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 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Air Products Inc.
- ITM Power
- Air Liquide
- Steelhead Composites Inc.
- Others
Reports Description
According to Custom Market Insights (CMI), The Global Hydrogen Storage Market Size was valued at USD 720 Million in 2021 and is expected to reach USD 780 Million in 2022 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 rapidly increasing demand for energy among significant industries and manufacturers worldwide has boosted the need for advanced technologies that will help store hydrogen in the required formats that can be utilized efficiently.
The industrial sector has been a major driving force for the rapidly increasing demand for hydrogen to boost the manufacturing process. In addition, the rapidly growing demand for mobile applications has emerged as a significant growth factor for the increasing demand of the hydrogen storage market, which is expected to continue similarly in the future. Stationary power applications have also been another requirement among the major industries and commercial sectors, which has emerged as a significant driving force for the increasing demand for the hydrogen storage market.
Various industries worldwide utilize hydrogen for numerous industrial applications such as fertilizer, glass, chemical, and metal refining. However, the rapid demand for reducing environmental pollution and carbon footprints has pushed the industrial sector to search for better alternatives that will help to produce pollution-free energy by saving the utilization of fossil fuels. The peak capability of fossil fuels has been reached in recent years, which needs to be urgently substituted with the help of better alternatives that can fulfill the energy needs of the industrial and commercial sectors for recording considerable revenue over some time.
The outbreak of the pandemic had a considerable impact on the growth of the hydrogen storage market through the various rules and regulations imposed by the government all over the world, hampered transportation facilities to a great extent. The demand and supply chain was majorly affected during the pandemic due to the strict lockdown imposed by the government. The rising expense of storing hydrogen is assessing a significant challenge for the market’s growth, which is foreseen to hinder the development of the key market players in the long run.
Growth Factors
The TechnologyTechnology of power to gas has been commercialized, and hence it emerges as a significant opportunity for the growth of the hydrogen storage market as it allows flexibility for the Application of energy resources. The volatile renewable energy sources have been integrated into the efficiency they provide for energy production. The rising demand for energy among the major industries and commercial sectors worldwide has emerged as a significant opportunity for hydrogen storage systems and technologies in the present market. Rapid research and development programs carried out by the key market players to introduce better technologies and storage systems into the market have emerged as a significant growth factor for the hydrogen storage market.
The key market players have made considerable investments to introduce modern technologies to facilitate better options for the industrial sector to store hydrogen in the required format. The TechnologyTechnology of converting power to gas has been commercialized in the present market, which has emerged as a significant growth factor for the hydrogen storage market, which is expected to produce tremendous revenue over the period. These technologies have helped to solve the considerable energy problem faced by the big industries and commercial sectors, providing them with suitable alternatives to the traditional ways of obtaining energy from fossil fuels.
Segmental Insights
Segmentation of the hydrogen storage market based on TechnologyTechnology
Based on TechnologyTechnology, the segment of compression storage has emerged as the largest segment due to the extensive Application of this Technology for the compression and storage of hydrogen in several sectors worldwide. Stationary power generation makes use of this compressed hydrogen which takes place on-site. Compressed hydrogen is also utilized in the stations where hydrogen is filled. Fuel cell vehicle is another application where compressed hydrogen is used for road transportation. For storage, hydrogen is compressed and supplied in suitable cylinders utilized in the industrial sector for manufacturing.
The chemical industry also uses compression technology to store hydrogen and utilize it in the various processes in the industry. Different industrial gas suppliers who provide bulk quantities such as air-liquid, air products, chemicals, and Linde usually consider the TechnologyTechnology of liquefaction to deliver this product. The end users generally include the gas, oil, and chemical industries, which require liquefied hydrogen in bulk quantities.
The industries which demand bulk quantities of liquefied hydrogen usually receive the product from these companies. The use of liquefied hydrogen in various commercial sectors and industries has emerged as a significant driving force for the growth of the hydrogen storage market, which is expected to perform similarly in the future. Furthermore, the segment of material-based storage has emerged as a developing market. Therefore, the hydroxide storage system utilized in this TechnologyTechnology is critical.
Segmentation of the hydrogen storage market based on Application
Based on Application, the industrial application segment has emerged as the largest segment due to the extensive use of hydrogen in various industries worldwide. However, the purpose of hydrogen storage is usually very limited in the residential sector worldwide. Countries like France, Germany, Belgium, and Japan are concentrating on the legislative design to facilitate the consumption and usage of fuel cells. The use of fuel cells has been mainly observed in the residential sector to combine power and heat in very minute quantities.
