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The Global Hydrogen Storage Market is estimated to grow by USD 3.88 billion at a CAGR of 5.31% between 2022 and 2027. The growth of the market is driven by several key factors. There is an increased usage of hydrogen storage tanks in transportation applications, reflecting a shift towards cleaner energy solutions. Additionally, the growing demand for fertilizers and the expansion of global refining capacity further contribute to market growth. These factors collectively underline the market's pivotal role in advancing sustainability and meeting evolving industrial needs. This market analysis and report report includes in-depth information about the key market drivers, trends, and challenges during the forecasted period.
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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.
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The physical segment was valued at USD 5.05 billion in 2017 and continued to grow until 2021. Owing to its technical complexity, liquid stores have 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 supply and demand, greater economies of scale will make liquefaction a more viable storage and transport option during the forecast period. It may be compressed, stored in tanks, and 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, it 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 infrastructure projects worldwide. Thus, such factors will drive the growth of the segment in the global market during the forecast period.
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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 market in the region. In addition, these stores find 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 market during the forecast period.
Innovative developments are facilitating the transition to hydrogen energy, enabling efficient deployment and utilization across the supply chain, from production at oil refineries to distribution, storage, and utilization in fuel cells and these storage systems, thus unlocking the full potential of hydrogen as a merchant gas with unique properties for energy storage and utilization 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.
The increased usage of hydrogen storage tanks in transportation applications is notably driving market growth. Various methods, such as compressed gas, liquid hydrogen, metal hydride, and chemical carriers, are utilized for storing hydrogen in transportation. Due to its superior energy density compared to other fuels, hydrogen plays a crucial role in advancing technologies. These technologies, essential for fixed electricity, portable power, and mobility, heavily rely on efficient storage mechanisms.
Presently, transportation in the hydrocarbon economy is fueled primarily by petroleum, sourced from oil refineries, which emits carbon dioxide and other pollutants during combustion. However, the limited supply of economically viable hydrocarbon resources worldwide, combined with increasing demand, particularly in heavily polluted regions like China, India, and other emerging economies, necessitates a transition towards cleaner energy sources. Advocates of a global-scale economy advocate for hydrogen as a cleaner energy alternative, especially in transportation, where it can significantly reduce pollutant emissions and carbon dioxide release. Thus, the integration of these storage systems holds immense potential for mitigating environmental impacts and driving market growth amidst evolving energy transition dynamics.
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 the gas. Therefore, this will positively influence the market growth during the forecast period.
The limited availability of hydrogen refueling infrastructure is a major challenge impeding the market growth. One of the most important challenges is high-density 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 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 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 storage for all light-duty platforms, which will hinder market expansion during the forecast period.
The market trends and analysis 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 market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies 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 key offerings of the company include hydrogen storage in containers, cylinders, jumbo tubes, and tube trailers.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 market Companies, including:
Qualitative and quantitative analysis of Companies 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 Companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize Companies as dominant, leading, strong, tentative, and weak.
Hydrogen energy is revolutionizing various industries, including oil refineries and metalworking, with its potential for clean power generation. The deployment of fuel cells and advancements in hydrogen energy storage technologies, such as hydrides and electrolysis, drive innovation in the sector. Companies like ITM Power and Air Products Inc. are leading the way in integrating hydrogen energy into existing infrastructure, leveraging their expertise. As interest in hydrogen energy grows, businesses are exploring new deployment strategies and capitalizing on government incentives to transition towards a hydrogen-based economy.
With the introduction of hydrogen energy, there's a shift towards renewable energy sources and a reduction in carbon emissions across sectors like transportation and power generation. The integration of hydrogen supply chains and the development of hydrogen storage systems are key focus areas for industry players like Nel ASA and Engie. These efforts align with government initiatives and subsidies aimed at promoting energy efficiency and reducing dependence on fossil fuels. As the market transitions towards hydrogen energy, there's an emphasis on safety regulations, standards, and the efficient utilization of hydrogen as an energy carrier.
It presents a versatile solution for addressing energy needs across various applications, from on-board fuel cells in automobiles to power generation in oil refineries. Companies are investing in research and development to enhance the properties and efficiency of these storage systems, emphasizing safety and regulatory compliance. Steelhead Composites Inc. and other key players are driving innovations in these storage technologies, offering a range of solutions to meet the diverse needs of customers worldwide. As the industry continues to evolve, there's a growing emphasis on sustainable practices, waste management, and efficient dumpster rental services to support the transition towards a hydrogen-powered future.
The market growth analysis 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.
Market Scope |
|
Market 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 3.88 billion |
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 Companies, Market Positioning of Companies, 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 |
Market growth and trends, 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 market forecasting report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
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