Global Hydrogen Storage Market is valued at USD 632.9 Million in 2020 and is expected to reach USD 1098.8 Million by 2027 with a CAGR of 8.2% over the forecast period.
Global Hydrogen Storage Market: Global Size, Trends, Competitive, Historical & Forecast Analysis To 2021-2027, Increasing investment in hydrogen storage among loads by small and major companies and rising adoption of hydrogen storage as a substitute for fossil fuels among different end-users are driving the growth of Global Hydrogen Storage Market
Hydrogen storage is a crucial technology or a process to store hydrogen for its progressive use as another energy source and powering fuel cells used in transportation. Hydrogen has the maximum energy per unit mass amongst all fuels; however, it has the smallest energy per unit volume owing to its little ambient temperature density. Hydrogen storage is also known as the kind of technology that is used for the improvement and advancement of technology in applications comprising, portable power, stationary power, and transportation. Hydrogen storage has its exciting application in metalworking, portable power, chemicals, transportation, general industrial, stationary power, and transportation among others.
Hydrogen storage is a significant enabling technology for the advancement of hydrogen. Hydrogen can be stored physically as a liquid or a gas. Storage of hydrogen as a gas classically necessitates high-pressure tanks while storage of hydrogen as a liquid needs cryogenic temperatures. Hydrogen can also be stored on a material base such as Adsorbent, liquid organic, interstitial hybrid, complex hybrid, and chemical hydrogen. In 1766, hydrogen was first revealed by the English physicist Henry Cavendish.
The Covid-19 pandemic has radically changed the state of the hydrogen manufacturing industry and has had a negative impact on the growth of the hydrogen storage market. The outbreak of Covid-19 has distorted operational efficiency and disrupted the value chain due to the sudden closure of national and international borders, resulting in revenue loss and loss. For instance; according to a report published by the Energy Industry Review, the economic crisis, including the epidemic, could delay the adoption and commercialization of clean hydrogen energy. It can also affect the ability of the hydrogen field to function smoothly as a missing link in energy transitions.
Global hydrogen storage market report is segmented based on form of storage, type of storage, end-user and regional & country level. Based upon form of storage, hydrogen storage market is classified into physical form and material based form. Based upon type of storage, hydrogen storage market is classified into cylinder, merchant/bulk, onsite and on-board. Based upon end-user, hydrogen storage market is classified into chemical, oil refining, general industry, transportation and metal working.
Some of the major players of the global hydrogen storage market report covers are
On October 12th, 2021; Air Liquide & Faurecia had consented to a joint improvement agreement to plan and develop on-board fluid hydrogen storage systems for the automotive business. This joint venture between the companies will speed up the deployment of zero-emission heavy-duty mobility. The French provider keeps up with liquid hydrogen storage for energy component vehicles plays a critical part to speed up the progress towards carbon neutrality. With the innovation, the quantity of hydrogen stored is double that of gaseous hydrogen. As a result, heavy duty trucks working on liquid hydrogen have double the autonomy of those working on gaseous hydrogen and advantage from a short refueling time.
Increasing investment in hydrogen storage by loads of small and major companies is another factor flourishing the market growth across the world. As hydrogen is playing the vital role as a flexible energy carrier for transportation and industrial applications, assisting lower greenhouse gas and particle emissions. Owing to its stunning features and beneficial aspects, large numbers of players, organizations, businesses are showing extensive curiosity in it. For instance; in May 2021, Siemens Mobility, the railway unit of the famous German multinational conglomerate, contracted an agreement with the Helmholtz Institute Erlangen-Nuremberg for Renewable Energy for a cooperative research to study the application of liquid organic hydrogen carrier technology in rail transportation.
Likewise, UK-based energy storage company Gravitricity offered its strategies to augment heat and hydrogen storage to its underground gravity energy system in May 2021. Moreover, it is also being used in rail transport to diminish the sector’s carbon footprint and meet climate goals. To that end, Siemens Mobility has established a hydrogen-powered train, the Mireo Plus H., wherein hydrogen is stored in gaseous form.As a result, intensifying efforts by companies and government agencies to enhance the adoption of hydrogen storage is eventually contributing to the growth of the market. Therefore, this factor is dynamically propelling the hydrogen storage market growth.
However, the limited availability of hydrogen refueling infrastructure in developed economies may hamper the growth of the hydrogen storage market. In spite of that, the growth of low-weight storage tanks for transportation applications, the development of new applications for hydrogen-powered fuel cells, and the increase in market research and development activities will create new opportunities for the further growth of the global hydrogen storage market.
Geographically, Asia-Pacific is expected to witness a fastest growth inthe global hydrogen storage market due to the rising growth of industrial and residential sectors, and growing importance for renewable energy storage in this region. The various countries in the region believed that, the experience of industrial economies shows a close association between development & industrial expansion. So, different governments are focused on faster growth of national income, alleviation of poverty, and reduction of income inequalities with rapid industrialization into the region.
According to The Energy and Resources Institute; hydrogen demand could increase by at least 5-fold by 2050 and it is continuing to grow in the second half of the century. Demand for hydrogen in 2020 is at nearby 6 Mt per annum, coming especially from industry sectors, such as fertilizers and refineries. This can increase to around 28 Mt by 2050 in India. So, to meet constant demands from industrial users, paired with hydrogen produced from variable renewables hydrogen storage is also required.
Also, increasing demand for hydrogen storage in this region is due to the increasing awareness regarding the potential roles of Hydrogen & ammoniain a net zero economy as they have no carbon emissions at the point of use. Furthermore, the governments in Japan and South Korea have announced sponsorships for manufacturing hydrogen powered fuel cell vehicles and also extended financial support in developing hydrogen infrastructure, which is also boosting the market growth in this region.
North America is also expected to show a significant growth in the global hydrogen storage market due to increase in the demand for refined hydrogen by various sectors, growing demand for H2fuel cells for fueling stations and rising number of partnership investment by leading players in this region. For example; across the United States, businesses, governments and academics equally are working to connect the power of hydrogen. So, the country is constantly focusing on its energy transition journey due to hydrogen is a key contributing solution to achieving climate goals. Today, the U.S. demand for hydrogen is 10 million metric tons per year, according to new research from National Renewable Energy Laboratory (NREL). It is mainly utilized in the different industries including industrial sector for fertilizer manufacturing, oil refining, and chemical production. Also, the study estimates that U.S. demand for hydrogen will increase to 22–41 million metric tons per year by 2050.
The regions covered in this hydrogen storage market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of hydrogen storage is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
• Rest of Europe
• South Korea
• Rest Of APAC
• Rest of South America
Middle East and Africa
• Saudi Arabia
• South Africa
• Rest Of MEA
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2027|
|Market Size in 2020:||USD 632.9 Million|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2027:||USD 1098.8 Million|
|Tables, Charts & Figures:||175|
|Hydrogen Storage Companies||Air Liquide, Air Products and Chemicals, Cummins Inc., FuelCell Energy, Hexagon Composites ASA, ITM Power, LINDE PLC, Nel Hydrogen, Plug Power, Worthington Industries|
|Segments Covered||By Form of Storage, By Type of Storage, By End-User|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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