Hydrogen storage provides a safe, convenient and environmentally friendly way of storing hydrogen for use in varying applications such as industrial, transportation and power generation. Hydrogen storage involves containing hydrogen in a form which allows easy transportation and handling for use in vehicles, generation of heat and power, or other applications. Rising environmental concerns and focus on reducing emissions is contributing significantly to the demand for hydrogen storage globally. The growing use of hydrogen as an alternative fuel in transportation and focus on emerging technologies like fuel cells is further propelling the hydrogen storage market.
The Global Hydrogen Storage Market is estimated to be valued at US$ 6.8 Bn in 2024 and is expected to exhibit a CAGR of 21. % over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Hydrogen Storage Market Demand are 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. The companies are focused on developing innovative hydrogen storage technologies and solutions to capture larger share of the market.
The growing demand for clean energy is a major factor driving growth of the global hydrogen storage market. Transportation sector is a major end-user industry for hydrogen storage technologies. Fuel cell based vehicles and material handling equipment are boosting the demand for hydrogen storage solutions. Countries worldwide are taking initiatives to increase use of hydrogen as fuel and deploy fuel cell technologies to reduce emissions.
Latest technological advancements such as solid-state hydrogen storage, liquid organic hydrogen carriers, and carbon-nano materials are fueling the adoption of hydrogen storage. OEMs are focusing on developing next-gen on-board hydrogen storage systems for fuel-cell vehicles with improved driving range and safety. Manufacturers are exploring use of novel alloys and composite materials for advanced hydrogen storage applications.
Market Trends
1. Solid-state hydrogen storage is emerging as a promising technology owing to its higher storage density, reduced costs and improved safety compared to conventional compressed hydrogen gas storage systems. Major players are investing in developing advanced solid-state hydride materials for automotive and portable power applications.
2. Liquid organic hydrogen carriers (LOHCs) represent a key trend as they provide higher gravimetric and volumetric densities than conventional storage techniques. LOHCs allow for reversible chemical storage of hydrogen in liquids with subsequent release on demand. Researchers are engaged in developing efficient LOHC compounds and regeneration schemes.
Market Opportunities
1. Growing demand for hydrogen fueled transportation offers significant opportunities for hydrogen storage systems manufacturers. Countries worldwide are deploying hydrogen fueling infrastructure to encourage adoption of FCEVs. This will drive demand for onboard vehicle hydrogen storage technologies.
2. Emerging non-automotive applications such as material handling equipment, medical devices, drones and portable power present new growth avenues. Lightweight and high-capacity hydrogen storage solutions can help expand usage of hydrogen energy in these applications.
Impact of COVID-19 on Hydrogen Storage Market
The COVID-19 pandemic has impacted the hydrogen storage market significantly. Factors like nationwide lockdowns, travel restrictions, and supply chain disruptions led to delays in projects and dampened demand in 2020. However, many view hydrogen as a key element for achieving carbon neutrality goals. The pandemic highlighted the need to transition to cleaner energy sources and build more resilient supply chains.
In the pre-COVID period, the hydrogen storage market was growing at a brisk pace driven by increasing deployment of fuel cell vehicles and strengthening hydrogen economy initiatives worldwide. Many countries were investing aggressively in building hydrogen infrastructure to support the adoption of fuel cell technologies in transportation and stationary power applications.
However, the outbreak stalled several large-scale projects and delayed investments in 2020. Manufacturing facilities and construction sites had to shut down temporarily due to lockdowns. Supply of critical components was disrupted globally. Demand from end-use sectors like automotive, chemicals plunged sharply in 2020.
Nevertheless, governments across major economies continue focusing on achieving net-zero emissions targets by 2050. Significant stimulus measures are being directed towards clean energy technologies including hydrogen. Most analysts expect projects and investments to resume from 2021 onwards. Countries are expediting approvals and offering production-linked incentives to build local supply chains. Market players also strengthened their research on cost-effective hydrogen storage solutions. Rising focus on emission reductions and initiatives to build back stronger are likely to support steady recovery and growth in the hydrogen storage industry over the coming years.
Geographical Regions with Significant Hydrogen Storage Market Concentration
In terms of value, the hydrogen storage market is concentrated highly in few regions globally. North America leads currently due to substantial government funding and private investments in the US and Canada towards developing hydrogen infrastructure and fuel cell technologies. Europe is another major regional market driven by strong policy push for hydrogen economies in countries like Germany, France and UK.
Moving ahead, the Asia Pacific region is poised to be the fastest expanding market for hydrogen storage. Countries like Japan, South Korea and China are committing billions of dollars to scaleup hydrogen production and usage across industries and transportation. The region’s rapidly growing energy demands and strategic push for establishing indigenous clean energy value chains are supporting large scale projects and attracting global suppliers. Overall, the market is growing globally, led initially by developed markets of North America and Europe while future demand momentum will be led by Asia Pacific region.
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It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2020-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the hydrogen energy storage market include Air Products and Chemicals, FuelCell Energy, Hydrogenics, Hexagon Composites, ITM Power, Linde, Nel Hydrogen, Air Liquide, Plug Power, and Worthington Industries.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Hydrogen Energy Storage Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/hydrogen-energy-storage-market/download-sampleMarket DynamicsThe dominating trend of renewable energy sources and the growing need to integrate efficient energy storage technologies in the fluctuating renewable energy development will be the primary drivers for the hydrogen energy storage market.
The increasing utilization of RES into the existing electricity grid will benefit market growth.
Hydrogen energy storage, offering a clean, scalable, sustainable, and flexible storage option that enables large-scale energy storage over long periods without posing any restrictions on location, will further propel market growth.
The adoption of HEST in energy-intensive sectors such as the gas grid, transport as a fuel, and industrial processes will be a market booster.
