Global Hydrogen Storage Market Share Likely to Grow at a CAGR of 9.2% By 2033

According to Custom Market Insights (CMI), The Global Hydrogen Storage Market Size was valued at USD 720 million in 2021 and is estimated to reach USD 1180 million by the end of 2030 at a CAGR of approximately 9.2% during the forecast period 2022-2030.

The number of industries worldwide has emerged as a significant driving force for the increasing demand for hydrogen storage systems. This has resulted in the rising demand for suitable energy options that will help industries perform better in the long run by producing less environmental pollution, leading to rapid climate change. However, various difficulties that must be faced with storing the element of hydrogen need to be solved with the development of modern technologies by the key market players, which requires more incredible research and development programs to be conducted.

The primary purpose of developing a suitable hydrogen storage system is to safely transport this element to produce energy.

Browse the full “Hydrogen Storage Market Size, Trends, and Insights By Technology (Compression technology, Material based technology, Liquefaction technology), By Physical Stat (Solid state, Gas state, Liquid state), By Application (Residential Sector, Industrial sector, Commercial sector), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/hydrogen-storage-market/

Market Dynamics

Drivers

The rapid increase in industrialization all over the world, mainly in the developing areas of the Asia Pacific region, has emerged as a significant driving force for the growth of the hydrogen storage market, which is expected to continue similarly in the future. The rapidly increasing demand for transportation fuels has also boosted the market for hydrogen storage systems to a great extent. The increasing demand for ammonia and methanol worldwide has also emerged as a significant factor that has increased the need for the hydrogen storage market. Rapid modernization has emerged as the driving force for the market’s growth.

Restraints

The infrastructure required for refueling hydrogen is minimal; hence, it emerges as a significant obstacle to the growth of the hydrogen storage market, which arises as a matter of concern for the key market players. The developed economies have not concentrated on the infrastructure required for hydrogen transportation and refueling. The pandemic outbreak also had a significant impact on the growth of the hydrogen storage market of the lack of transportation facilities due to the lockdown imposed by the government. These multiple reasons during the pandemic emerged as the restraining factors for the growth of the hydrogen storage market.

Opportunities

The key market players have developed storage tanks that are light in weight and hence made it extremely easy for transportation. This has made it feasible for industries to order hydrogen in bulk quantities that can be transported from one place to another for usage. Furthermore, the rapidly increasing demand for fuel cells has also emerged as a significant opportunity for the growth of the hydrogen storage market to the increasing demand for energy among potential consumers. In addition, the growing demand for alternative fuels has emerged as an opportunity to develop the hydrogen storage market during the forecast period.

Challenges

The enormous investments required for developing advanced technologies for storing hydrogen have imposed a significant challenge to the growth of the hydrogen storage market. The increasing demand for electric vehicles has also set a considerable challenge for the market’s growth. The reducing prices of battery storage which proves to be highly cost-effective compared to the storage of hydrogen energy, have also emerged as a challenge. These multiple obstacles have emerged as challenges to the growth of the hydrogen storage market during the forecast period.

Report Highlights

Based on TechnologyTechnology, the segment of compression technology has emerged as the largest market as it is the most commonly used method for hydrogen storage, making it easier for the industries at the operation site. Many key market players have also adopted the technique of liquefaction to store hydrogen. Based on the physical state, the solid-state segment has emerged as the largest segment as it is the most suitable option for transportation and storage, making it a leading market segment under this category. Based on Application, the part of industrial Applications have emerged as the largest market for the increasing demand for energy among the primary industries for manufacturing. 

The heavy consumption of traditional energy options such as fossil fuels has been exhausted over time, boosting the demand for hydrogen storage systems. Based on geography, the region of Asia Pacific has emerged as the largest market for the increasing need for a suitable alternative for the energy required in the industrial sectors, which have developed over the period.

Regional Snapshots

The region of Asia Pacific has emerged as the largest market for hydrogen storage systems owing to the increasing demand for alternative energy sources against the traditional use of fossil fuels for the generation of energy which is mainly required by the major industries and commercial sectors belonging to this region. In addition, the rapid urbanization and industrialization observed in the Asia Pacific region, including the countries such as China, India, and many others, have helped boost the hydrogen storage market to a great extent. 

The European nations have also emerged as significant hydrogen consumer storage systems of rapid industrialization, which has been observed over time owing to the increasing acceptance of modern technologies. In addition, increasing environmental pollution awareness has boosted the demand for alternative fuel options among the major industries. The region of North America has also shown a tremendous boost in demand for hydrogen storage systems for using them as suitable alternatives for the industrial sector.

Report Scope

Key Players

• Air Products Inc.
• ITM Power
• Air Liquide
• Steelhead Composites Inc.
• Iwatani Corporation
• Nedstack Fuel Cell Technology BV
• Nel ASA
• Linde PLC
• Cummins Inc.
• Engine

Recent Developments 

• In February 2021 – Siemen energy combined with Air Liquide limited to supply options for proton exchange membrane electrolysis technology. The main purpose of this deal was to launch an electrolyzer that would operate on a large scale for hydrogen production.
• In December 2021 – A deal took place between Howden and Chart industries to fuel the business. The major objective of this deal was to supply hydrogen energy with the help of advanced TechnologyTechnology and provide methods for gas compression.
• In January 2022 – a deal was struck between Linde private limited and Yara to construct and supply a 24 MW plant of green hydrogen.

Segments covered in the report

By Technology

• Compression technology
• Material based TechnologyTechnology
• Liquefaction technology

By Physical State

• Solid state
• Gas state
• Liquid state

By Application

• Residential Sector
• Industrial sector
• Commercial sector

On the basis of Geography

North America

• The U.S.
• Canada
• Mexico

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America