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The hydrogen storage market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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. 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.
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The physical segment was valued at USD 5.43 billion in 2018. 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 or shale gas, 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 hydrogen storage market during the forecast period.
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APAC is estimated to contribute 37% 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. The escalating demand for clean energy technology has increased the use of fuel cell-based vehicles, which is driving the market in the region.
The increased usage of hydrogen storage tanks in transportation applications is notably driving market growth. Various methods, such as compressed natural 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 hydrogen storage market growth amidst evolving energy transition dynamics.
Reduction in the cost of fuel cell 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 impact hydrogen storage market growth and trends during the forecast period.
The hydrogen storage 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 hydrogen storage 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 hydrogen storage 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. This market analysis and report report includes in-depth information about the key market drivers, trends, and challenges during the forecasted period.
The market is witnessing significant growth due to the increasing demand for clean energy sources. Two primary methods for hydrogen storage are metal hydrides and material-based storage. Metal hydrides, specifically intermetallic hydrides, are widely used for solid storage. Hydrogen is stored in the form of hydrogen gas in oil refineries for desulfurization processes. Hydrogen is used in the production of gasoline and diesel fuel. The market is expanding in various sectors, including transportation applications, merchant sourcing, and fuel cell vehicles. Fuel cell companies like Plug Power are leading the way in this field. Hydrogen is used in ground support equipment at airports, material handling, ships and boats, trams and trains, submersibles, unmanned vehicles, and biofuels.
Also, the Industrial Segment is adopting hydrogen as a source of Energy Security and Energy Conservation. market is influenced by environmental regulations and engine manufacturer specifications. Hydrogen-powered vehicles require refueling at fueling stations, which necessitates infrastructure development. The Gas Form segment includes cylinder storage, while the Metalworking Industry also utilizes hydrogen in its processes. The Transportation segment is a significant contributor to the market's growth, driven by the adoption of fuel cell vehicles. Renewable energy is also playing a role in the expansion of the market. The hydrogen gas industry is advancing rapidly with innovations in high-pressure gas cylinders and liquid cryogenic tank methods to improve hydrogen storage. Material-based storage solutions and solid-state hydrogen storage are emerging as key technologies in the hydrogen storage industry, aiming to enhance the physical hydrogen storage market.
However, these advancements support the growth of hydrogen-powered vehicles, including fuel cell-powered bicycles and submarines, as well as the automotive sector and transportation sector at large. Efforts to integrate low-emission fuels and sustainable energy sources are crucial for a sustainable energy future. This includes developing hydrogen stations and supporting fuel cell adoption in electric vehicles. Carbon emissions reduction and environmentally friendly practices are driving the hydrogen economy, with commercial and residential segments both benefiting from improved cryogenic liquid and supercritical fluid storage methods. The power generation and industrial processes sectors are also transitioning to low emission fuels, including ammonia production and natural gas-fired power plants.
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Market Scope |
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Report Coverage |
Details |
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Page number |
180 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.62% |
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Market growth 2024-2028 |
USD 4.35 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.24 |
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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 37% |
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Key countries |
China, Japan, US, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Air Liquide SA, Air Products and Chemicals Inc., 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, Quantum Fuel Systems Technologies Worldwide Inc., SAS HySiLabs, and Worthington Industries Inc. |
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Market dynamics |
Parent market growth analysis, Market Forecasting, 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 market forecast period. |
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Customization purview |
If our hydrogen storage market 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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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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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