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Meticulous Research®—a leading global market research company, published a research report titled, ‘Hydrogen Storage Market by Physical Storage (Tanks, Cylinders), Material Storage (Adsorbent, Chemical Hydrogen), Form (Liquid, Gas), Application (Fuel Cell, Chemical Production, Manufacturing, Oil & Gas), and Geography - Global Forecast to 2030.’
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According to this latest publication from Meticulous Research®, the hydrogen storage market is projected to reach $28.3 billion by 2030, at a CAGR of 5.3% during the forecast period. 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 physical storage (tanks, cylinders, portable storage, and other physical storage types), material storage (adsorbent, metallic hydrides, complex hydrides, and chemical hydrogen), form (liquid, gas, and solid), 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.
Based on physical storage, the hydrogen storage market is segmented into tanks, cylinders, portable storage, and other physical storage types. In 2023, the cylinders 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 versatility offered by cylinders in storing hydrogen in multiple forms, including gaseous, liquid, and solid states. Furthermore, the high-pressure storage capacity and cost-effectiveness of cylinders and the rising demand for zero-emission mobility solutions and associated infrastructure drive the adoption of cylinders for hydrogen storage.
However, the portable storage segment is projected to register the highest CAGR during the forecast period due to the increasing demand for fuel cell electric vehicles (FCEVs) as a sustainable mode of transportation, the need to transport hydrogen transportation across diverse locations and applications, particularly in areas lacking extensive pipeline infrastructure, and the rising initiatives focused on reducing Co2 emissions.
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Based on material storage, the hydrogen storage market is segmented into adsorbent, metallic hydrides, complex hydrides, and chemical hydrogen. In 2023, the adsorbent 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 growing adoption of adsorbents for low-pressure hydrogen storage due to their high storage capacity and safety benefits and the increasing demand for hydrogen adsorbents in fuel cell vehicles and portable hydrogen-powered devices. Moreover, this segment is projected to register the highest CAGR during the forecast period.
Based on form, the hydrogen storage market is segmented into liquid, gas, and solid. In 2023, the gas 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 rising demand for high-pressure compressed gas storage, the convenience of transporting hydrogen in gaseous form, and the increased utilization of gas hydrogen storage, which requires fewer infrastructure modifications compared to alternative storage methods. Moreover, this segment is projected to register the highest CAGR during the forecast period.
Based on application, the hydrogen storage market is segmented into fuel cell, chemical production, manufacturing, oil & gas, aerospace & defense, and other applications. In 2023, the fuel cell 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 expanding fueling infrastructure for diverse transportation and motive power applications and the increasing adoption 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.
Based on geography, the hydrogen storage market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the hydrogen storage market. The region's significant market share is attributed to the increasing initiatives aimed at reducing greenhouse gas emissions, technological advancements in hydrogen storage facilities, the increasing adoption of fuel cell electric vehicles, and the utilization of renewable sources for hydrogen production. Moreover, the market in Asia-Pacific is projected to register the highest CAGR during the forecast period.
Key Players:
The key players operating in the hydrogen storage market include L’AIR LIQUIDE S.A. (France), Linde plc (Ireland), Worthington Cylinders GmbH (Austria), Luxfer Gas Cylinders (U.S.), Hexagon Composites ASA (Norway), H Bank Technologies Inc. (Taiwan), Chart Industries, Inc. (U.S.), Cella Energy Limited (U.K.), American Elements (U.S.), Sigma-Aldrich Co. (Germany), Hanwha Solutions/Chemical Corporation (Singapore), Eutectix (U.S.), Pragma Industries (France), Ilika (U.K.), and Fosroc, Inc. (India).
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Key questions answered in the report-
• Which are the high-growth market segments based on physical storage, material storage, form, application, and geography?
• What was the historical market for hydrogen storage?
• What are the market forecasts and estimates for 2023–2030?
• What are the major drivers, restraints, opportunities, challenges, and trends in the hydrogen storage market?
• Who are the major players, and what shares do they hold in the hydrogen storage market?
• What is the competitive landscape like in the hydrogen storage market?
• What are the recent developments in the hydrogen storage market?
• What strategies are adopted by the major players in the hydrogen storage market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the hydrogen storage market, and how do they compete with the other players?
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