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Hydrogen Storage Market by Type, Application, and Geography - Forecast and Analysis 2023-2027

  • Published: Dec 2022
  • Pages: 167
  • SKU: IRTNTR71309
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The hydrogen storage market is estimated to grow at a CAGR of 5.31% between 2022 and 2027. The size of the market is forecast to increase by USD 3,884.93 million. The growth of the market depends on serval factors, including increased usage of hydrogen storage tanks in transportation applications, growing demand for fertilizers, and growth in global refining capacity. 

This report extensively covers market segmentation by type (physical and material-based), application (chemicals, oil refining, industrial, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the size of the Hydrogen Storage Market During the Forecast Period?

Hydrogen Storage Market Size

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Parent Market Analysis

Technavio categorizes the global hydrogen storage market as a part of the global oil and gas storage and transportation market within the global oil and gas market. The global oil and gas storage and transportation market cover companies engaged in the transportation and/or storage of gas, oil, and/or refined products.  Our research report has extensively covered external factors influencing the parent market growth during the forecast period.

Hydrogen Storage Market: Key Drivers, Trends, Challenges, and Customer Landscape

The increased usage of hydrogen storage tanks in transportation applications is notably driving the market growth, although factors such as the limited availability of hydrogen refueling infrastructure may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Hydrogen Storage Market Driver

The increased usage of hydrogen storage tanks in transportation applications is notably driving market growth. Compressed gas, liquid hydrogen, metal hydride, and chemical carrier are the four main options for storing hydrogen in transportation applications. Hydrogen has the highest energy per mass as compared to other fuels. The development of hydrogen and fuel cell technologies in areas such as fixed electricity, portable power, and mobility depends heavily on hydrogen storage.

Currently, in the hydrocarbon economy, transportation is fueled primarily by petroleum. Carbon dioxide along with other pollutants is emitted during the burning of hydrocarbon.  The supply of economically usable hydrocarbon resources across the world is limited, and the demand for hydrocarbon fuels is increasing, particularly in China, India, and other highly polluted countries. Furthermore, proponents of a world-scale hydrogen economy argue that hydrogen can be an environmentally cleaner energy source for end-users, particularly in transportation applications, without the release of pollutants or carbon dioxide at the end-use point. Thus, these factors will boost the market growth during the forecast period.

Significant Hydrogen Storage Market Trend

Reduction in fuel cell prices is an emerging trend in the market. Owing to R&D over the years, there has been a decline in the cost of fuel cell technology.  The main changes that largely offset one another to result in nearly static costs are the reduction of Pt loading on the anode, larger bipolar plate formation and welding costs (as per OEM feedback), and modified gas diffusion layers (as per OEM feedback). 

There will be a higher number of fuel cell applications across numerous sectors due to the decline in the production costs of fuel cell systems. This increase in the number of fuel cell applications will lead to an increased demand for hydrogen gas. Therefore, this will positively influence the market growth during the forecast period. 

Major Hydrogen Storage Market Challenge

The limited availability of hydrogen refueling infrastructure is a major challenge impeding the market growth. One of the most important challenges is high-density hydrogen storage for transportation applications. Currently, available storage options require a large-volume container that stores hydrogen in gaseous form. This is the option for the stationary applications of hydrogen tanks.

However, fuel cell vehicles need enough hydrogen to travel more than 300 miles and the ability to fill up the vehicle quickly and easily. Although there are several hydrogen fuel cell electric light vehicles (FCEV) on the market today that can cover this distance, such cars must store compressed gas in large, high-pressure compound tanks. For larger cars, large storage volumes may not be as important, but it is still difficult to ensure sufficient hydrogen storage for all light-duty platforms, which will hinder market expansion during the forecast period.

Key Hydrogen Storage Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Hydrogen Storage Market Share by Geography

Global Hydrogen Storage Market Customer Landscape

Who are the Major Hydrogen Storage Market Vendors?

Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Calvera Maquinaria e Instalaciones S.L. - The company operates under one segment. The company under this segment mechanical erection, tube trailers, hydrogen refueling stations, stationary storage, compression storages, and filling panels. The key offerings of the company include hydrogen storage in containers, cylinders, jumbo tubes, and tube trailers. 

