Meticulous Research®, a leading global market research company, has released a 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 the report by Meticulous Research®, the hydrogen storage market is projected to reach $38.3 billion by 2031, with a CAGR of 8.3% during the forecast period.
The primary growth drivers include the increasing use of hydrogen storage tanks in transportation and the growing adoption of hydrogen storage facilities as energy sources for power generation. However, the market faces challenges due to the high capital costs of hydrogen storage facilities.
The report highlights the rising government support for hydrogen production and the increasing demand for hydrogen-based fuel cells for vehicles as key growth opportunities. However, the high flammability of hydrogen presents a significant storage challenge.
The market trends indicate an increasing use of renewable energy 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 report also evaluates industry competitors and provides analysis at regional and country levels.
In terms of storage solutions, the market includes tanks, cylinders, portable storage, and other options. The cylinders segment is expected to dominate by 2024 due to their versatility in storing hydrogen in various forms (gaseous, liquid, solid), high-pressure storage capacity, and cost-effectiveness. The rising demand for zero-emission mobility solutions also drives the adoption of cylinders.
The portable storage segment is anticipated to experience the highest CAGR during the forecast period. This is driven by the increasing demand for fuel cell electric vehicles (FCEVs), the need for hydrogen transport across diverse locations, and initiatives to reduce CO2 emissions.
Storage types include physical and material-based storage. Physical storage is projected to hold the larger share by 2024 due to its high energy density, the advantage of using existing infrastructure, and quick refueling times. This segment is also expected to grow at the highest CAGR.
Applications of hydrogen storage cover fuel cells, chemical production, manufacturing, oil & gas, aerospace & defense, and others. By 2024, the fuel cell segment is forecasted to lead the market, driven by expanding infrastructure for transportation and power applications and the increasing adoption of fuel cells in e-mobility to reduce greenhouse gas emissions and oil dependence. This segment is also expected to register the highest CAGR.
Regionally, North America is anticipated to lead the market by 2024, driven by initiatives to reduce greenhouse gas emissions, technological advancements in hydrogen storage, the adoption of fuel cell electric vehicles, and renewable hydrogen production. The Asia-Pacific region is projected to achieve the highest CAGR, driven by the 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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