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 2030.
The Hydrogen Storage Market is projected to reach $33.8 billion by 2030, at a CAGR of 6.8% during the forecast period of 2023 to 2030. 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.s expected to create market growth opportunities. However, the high flammability of hydrogen makes storage a major challenge for market players.
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Increasing Need to Transport Hydrogen Driving the Demand for Hydrogen Storage Tanks
Hydrogen is emerging as a clean fuel for a wide range of vehicles, including cars, buses, and trains, as it emits only water vapor as a byproduct. Hydrogen has a low energy density by volume, which means that a significant volume of the gas needs to be stored to provide a sufficient amount of energy. This necessitates the development and utilization of specialized storage and transportation infrastructure, including tanks. Hydrogen storage tanks play a pivotal role in securely storing and transporting hydrogen gas, facilitating its adoption as an alternative to conventional fossil fuels.
Many players are investing in the development of the hydrogen economy, where hydrogen plays a central role in meeting energy needs. For instance, in July 2022, FuelCell Energy, Inc. (U.S.) partnered with TuNur Ltd (Tunisia), a renewable energy, storage, and transmission developer, to increase green hydrogen production in Europe and North Africa, creating a need for efficient storage and transportation infrastructure to move the produced hydrogen from the generation sites to end users.
Some of the recent key developments in the hydrogen storage market are as follows:
• In August 2021, Nel ASA (Norway) partnered with SFC Energy AG (Germany) to develop an integrated electrolyzer and hydrogen fuel cell system for decentralized energy generation and storage.
• In October 2021, Plug Power Inc. (U.S.) signed a letter of intent with Fortescue Future Industries Pty Ltd (Australia), a renewable energy provider, to build a Gigafactory in Queensland, Australia. The factory's development was aimed at producing large-scale Proton Exchange Membrane (PEM) electrolyzers that can expand into fuel cell systems and other hydrogen-related refueling and storage infrastructure in the future.



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The Portable Storage Segment to Register the Highest CAGR During the Forecast Period
Based on storage solution, 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) 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.
The Physical Storage Segment to Register the Highest CAGR During the Forecast Period
Based on storage type, the physical storage segment is projected to register the highest CAGR during the forecast period. This growth 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.
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The Fuel Cell Segment to Register the Highest CAGR During the Forecast Period
Based on application, the fuel cell segment is projected to register the highest CAGR during the forecast period. This growth is driven by the rising utilization of fuel cells in E-mobility to mitigate greenhouse gas emissions, reduce oil dependence, and lower air pollutants.
Asia-Pacific to be the Fastest-growing Regional Market
In 2023, North America is expected to account for the largest share of the hydrogen storage market, followed by Asia-Pacific, Europe, Latin America, and the Middle East & Africa. However, the market in Asia-Pacific is slated to record the highest growth rate during the forecast period. The growth of this regional market is attributed to the increasing adoption of fuel-cell electric vehicles, the rising utilization of renewable sources for hydrogen production, and supportive government initiatives aimed at promoting hydrogen production in the region.
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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
o Liquid
o Gas
• Material-based Storage
o Adsorbent
o Metallic Hydrides
o Complex Hydrides
o Chemical Hydrogen
Hydrogen Storage Market Assessment, by Application
• Fuel Cell
o Fuel Cell Electric Vehicles
o Power Generation
o Boats and Submarines
o Aviation
• Chemical Production
• Manufacturing
• Oil & Gas
• Aerospace & Defense
• Other Applications
Hydrogen Storage Market Assessment, by Geography
• North America
o U.S.
o Canada
• Europe
o Germany
o U.K.
o France
o Italy
o Spain
o Netherlands
o Poland
o Rest of Europe
• Asia-Pacific
o Japan
o China
o India
o South Korea
o Singapore
o Australia & New Zealand
o Indonesia
o Rest of Asia-Pacific
• Latin America
• Middle East & Africa
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Key Players
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market players over the past three to four years. 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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