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:

  • Air Products and Chemicals Inc.
  • Air Liquide SA
  • American Elements
  • Chart Industries Inc.
  • Cummins Inc.
  • HBank Technologies Inc.
  • Hexagon Composites ASA
  • HPS Home Power Solutions GmbH
  • Hydrexia
  • Hydrogen In Motion Inc.
  • Inox Leasing and Finance Ltd.
  • Linde Plc
  • Luxfer Holdings Plc
  • McPhy Energy SA
  • Plug Power Inc.

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

What is the Fastest-Growing Segment in the Hydrogen Storage Market?

The market share growth by the physical segment will be significant during the forecast period. Physically, hydrogen can be kept as a liquid or a gas. 

Hydrogen Storage Market Size

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The physical segment was valued at USD 5,057.28 million in 2017 and continued to grow until 2021. Owing to its technical complexity liquid hydrogen storage has historically been exceedingly expensive. The manufacture of semiconductor chips and the usage of hydrogen as rocket fuel for space flights are two of its main users. With the prevalence of renewable hydrogen supply and demand, greater economies of scale will make liquefaction a more viable storage and transport option during the forecast period. Hydrogen may be compressed, stored in tanks, and then used as needed, just like any other gas. Moreover, compared with other hydrocarbons, hydrogen has a far higher volume-nearly four times that of natural gas. As a result, hydrogen needs to be compressed for handling needs. For instance, fuel-cell automobiles use compressed hydrogen stored in enormous, extremely pressured canisters. Various governments are also supporting numerous hydrogen infrastructure projects worldwide. Thus, such factors will drive the growth of the segment in the global market during the forecast period.

Which are the Key Regions for the Hydrogen Storage Market?

Hydrogen Storage Market Share by Geography

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APAC is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

In 2022, APAC contributed to the largest share of the global market. The escalating demand for clean energy generation has increased the use of fuel cell-based vehicles, which is driving the hydrogen storage market in the region. In addition, hydrogen storage finds vast applications in electronic devices such as smartphones, laptops, personal digital assistants (PDAs), and other consumer electronics. The surge in demand for consumer electronics in developing countries such as India and China is expected to drive the hydrogen storage market during the forecast period.

The COVID-19 pandemic has negatively impacted the growth of the market in 2020. However, in 2021, the initiation of large vaccination drives resulted in the resumption of business operations, and the demand for storing hydrogen increased. Also, with the growing focus on the hydrogen-based economy in post-pandemic times, the demand for storing hydrogen is expected to take huge leaps due to expanding application bases in the forecast period. Furthermore, positive measures taken by governments and distributed generations and the incorporation of advanced technology are expected to bolster the market's growth during the forecast period.

Segment Overview

The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Type (Physical and Material-based), Application (Chemicals, Oil refining, Industrial, and Others), and Geography (APAC, North America, Europe, South America, and Middle East and Africa).

  • Type Outlook (USD Million, 2017 - 2027)
    • Physical
    • Material-based
  • Application Outlook (USD Million, 2017 - 2027)
    • Chemicals
    • Oil refining
    • Industrial
    • Others
  • Region Outlook (USD Million, 2017 - 2027)
    • North America
      • The U.S.
      • Canada
    • Europe
      • The U.K.
      • Germany
      • France
      • Rest of Europe
    • APAC
      • China
      • India
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of the Middle East & Africa
    • South America
      • Chile
      • Brazil
      • Argentina

Hydrogen Storage Market Scope

Report Coverage

Details

Page number

167

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 5.31%

Market growth 2023-2027

USD 3,884.93 million

Market structure

Fragmented

YoY growth 2022-2023(%)

