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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 several 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.
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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.
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.
Global Hydrogen Storage Market Customer Landscape
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:
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.
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 5,057.28 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.
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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.
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).
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Hydrogen Storage Market Scope |
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Report Coverage |
Details |
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Page number |
167 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.31% |
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Market growth 2023-2027 |
USD 3,884.93 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.07 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 36% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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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. |
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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. |
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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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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