Meticulous Research®, a renowned global market research firm, has published an insightful 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.’
According to Meticulous Research®, the hydrogen storage market is anticipated to reach $38.3 billion by 2031, growing at a CAGR of 8.3% during the forecast period. This growth is driven by the increasing use of hydrogen storage tanks for transportation and the rising adoption of hydrogen storage facilities for power generation. However, high capital costs associated with hydrogen storage facilities present a challenge.
Government support for hydrogen production and the increasing demand for hydrogen-based fuel cells for vehicles are expected to create substantial growth opportunities. However, the high flammability of hydrogen presents significant storage challenges.
The market trends indicate an increasing use of renewable energy sources for hydrogen production and a growing application 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 provides analysis at regional and country levels.
The market includes storage solutions such as tanks, cylinders, portable storage, and other options. By 2024, the cylinders segment is expected to account for the largest market share due to their versatility in storing hydrogen in multiple forms (gaseous, liquid, solid), high-pressure storage capacity, and cost-effectiveness. The rising demand for zero-emission mobility solutions also contributes to the adoption of cylinders.
The portable storage segment is projected to register the highest CAGR during the forecast period. This growth is driven by the increasing demand for fuel cell electric vehicles (FCEVs), the need to transport hydrogen across diverse locations, and initiatives aimed at reducing CO2 emissions.
Storage types are divided into physical and material-based storage. Physical storage is expected to hold the larger share by 2024, driven by its high energy density, the benefit of leveraging existing infrastructure, and quick refueling times. This segment is also expected to grow at the highest CAGR during the forecast period.
Applications of hydrogen storage include fuel cells, chemical production, manufacturing, oil & gas, aerospace & defense, and other applications. By 2024, the fuel cell segment is expected to lead the market, driven by expanding infrastructure for transportation and power applications and the increasing adoption of fuel cells in e-mobility to mitigate greenhouse gas emissions and reduce oil dependence. This segment is also expected to register the highest CAGR during the forecast period.
Geographically, North America is projected to lead the market by 2024. This growth is attributed to initiatives aimed at reducing greenhouse gas emissions, technological advancements in hydrogen storage facilities, the adoption of fuel cell electric vehicles, and the use of renewable sources for hydrogen production. The Asia-Pacific region is expected to register the highest CAGR, driven by the growing adoption of fuel cell electric vehicles, increased hydrogen use in refineries and chemical industries, and supportive government policies for hydrogen production.
Key Players:
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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Key questions answered in the report-
• Which are the high-growth market segments based on storage solution, storage type, application, and geography?
• What was the historical market for hydrogen storage?
• What are the market forecasts and estimates for 2024–2031?
• What are the major drivers, restraints, opportunities, challenges, and trends in the hydrogen storage market?
• Who are the major players in the hydrogen storage market, and what shares do they hold?
• What is the competitive landscape like in the hydrogen storage market?
• What are the recent developments in the hydrogen storage market?
• What are the strategies 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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