5.07

Regional analysis

APAC, North America, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 36%

Key countries

US, China, Japan, Germany, and UK

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Air Products and Chemicals Inc., Air Liquide SA, American Elements, Calvera Maquinaria e Instalaciones S.L., Chart Industries Inc., Cummins Inc., HBank Technologies Inc., Hexagon Composites ASA, HPS Home Power Solutions GmbH, Hydrexia, Hydrogen In Motion Inc., Inox Leasing and Finance Ltd., Linde Plc, Luxfer Holdings Plc, McPhy Energy SA, Plug Power Inc., Pragma Industries SAS, Quantum Fuel Systems Technologies Worldwide Inc., SAS HySiLabs, and Worthington Industries Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Hydrogen Storage Market Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the hydrogen storage market between 2023 and 2027
  • Precise estimation of the hydrogen storage market size and its contribution to the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the industry across APAC, North America, Europe, South America, and Middle East and Africa
  • A thorough analysis of the market’s competitive landscape and detailed information about vendors
  • Comprehensive analysis of factors that will challenge the growth of hydrogen storage market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Application
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 13: Market segments
  • 3.3 Market size 2022
    • 3.4 Market outlook: Forecast for 2022-2027
      • Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
      • Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
      • Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
      • Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

    4 Historic Market Size

    • 4.1 Global hydrogen storage market 2017 - 2021
      • Exhibit 18: Historic Market Size – Data Table on Global hydrogen storage market 2017 - 2021 ($ million)
    • 4.2 Type Segment Analysis 2017 - 2021
      • Exhibit 19: Historic Market Size – Type Segment 2017 - 2021 ($ million)
    • 4.3 Application Segment Analysis 2017 - 2021
      • Exhibit 20: Historic Market Size – Application Segment 2017 - 2021 ($ million)
    • 4.4 Geography Segment Analysis 2017 - 2021
      • Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)
    • 4.5 Country Segment Analysis 2017 - 2021
      • Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
    • 5.2 Bargaining power of buyers
      • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
    • 5.3 Bargaining power of suppliers
      • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
    • 5.4 Threat of new entrants
      • Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
    • 5.5 Threat of substitutes
      • Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
    • 5.6 Threat of rivalry
      • Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
    • 5.7 Market condition
      • Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

    6 Market Segmentation by Type

    • 6.1 Market segments
      • Exhibit 30: Chart on Type - Market share 2022-2027 (%)
      • Exhibit 31: Data Table on Type - Market share 2022-2027 (%)
    • 6.2 Comparison by Type
      • Exhibit 32: Chart on Comparison by Type
      • Exhibit 33: Data Table on Comparison by Type
    • 6.3 Physical - Market size and forecast 2022-2027
      • Exhibit 34: Chart on Physical - Market size and forecast 2022-2027 ($ million)
      • Exhibit 35: Data Table on Physical - Market size and forecast 2022-2027 ($ million)
      • Exhibit 36: Chart on Physical - Year-over-year growth 2022-2027 (%)
      • Exhibit 37: Data Table on Physical - Year-over-year growth 2022-2027 (%)
    • 6.4 Material-based - Market size and forecast 2022-2027
      • Exhibit 38: Chart on Material-based - Market size and forecast 2022-2027 ($ million)
      • Exhibit 39: Data Table on Material-based - Market size and forecast 2022-2027 ($ million)
      • Exhibit 40: Chart on Material-based - Year-over-year growth 2022-2027 (%)
      • Exhibit 41: Data Table on Material-based - Year-over-year growth 2022-2027 (%)
    • 6.5 Market opportunity by Type
      • Exhibit 42: Market opportunity by Type ($ million)

    7 Market Segmentation by Application

    • 7.1 Market segments
      • Exhibit 43: Chart on Application - Market share 2022-2027 (%)
      • Exhibit 44: Data Table on Application - Market share 2022-2027 (%)
    • 7.2 Comparison by Application
      • Exhibit 45: Chart on Comparison by Application
      • Exhibit 46: Data Table on Comparison by Application
    • 7.3 Chemicals - Market size and forecast 2022-2027
      • Exhibit 47: Chart on Chemicals - Market size and forecast 2022-2027 ($ million)
      • Exhibit 48: Data Table on Chemicals - Market size and forecast 2022-2027 ($ million)
      • Exhibit 49: Chart on Chemicals - Year-over-year growth 2022-2027 (%)
      • Exhibit 50: Data Table on Chemicals - Year-over-year growth 2022-2027 (%)
    • 7.4 Oil refining - Market size and forecast 2022-2027
      • Exhibit 51: Chart on Oil refining - Market size and forecast 2022-2027 ($ million)
      • Exhibit 52: Data Table on Oil refining - Market size and forecast 2022-2027 ($ million)
      • Exhibit 53: Chart on Oil refining - Year-over-year growth 2022-2027 (%)
      • Exhibit 54: Data Table on Oil refining - Year-over-year growth 2022-2027 (%)
    • 7.5 Industrial - Market size and forecast 2022-2027
      • Exhibit 55: Chart on Industrial - Market size and forecast 2022-2027 ($ million)
      • Exhibit 56: Data Table on Industrial - Market size and forecast 2022-2027 ($ million)
      • Exhibit 57: Chart on Industrial - Year-over-year growth 2022-2027 (%)
      • Exhibit 58: Data Table on Industrial - Year-over-year growth 2022-2027 (%)
    • 7.6 Others - Market size and forecast 2022-2027
      • Exhibit 59: Chart on Others - Market size and forecast 2022-2027 ($ million)
      • Exhibit 60: Data Table on Others - Market size and forecast 2022-2027 ($ million)
      • Exhibit 61: Chart on Others - Year-over-year growth 2022-2027 (%)
      • Exhibit 62: Data Table on Others - Year-over-year growth 2022-2027 (%)
    • 7.7 Market opportunity by Application
      • Exhibit 63: Market opportunity by Application ($ million)

