May 22, 2024
Hydrogen Storage Market

Hydrogen Storage Market Primed for Growth Due to Rising Adoption of Fuel Cell Vehicles

The global hydrogen storage market has been gaining significant momentum owing to increasing uptake of fuel cell vehicles worldwide. Hydrogen can be utilized as an efficient energy storage medium and eco-friendly fuel to power automobiles, with water being the only by-product. Hydrogen storage systems play a pivotal role in fuel cell vehicles by storing the gas under high pressure or through physical/chemical absorption. These systems ensure reliable energy supply and extended driving range.

The market comprises various storage solutions like physical storage, material-based storage, and heterogeneous storage. Physical storage is the most widely used technology and involves compressing or liquifying hydrogen. Material-based storage relies on metal hydrides or chemical hydrides to absorb hydrogen. Heterogeneous storage utilizes nano-porous carbon-based sorbents. Hydrogen storage find extensive usage in mobility, portable power, and stationary power units. They help reduce emissions and dependency on fossil fuels.

The Global hydrogen storage market is estimated to be valued at US$ 6.8 Bn in 2024 and is expected to exhibit a CAGR of 21.% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Hydrogen Storage Market Growth are Air Liquide, Air Products and Chemicals, Inc., Hexagon Purus, Worthington Industries, Inc., Linde plc, Luxfer Holdings PLC, Chart Industries , INOXCVA, HBank Technologies Inc., Pragma Industries.

The rising deployment of hydrogen refueling stations accompanied with incentivizing fuel cell vehicle purchase schemes are opening new opportunities for market players. Growing partnerships between automakers and hydrogen storage system manufacturers will further aid commercialization.

Major companies are investing heavily in developing novel materials and innovations to improve hydrogen storage capacity, efficiency, safety and reduce costs. They are also focused on global expansion through partnerships, mergers and acquisitions.

Market drivers

Stringent emission regulations aimed at curbing air pollution are driving the need for clean fuel technologies like hydrogen. Many nations have drawn long term plans to boost hydrogen economy and fueling infrastructure. This is a major factor propelling the demand for hydrogen storage systems from the transportation sector.

PEST Analysis:

Political: Increasing government policies and initiatives to promote use and production of green fuels will positively impact the hydrogen storage market. Many countries are focusing to switch to green hydrogen production from fossil fuels to meet climate goals.

Economic: Rising demand for clean energy solutions due to environmental regulations and focus towards reducing carbon footprint will drive investments in hydrogen storage market. Drop in renewable energy costs will also encourage use of hydrogen as an energy carrier.

Social: Growing environmental awareness and consumer preference for sustainable technologies is influencing adoption of hydrogen in various applications. Demand for zero emission fuel cell vehicles and electricity generation using green hydrogen is mounting.

Technological: Advancements in materials science for developing lightweight and efficient hydrogen storage solutions continues. Use of novel nanotechnology based approaches to capture and release hydrogen is being researched. Dense composite hydrogen containers can enhance vehicle range.

Value concentration: North America accounts for the largest market share currently owing to major investments and infrastructural developments. Presence of global industry participants and supporting government funding is boosting regional growth.

Fastest growing region: Asia Pacific region is projected to witness fastest growth during the forecast period supported by rising clean energy demand and government initiatives in countries like China, Japan and South Korea promoting hydrogen economy. New plant installations and expanding refueling infrastructure are directing market expansion.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it