Hydrogen Storage Market Size & Statistics Worth US$ 9.4 billion by 2031, Expanding at a CAGR of 20.6% Says, TMR
A low carbon economy and renewable energy integration will grow the hydrogen storage market. A growing number of chemical and commercial applications will drive the market.
Wilmington, Delaware, United States, June 29, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The hydrogen storage market value was estimated at US$ 1.7 billion in 2022. According to estimates, the market will reach US$ 9.4 billion by 2031, growing at a CAGR of 20.6%.
Hydrogen is a flexible energy source that can take the form of a liquid, a gas, or a solid. The efficiency of hydrogen fuel is greatly superior to that of other energy sources, as it can produce a great deal of energy per pound of fuel.
Hydrogen is regarded as a promising fuel to reduce carbon emissions in several sectors, including industry, transportation, and power generation. The need for efficient and scalable hydrogen storage solutions is growing as governments and industries attempt to reduce greenhouse gas emissions. A salt cavern or subsurface shaft could be utilized in the future to store hydrogen on an industrial scale at an economical cost.
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|Market Revenue||US$ 1.7 Bn|
|Estimated Value||US$ 9.4 Bn|
|Growth Rate – CAGR||20.6%|
|No. of Pages||320 Pages|
|Market Segmentation||By Form, By Technology, By Application, By End-use|
|Regions Covered||North America, Europe, Asia Pacific, Middle East & Africa, Latin America|
|Companies Covered||Air Liquide, Linde PLC, Worthington Industries Ltd., Luxfer Holdings PLC, Pragma Industries, Hexagon Composites ASA, HBank Technologies Inc., INOXCVA, Chart Industries Inc., Cryolor|
Global Hydrogen Storage Market: Key Players
Hydrogen storage companies operating globally are dominated by large and medium-sized companies. More than 65.0%-70.0% of the market share was controlled by the top players in 2022.
For hydrogen storage to increase its market share, players have focused on technological innovations, acquisitions, financial restructuring, investment, and capacity expansion.
- In June 2023, Moog Inc., of the UK, will develop a hydrogen storage concept, in collaboration with Polar Technology Management Group Ltd, referred to as “Hydrogen in a Box”. Designed for commercial aircraft, this system integrates valves and control systems to provide optimal gravimetric efficiency, packaging efficiency, and control system integration.
- In June 2023, Gasunie, the Dutch gas transmission operator (TSO), officially opened its HyStock asset to market participants for the purposes of reserving hydrogen storage capacity, initiating one of the most important components of hydrogen security and cost reduction. There are four hydrogen salt caverns in the HyStock hydrogen storage project, but the open season only applies to cavern A5 which was the first to go online.
Metal hydrides and carbon adsorption have demonstrated their reliability as hydrogen storage methods. In addition, hydrogen storage with hydrides is an excellent solution when safety is a prime concern.
Solar, wind, and biomass are some of the domestic resources that can be used to generate hydrogen. Renewable energy resources can produce hydrogen with a very low level of greenhouse gas emissions that can be produced from renewable energy sources. As an alternative to internal combustion engine (ICE) vehicles, hydrogen fuel cell vehicles (FCVs) are gaining popularity as zero-emission vehicles. Fueling infrastructure for hydrogen-powered vehicles is vital to enabling FCV adoption. Developing reliable and convenient hydrogen refueling networks requires efficient hydrogen storage technology, such as compressed or solid hydrogen gas.
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Key Findings of Market Report
- Hydrogen storage market demand is expected to grow as industrial applications and compression methods grow.
- Market research shows that hydrogen storage in solid form is expected to grow the market.
- The chemical industry is expected to grow, resulting in a growth in hydrogen storage demand.
- A stringent set of regulations by the government has led to an expanding market for hydrogen storage.
- Commercial applications are anticipated to drive market growth for hydrogen storage.
Global Hydrogen Storage: Growth Drivers
- Hydrogen storage technologies are continuously improving, becoming more cost-effective, efficient, and scalable through research and development. Hydrogen storage solutions are growing in popularity due to advances in materials science and the development of high-capacity tanks.
- The ability to transport hydrogen over long distances and even offshore allows energy to be transferred to places without renewables. Long-distance transmission and energy export are possible with hydrogen storage technology because it facilitates safe and efficient transportation of hydrogen, whether as compressed gas, liquid hydrogen, or chemical hydrides.
- Transportation, power generation, and other applications can be run on hydrogen, which is a highly efficient way of storing energy. Compared to other energy storage methods, hydrogen storage is cheaper to operate. In addition to introducing technical benefits, hydrogen storage can enhance the stability of renewable energy resources.
- Several sources of hydrogen can be used to produce the fuel, such as water electrolysis, natural gas reforming, and biomass gasification. The variety of feedstocks provides countries with opportunities to reduce their dependence on fossil fuels, enhance their energy security, and promote domestic hydrogen production.
Global Hydrogen Storage: Regional Landscape
- The Asia Pacific region is expected to hold a significant share of 40.4% from 2023 to 2031.
- Hydrogen storage market growth is fueled by the rise in hydrogen production, utilization, and export in the Asia Pacific region.
- Fuel cell applications are expected to grow rapidly in North America, as emission regulations are tightened, cleaner fuels are used, and pollution controls are tightened.
- Research & development and full-scale storage projects in the United States will contribute significantly to market growth.
- European countries are building massive hydrogen energy storage projects, which is driving the market demand for hydrogen energy storage.
Global Hydrogen Storage Market: Segmentation
- Oil Refineries
- Automotive & Transportation
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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