    8 Customer Landscape

    • 8.1 Customer landscape overview
      • Exhibit 64: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    9 Geographic Landscape

    • 9.1 Geographic segmentation
      • Exhibit 65: Chart on Market share by geography 2022-2027 (%)
      • Exhibit 66: Data Table on Market share by geography 2022-2027 (%)
    • 9.2 Geographic comparison
      • Exhibit 67: Chart on Geographic comparison
      • Exhibit 68: Data Table on Geographic comparison
    • 9.3 APAC - Market size and forecast 2022-2027
      • Exhibit 69: Chart on APAC - Market size and forecast 2022-2027 ($ million)
      • Exhibit 70: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
      • Exhibit 71: Chart on APAC - Year-over-year growth 2022-2027 (%)
      • Exhibit 72: Data Table on APAC - Year-over-year growth 2022-2027 (%)
    • 9.4 North America - Market size and forecast 2022-2027
      • Exhibit 73: Chart on North America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 74: Data Table on North America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 75: Chart on North America - Year-over-year growth 2022-2027 (%)
      • Exhibit 76: Data Table on North America - Year-over-year growth 2022-2027 (%)
    • 9.5 Europe - Market size and forecast 2022-2027
      • Exhibit 77: Chart on Europe - Market size and forecast 2022-2027 ($ million)
      • Exhibit 78: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
      • Exhibit 79: Chart on Europe - Year-over-year growth 2022-2027 (%)
      • Exhibit 80: Data Table on Europe - Year-over-year growth 2022-2027 (%)
    • 9.6 South America - Market size and forecast 2022-2027
      • Exhibit 81: Chart on South America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 82: Data Table on South America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 83: Chart on South America - Year-over-year growth 2022-2027 (%)
      • Exhibit 84: Data Table on South America - Year-over-year growth 2022-2027 (%)
    • 9.7 Middle East and Africa - Market size and forecast 2022-2027
      • Exhibit 85: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
      • Exhibit 86: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
      • Exhibit 87: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
      • Exhibit 88: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
    • 9.8 China - Market size and forecast 2022-2027
      • Exhibit 89: Chart on China - Market size and forecast 2022-2027 ($ million)
      • Exhibit 90: Data Table on China - Market size and forecast 2022-2027 ($ million)
      • Exhibit 91: Chart on China - Year-over-year growth 2022-2027 (%)
      • Exhibit 92: Data Table on China - Year-over-year growth 2022-2027 (%)
    • 9.9 Japan - Market size and forecast 2022-2027
      • Exhibit 93: Chart on Japan - Market size and forecast 2022-2027 ($ million)
      • Exhibit 94: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
      • Exhibit 95: Chart on Japan - Year-over-year growth 2022-2027 (%)
      • Exhibit 96: Data Table on Japan - Year-over-year growth 2022-2027 (%)
    • 9.10 US - Market size and forecast 2022-2027
      • Exhibit 97: Chart on US - Market size and forecast 2022-2027 ($ million)
      • Exhibit 98: Data Table on US - Market size and forecast 2022-2027 ($ million)
      • Exhibit 99: Chart on US - Year-over-year growth 2022-2027 (%)
      • Exhibit 100: Data Table on US - Year-over-year growth 2022-2027 (%)
    • 9.11 Germany - Market size and forecast 2022-2027
      • Exhibit 101: Chart on Germany - Market size and forecast 2022-2027 ($ million)
      • Exhibit 102: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
      • Exhibit 103: Chart on Germany - Year-over-year growth 2022-2027 (%)
      • Exhibit 104: Data Table on Germany - Year-over-year growth 2022-2027 (%)
    • 9.12 UK - Market size and forecast 2022-2027
      • Exhibit 105: Chart on UK - Market size and forecast 2022-2027 ($ million)
      • Exhibit 106: Data Table on UK - Market size and forecast 2022-2027 ($ million)
      • Exhibit 107: Chart on UK - Year-over-year growth 2022-2027 (%)
      • Exhibit 108: Data Table on UK - Year-over-year growth 2022-2027 (%)
    • 9.13 Market opportunity by geography
      • Exhibit 109: Market opportunity by geography ($ million)