The hydrogen refueling sectors usually make use of storage facilities for hydrogen. Micro CHP fuel cell is another primary application of hydrogen in the commercial sector. The increasing demand for hydrogen among commercial users has helped the market record considerable revenue over the period, which is expected to increase further similarly. The residential usage of hydrogen is expected to show significant growth over the period owing to the increasing demand for energy to fulfill the requirements of the rapidly increasing population all over the world. The number of refueling stations for hydrogen has doubled in recent years worldwide, which has helped the market record considerable revenue.
Segmentation of the hydrogen storage market based on Physical State
Based on the physical state, the segment of solid-state has emerged as the largest segment of the enormous demand which has been experienced all over the world. The hydrogen component can be stored in different materials to keep it solid. Additional material might absorb the element of hydrogen, and thus it can be stored in the form of a stable for using it for other purposes. A particular material can also adsorb it to keep it solid.
The liquid state of hydrogen is the most common form in which it is used for various purposes and applications, which has helped the market record considerable revenue over the period. Applications such as space travel make use of liquefied hydrogen, which is stored for use at a later stage. This method is applied in the industrial sector to store hydrogen in huge quantities, which helps this segment record considerable revenue.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 720 million |
| Projected Market Size in 2030 | USD 1180 million |
| CAGR Growth Rate | 9.2% CAGR (2022-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Prominent Players | Air Products Inc., ITM Power, Air Liquide, Steelhead Composites Inc., Iwatani Corporation, Nedstack Fuel Cell Technology BV, Nel ASA, Linde PLC, Cummins Inc., Engie, and Others |
| Key Segment | 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 Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors, and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfill your requirements for research. |
Regional Insights
Based on geography, the region of Asia Pacific has emerged as the largest segment for hydrogen storage about the extensive demand and supply experienced by the industrial sector belonging to this region. Furthermore, since this region is developing, rapid urbanization and industrialization have been observed, which results in the demand for hydrogen storage systems to generate energy.
The countries in this region that demand hydrogen in bulk quantities include Japan, China, India, Australia, South Korea, and certain other Asian countries. Various European nations have also required hydrogen storage systems on a large scale owing to the rapid industrialization and commercialization of the different sectors, which will emerge as the primary driving force for the growth of the hydrogen storage market in the long run. Various hydrogen storage projects have been developed worldwide, especially in the European sector, which has helped the hydrogen storage market record considerable revenue over the period and is expected to continue similarly in the future.
The region of North America is also considered a significant market for hydrogen storage technology because of the increasing demand for energy in this region’s various industries and commercial sectors. The oil refineries, which are situated in North America, demand bulk quantities of hydrogen for energy production, which emerges as a significant driving force for the market in this region.
Recent Developments
- In January 2022 – An agreement was made between Linde Private Limited and Yara to construct and produce a 24 MW plant of green hydrogen.
- In February 2021 – Siemen energy collaborated with Air Liquide to supply facilities for proton exchange membrane electrolysis technology. The main objective of this collaboration was to introduce an electrolyzer that would function on a large scale for hydrogen production.
- In December 2021 – A collaboration took place between Howden and Chart Industries to expand the business. The main objective of this collaboration was to supply hydrogen solutions with advanced technology and provide systems for gas compression.
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.
- Engie
