Meticulous Research®, a prominent global market research firm, has published a comprehensive report titled, ‘‘Hydrogen Storage Market by Storage Solution (Tanks, Cylinders), Storage Type (Physical Storage, Material-based Storage), Application (Fuel Cell, Chemical Production, Manufacturing, Oil & Gas), and Geography—Global Forecast to 2031.’
According to Meticulous Research®, the hydrogen storage market is projected to reach $38.3 billion by 2031, growing at a CAGR of 8.3% during the forecast period. This growth is driven by the increasing use of hydrogen storage tanks for transportation and the expanding adoption of hydrogen storage facilities for power generation. However, the high capital costs associated with hydrogen storage facilities are a significant restraint on market growth.
The report identifies rising government support for hydrogen production and the increasing demand for hydrogen-based fuel cells in vehicles as key growth opportunities. However, the high flammability of hydrogen poses significant storage challenges.
Key trends in the hydrogen storage market include the increasing use of renewable energy for hydrogen production and the growing application of hydrogen in oil refineries and chemical industries.
The hydrogen storage market is segmented by storage solution (tanks, cylinders, portable storage, and other solutions), storage type (physical storage [liquid, gas], material-based storage [adsorbent, metallic hydrides, complex hydrides, chemical hydrogen]), application (fuel cells [vehicles, power generation, maritime, aviation], chemical production, manufacturing, oil & gas, aerospace & defense, and others), and geography. The report also evaluates industry competitors and provides regional and country-level market analysis.
In terms of storage solutions, the market includes tanks, cylinders, portable storage, and other options. By 2024, the cylinders segment is expected to dominate the market due to their versatility in storing hydrogen in various forms (gaseous, liquid, solid), high-pressure storage capacity, and cost-effectiveness. The rising demand for zero-emission mobility solutions also boosts the adoption of cylinders.
The portable storage segment is projected to register the highest CAGR during the forecast period. This growth is driven by the increasing demand for fuel cell electric vehicles (FCEVs), the need for hydrogen transportation across diverse locations, and initiatives focused on reducing CO2 emissions.
Storage types are categorized into physical and material-based storage. Physical storage is expected to hold the larger share by 2024, driven by its high energy density, the advantage of using existing infrastructure, and quick refueling times. This segment is also projected to grow at the highest CAGR.
Applications of hydrogen storage include fuel cells, chemical production, manufacturing, oil & gas, aerospace & defense, and other sectors. By 2024, the fuel cell segment is anticipated to lead the market, driven by expanding infrastructure for transportation and power applications, and the increasing adoption of fuel cells in e-mobility to reduce greenhouse gas emissions and oil dependence. This segment is also expected to register the highest CAGR.
Geographically, North America is projected to lead the market by 2024, driven by initiatives to reduce greenhouse gas emissions, technological advancements in hydrogen storage, the adoption of fuel cell electric vehicles, and the use of renewable energy for hydrogen production. The Asia-Pacific region is expected to achieve the highest CAGR, driven by the adoption of fuel cell electric vehicles, increased hydrogen use in refineries and chemical industries, and supportive government policies for hydrogen production.
Key Players:
The key players operating in the hydrogen storage market include L’Air Liquide S.A. (France), Chart Industries, Inc. (U.S.), Linde GmbH (Germany) (A subsidiary of Linde plc), Matheson Tri-Gas, Inc. (U.S.) (A subsidiary of Nippon Sanso Holdings Corporation), Hexagon Purus ASA (Norway), Luxfer Gas Cylinders (England) (A subsidiary of Luxfer Holdings PLC), Merck KGaA (Germany), Hanwha Corporation (South Korea), Eutectix LLC (U.S.), HBank Technologies Inc. (Taiwan), SPG Hydrogen Co., Ltd. (South Korea), FIBA Technologies, Inc. (U.S.), American Elements (U.S.), NPROXX B.V. (Netherlands), Steelhead Composites, Inc. (U.S.), CALVERA HYDROGEN, S.A. (Spain), and Pragma Industries (France).
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Key questions answered in the report-
• Which are the high-growth market segments based on storage solution, storage type, application, and geography?
• What was the historical market for hydrogen storage?
• What are the market forecasts and estimates for 2024–2031?
• What are the major drivers, restraints, opportunities, challenges, and trends in the hydrogen storage market?
• Who are the major players in the hydrogen storage market, and what shares do they hold?
• What is the competitive landscape like in the hydrogen storage market?
• What are the recent developments in the hydrogen storage market?
• What are the strategies adopted by the major players in the hydrogen storage market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the hydrogen storage market, and how do they compete with the other players?
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