    10 Drivers, Challenges, and Trends

    • 10.1 Market drivers
      • 10.2 Market challenges
        • 10.3 Impact of drivers and challenges
          • Exhibit 110: Impact of drivers and challenges in 2022 and 2027
        • 10.4 Market trends

          11 Vendor Landscape

          • 11.1 Overview
            • 11.2 Vendor landscape
              • Exhibit 111: Overview on Criticality of inputs and Factors of differentiation
            • 11.3 Landscape disruption
              • Exhibit 112: Overview on factors of disruption
            • 11.4 Industry risks
              • Exhibit 113: Impact of key risks on business

            12 Vendor Analysis

            • 12.1 Vendors covered
              • Exhibit 114: Vendors covered
            • 12.2 Market positioning of vendors
              • Exhibit 115: Matrix on vendor position and classification
            • 12.3 Air Products and Chemicals Inc.
              • Exhibit 116: Air Products and Chemicals Inc. - Overview
              • Exhibit 117: Air Products and Chemicals Inc. - Business segments
              • Exhibit 118: Air Products and Chemicals Inc. - Key news
              • Exhibit 119: Air Products and Chemicals Inc. - Key offerings
              • Exhibit 120: Air Products and Chemicals Inc. - Segment focus
            • 12.4 Air Liquide SA
              • Exhibit 121: Air Liquide SA - Overview
              • Exhibit 122: Air Liquide SA - Business segments
              • Exhibit 123: Air Liquide SA - Key news
              • Exhibit 124: Air Liquide SA - Key offerings
              • Exhibit 125: Air Liquide SA - Segment focus
            • 12.5 American Elements
              • Exhibit 126: American Elements - Overview
              • Exhibit 127: American Elements - Product / Service
              • Exhibit 128: American Elements - Key offerings
            • 12.6 Calvera Maquinaria e Instalaciones S.L.
              • Exhibit 129: Calvera Maquinaria e Instalaciones S.L. - Overview
              • Exhibit 130: Calvera Maquinaria e Instalaciones S.L. - Product / Service
              • Exhibit 131: Calvera Maquinaria e Instalaciones S.L. - Key offerings
            • 12.7 Chart Industries Inc.
              • Exhibit 132: Chart Industries Inc. - Overview
              • Exhibit 133: Chart Industries Inc. - Business segments
              • Exhibit 134: Chart Industries Inc. - Key news
              • Exhibit 135: Chart Industries Inc. - Key offerings
              • Exhibit 136: Chart Industries Inc. - Segment focus
            • 12.8 Cummins Inc.
              • Exhibit 137: Cummins Inc. - Overview
              • Exhibit 138: Cummins Inc. - Business segments
              • Exhibit 139: Cummins Inc. - Key offerings
              • Exhibit 140: Cummins Inc. - Segment focus
            • 12.9 Hexagon Composites ASA
              • Exhibit 141: Hexagon Composites ASA - Overview
              • Exhibit 142: Hexagon Composites ASA - Business segments
              • Exhibit 143: Hexagon Composites ASA - Key offerings
              • Exhibit 144: Hexagon Composites ASA - Segment focus
            • 12.10 Hydrogen In Motion Inc.
              • Exhibit 145: Hydrogen In Motion Inc. - Overview
              • Exhibit 146: Hydrogen In Motion Inc. - Product / Service
              • Exhibit 147: Hydrogen In Motion Inc. - Key offerings
            • 12.11 Inox Leasing and Finance Ltd.
              • Exhibit 148: Inox Leasing and Finance Ltd. - Overview
              • Exhibit 149: Inox Leasing and Finance Ltd. - Product / Service
              • Exhibit 150: Inox Leasing and Finance Ltd. - Key offerings
            • 12.12 Linde Plc
              • Exhibit 151: Linde Plc - Overview
              • Exhibit 152: Linde Plc - Business segments
              • Exhibit 153: Linde Plc - Key news
              • Exhibit 154: Linde Plc - Key offerings
              • Exhibit 155: Linde Plc - Segment focus
            • 12.13 Luxfer Holdings Plc
              • Exhibit 156: Luxfer Holdings Plc - Overview
              • Exhibit 157: Luxfer Holdings Plc - Business segments
              • Exhibit 158: Luxfer Holdings Plc - Key offerings
              • Exhibit 159: Luxfer Holdings Plc - Segment focus
            • 12.14 McPhy Energy SA
              • Exhibit 160: McPhy Energy SA - Overview
              • Exhibit 161: McPhy Energy SA - Product / Service
              • Exhibit 162: McPhy Energy SA - Key offerings
            • 12.15 Plug Power Inc.
              • Exhibit 163: Plug Power Inc. - Overview
              • Exhibit 164: Plug Power Inc. - Product / Service
              • Exhibit 165: Plug Power Inc. - Key offerings
            • 12.16 Pragma Industries SAS
              • Exhibit 166: Pragma Industries SAS - Overview
              • Exhibit 167: Pragma Industries SAS - Product / Service
              • Exhibit 168: Pragma Industries SAS - Key offerings
            • 12.17 Worthington Industries Inc.
              • Exhibit 169: Worthington Industries Inc. - Overview
              • Exhibit 170: Worthington Industries Inc. - Business segments
              • Exhibit 171: Worthington Industries Inc. - Key offerings
              • Exhibit 172: Worthington Industries Inc. - Segment focus