Segments covered in the report
By Technology
- Compression technology
- Material based technology
- 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
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- 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
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market research methodology
- Chapter 2. Executive Summary
- 2.1 Global Hydrogen Storage Market, (2022 – 2030) (USD Billion)
- 2.2 Global Hydrogen Storage Market: snapshot
- Chapter 3. Global Hydrogen Storage Market – Industry Analysis
- 3.1 Hydrogen Storage Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 The Technology Of Power
- 3.2.2 The Rising Demand For Energy
- 3.2.3 Rapid Research And Development Programs
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market attractiveness analysis By Technology
- 3.7.2 Market attractiveness analysis By Physical Stat
- 3.7.3 Market attractiveness analysis By Application
- Chapter 4. Global Hydrogen Storage Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Hydrogen Storage Market: company market share, 2021
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Hydrogen Storage Market – Technology Analysis
- 5.1 Global Hydrogen Storage Market overview: By Technology
- 5.1.1 Global Hydrogen Storage Market share, By Technology, 2021 and 2030
- 5.2 Compression technology
- 5.2.1 Global Hydrogen Storage Market by Compression technology, 2022 – 2030 (USD Billion)
- 5.3 Material based technology
- 5.3.1 Global Hydrogen Storage Market by Material based technology, 2022 – 2030 (USD Billion)
- 5.4 Liquefaction technology
- 5.4.1 Global Hydrogen Storage Market by Liquefaction technology, 2022 – 2030 (USD Billion)
- 5.1 Global Hydrogen Storage Market overview: By Technology
- Chapter 6. Global Hydrogen Storage Market – Physical Stat Analysis
- 6.1 Global Hydrogen Storage Market overview: By Physical Stat
- 6.1.1 Global Hydrogen Storage Market share, By Physical Stat, 2021 and 2030
- 6.2 Solid state
- 6.2.1 Global Hydrogen Storage Market by Solid state, 2022 – 2030 (USD Billion)
- 6.3 Gas state
- 6.3.1 Global Hydrogen Storage Market by Gas state, 2022 – 2030 (USD Billion)
- 6.4 Liquid state
- 6.4.1 Global Hydrogen Storage Market by Liquid state, 2022 – 2030 (USD Billion)
- 6.1 Global Hydrogen Storage Market overview: By Physical Stat
- Chapter 7. Global Hydrogen Storage Market – Application Analysis
- 7.1 Global Hydrogen Storage Market overview: By Application
- 7.1.1 Global Hydrogen Storage Market share, By Application, 2021 and 2030
- 7.2 Residential Sector
- 7.2.1 Global Hydrogen Storage Market by Residential Sector, 2022 – 2030 (USD Billion)
- 7.3 Industrial sector
- 7.3.1 Global Hydrogen Storage Market by Industrial sector, 2022 – 2030 (USD Billion)
- 7.4 Commercial sector
- 7.4.1 Global Hydrogen Storage Market by Commercial sector, 2022 – 2030 (USD Billion)
- 7.1 Global Hydrogen Storage Market overview: By Application
- Chapter 8. Hydrogen Storage Industry – Regional Analysis
- 8.1 Global Hydrogen Storage Industry Regional Overview
- 8.2 Global Hydrogen Storage Industry Share, by Region, 2021 & 2030 (USD Billion)
- 8.3. North America
- 8.3.1 North America Hydrogen Storage Industry, 2022 – 2030 (USD Billion)
- 8.3.1.1 North America Hydrogen Storage Industry, by Country, 2022 – 2030 (USD Billion)
- 8.3.1 North America Hydrogen Storage Industry, 2022 – 2030 (USD Billion)
- 8.4 North America Hydrogen Storage Industry, by Technology, 2022 – 2030
- 8.4.1 North America Hydrogen Storage Industry, by Technology, 2022 – 2030 (USD Billion)
- 8.5 North America Hydrogen Storage Industry, by Physical Stat, 2022 – 2030
- 8.5.1 North America Hydrogen Storage Industry, by Physical Stat, 2022 – 2030 (USD Billion)
- 8.6 North America Hydrogen Storage Industry, by Application, 2022 – 2030
- 8.6.1 North America Hydrogen Storage Industry, by Application, 2022 – 2030 (USD Billion)
- 8.7. Europe
- 8.7.1 Europe Hydrogen Storage Industry, 2022 – 2030 (USD Billion)
- 8.7.1.1 Europe Hydrogen Storage Industry, by Country, 2022 – 2030 (USD Billion)
- 8.7.1 Europe Hydrogen Storage Industry, 2022 – 2030 (USD Billion)
- 8.8 Europe Hydrogen Storage Industry, by Technology, 2022 – 2030
- 8.8.1 Europe Hydrogen Storage Industry, by Technology, 2022 – 2030 (USD Billion)
- 8.9 Europe Hydrogen Storage Industry, by Physical Stat, 2022 – 2030
- 8.9.1 Europe Hydrogen Storage Industry, by Physical Stat, 2022 – 2030 (USD Billion)
- 8.10 Europe Hydrogen Storage Industry, by Application, 2022 – 2030
