, and coal resources.
Countries in the Asia-Pacific
region, including China,
Australia, New Zealand, South
Korea, and Japan, are
directing their efforts toward the production of low-carbon and
carbon-free hydrogen. Notably, India, Australia, and parts of Southeast Asia boast significant solar energy
potential. At the same time, New
Zealand possesses substantial offshore and onshore wind
resources that can be harnessed for the production of carbon-free
hydrogen. This focus on utilizing renewable energy sources aligns
with the growing emphasis on hydrogen storage technologies in the
region.
The key players operating in the hydrogen storage market include
L'Air Liquide S.A. (France), Chart
Industries, Inc. (U.S.), Linde GmbH (Germany) (A subsidiary of Linde plc), Matheson
Tri-Gas, Inc. (U.S.) (A subsidiary of Nippon Sanso Holdings
Corporation), Hexagon Purus ASA (Norway), Luxfer Gas Cylinders (England) (A subsidiary of Luxfer Holdings
PLC), Merck KGaA (Germany), Hanwha
Corporation (South Korea),
Eutectix LLC (U.S.), HBank Technologies Inc. (Taiwan), SPG Hydrogen Co., Ltd. (South Korea), FIBA Technologies, Inc. (U.S.),
American Elements (U.S.), NPROXX B.V. (Netherlands), Steelhead Composites, Inc.
(U.S.), CALVERA HYDROGEN, S.A. (Spain), and Pragma Industries (France).
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Scope of the report:
Hydrogen Storage Market Assessment—by Storage
Solution
- Tanks
- Cylinders
- Portable Storage
- Other Storage Solutions
Hydrogen Storage Market Assessment—by Storage
Type
- Physical Storage
- Material-based Storage
- Adsorbent
- Metallic Hydrides
- Complex Hydrides
- Chemical Hydrogen
Hydrogen Storage Market Assessment—by
Application
- Fuel Cell
- Fuel Cell Electric Vehicles
- Power Generation
- Boats and Submarines
- Aviation
- Chemical Production
- Manufacturing
- Oil & Gas
- Aerospace & Defense
- Other Applications
Hydrogen Storage Market Assessment—by
Geography
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Netherlands
- Poland
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Australia & New Zealand
- Indonesia
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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