            13 Appendix

            • 13.1 Scope of the report
              • 13.2 Inclusions and exclusions checklist
                • Exhibit 173: Inclusions checklist
                • Exhibit 174: Exclusions checklist
              • 13.3 Currency conversion rates for US$
                • Exhibit 175: Currency conversion rates for US$
              • 13.4 Research methodology
                • Exhibit 176: Research methodology
                • Exhibit 177: Validation techniques employed for market sizing
                • Exhibit 178: Information sources
              • 13.5 List of abbreviations
                • Exhibit 179: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              Hydrogen Storage market growth will increase by $3884.93 million during 2023-2027.
              The hydrogen storage market is expected to grow at a CAGR of 5.31% during 2023-2027.
              Technavio has segmented the hydrogen storage market by type (Physical, Material-based, and Gas) ,application (Chemicals, Oil refining, Industrial, Others, and MEA) , and geography (APAC, North America, Europe, South America, and Middle East and Africa).
              Air Products and Chemicals Inc., Air Liquide SA, American Elements, Calvera Maquinaria e Instalaciones S.L., Chart Industries Inc., Cummins Inc., HBank Technologies Inc., Hexagon Composites ASA, HPS Home Power Solutions GmbH, Hydrexia, Hydrogen In Motion Inc., Inox Leasing and Finance Ltd., Linde Plc, Luxfer Holdings Plc, McPhy Energy SA, Plug Power Inc., Pragma Industries SAS, Quantum Fuel Systems Technologies Worldwide Inc., SAS HySiLabs, Worthington Industries Inc. are a few of the key vendors in the hydrogen storage market.
              APAC will register the highest growth rate of 36.31% among the other regions. Therefore, the hydrogen storage market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the hydrogen storage market growth are:
              • Increased usage of hydrogen storage tanks in transportation application
              • Development of new applications for hydrogen-powered fuel cells
              The hydrogen storage market vendors should focus on grabbing business opportunities from the physical segment as it accounted for the largest market share in the base year.
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