- 8.10.1 Europe Hydrogen Storage Industry, by Application, 2022 – 2030 (USD Billion)
- 8.11. Asia Pacific
- 8.11.1 Asia Pacific Hydrogen Storage Industry, 2022 – 2030 (USD Billion)
- 8.11.1.1 Asia Pacific Hydrogen Storage Industry, by Country, 2022 – 2030 (USD Billion)
- 8.11.1 Asia Pacific Hydrogen Storage Industry, 2022 – 2030 (USD Billion)
- 8.12 Asia Pacific Hydrogen Storage Industry, by Technology, 2022 – 2030
- 8.12.1 Asia Pacific Hydrogen Storage Industry, by Technology, 2022 – 2030 (USD Billion)
- 8.13 Asia Pacific Hydrogen Storage Industry, by Physical Stat, 2022 – 2030
- 8.13.1 Asia Pacific Hydrogen Storage Industry, by Physical Stat, 2022 – 2030 (USD Billion)
- 8.14 Asia Pacific Hydrogen Storage Industry, by Application, 2022 – 2030
- 8.14.1 Asia Pacific Hydrogen Storage Industry, by Application, 2022 – 2030 (USD Billion)
- 8.15. Latin America
- 8.15.1 Latin America Hydrogen Storage Industry, 2022 – 2030 (USD Billion)
- 8.15.1.1 Latin America Hydrogen Storage Industry, by Country, 2022 – 2030 (USD Billion)
- 8.15.1 Latin America Hydrogen Storage Industry, 2022 – 2030 (USD Billion)
- 8.16 Latin America Hydrogen Storage Industry, by Technology, 2022 – 2030
- 8.16.1 Latin America Hydrogen Storage Industry, by Technology, 2022 – 2030 (USD Billion)
- 8.17 Latin America Hydrogen Storage Industry, by Physical Stat, 2022 – 2030
- 8.17.1 Latin America Hydrogen Storage Industry, by Physical Stat, 2022 – 2030 (USD Billion)
- 8.18 Latin America Hydrogen Storage Industry, by Application, 2022 – 2030
- 8.18.1 Latin America Hydrogen Storage Industry, by Application, 2022 – 2030 (USD Billion)
- 8.19. The Middle-East and Africa
- 8.19.1 The Middle-East and Africa Hydrogen Storage Industry, 2022 – 2030 (USD Billion)
- 8.19.1.1 The Middle-East and Africa Hydrogen Storage Industry, by Country, 2022 – 2030 (USD Billion)
- 8.19.1 The Middle-East and Africa Hydrogen Storage Industry, 2022 – 2030 (USD Billion)
- 8.20 The Middle-East and Africa Hydrogen Storage Industry, by Technology, 2022 – 2030
- 8.20.1 The Middle-East and Africa Hydrogen Storage Industry, by Technology, 2022 – 2030 (USD Billion)
- 8.21 The Middle-East and Africa Hydrogen Storage Industry, by Physical Stat, 2022 – 2030
- 8.21.1 The Middle-East and Africa Hydrogen Storage Industry, by Physical Stat, 2022 – 2030 (USD Billion)
- 8.22 The Middle-East and Africa Hydrogen Storage Industry, by Application, 2022 – 2030
- 8.22.1 The Middle-East and Africa Hydrogen Storage Industry, by Application, 2022 – 2030 (USD Billion)
- Chapter 9. Company Profiles
- 9.1 Air Products Inc.
- 9.1.1 Overview
- 9.1.2 Financials
- 9.1.3 Product Portfolio
- 9.1.4 Business Strategy
- 9.1.5 Recent Developments
- 9.2 Itm Power
- 9.2.1 Overview
- 9.2.2 Financials
- 9.2.3 Product Portfolio
- 9.2.4 Business Strategy
- 9.2.5 Recent Developments
- 9.3 Air Liquide
- 9.3.1 Overview
- 9.3.2 Financials
- 9.3.3 Product Portfolio
- 9.3.4 Business Strategy
- 9.3.5 Recent Developments
- 9.4 Steelhead Composites Inc.
- 9.4.1 Overview
- 9.4.2 Financials
- 9.4.3 Product Portfolio
- 9.4.4 Business Strategy
- 9.4.5 Recent Developments
- 9.5 Iwatani Corporation
- 9.5.1 Overview
- 9.5.2 Financials
- 9.5.3 Product Portfolio
- 9.5.4 Business Strategy
- 9.5.5 Recent Developments
- 9.6 Nedstack Fuel Cell Technology Bv
- 9.6.1 Overview
- 9.6.2 Financials
- 9.6.3 Product Portfolio
- 9.6.4 Business Strategy
- 9.6.5 Recent Developments
- 9.7 Nel Asa
- 9.7.1 Overview
- 9.7.2 Financials
- 9.7.3 Product Portfolio
- 9.7.4 Business Strategy
- 9.7.5 Recent Developments
- 9.8 Linde Plc
- 9.8.1 Overview
- 9.8.2 Financials
- 9.8.3 Product Portfolio
- 9.8.4 Business Strategy
- 9.8.5 Recent Developments
- 9.9 Cummins Inc.
- 9.9.1 Overview
- 9.9.2 Financials
- 9.9.3 Product Portfolio
- 9.9.4 Business Strategy
- 9.9.5 Recent Developments
- 9.10 Engie
- 9.10.1 Overview
- 9.10.2 Financials
- 9.10.3 Product Portfolio
- 9.10.4 Business Strategy
- 9.10.5 Recent Developments
- 9.1 Air Products Inc.
List Of Figures
Figures No 1 to 25
List Of Tables
Tables No 1 to 77
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2030
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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FAQs
“Asia Pacific” region will lead the global Hydrogen Storage market during the forecast period 2022 to 2030.
The key factors driving the market are better technologies and storage systems.
The key players operating in the Hydrogen Storage market are Air Products Inc., ITM Power, Air Liquide, Steelhead Composites Inc., Iwatani Corporation, Nedstack Fuel Cell Technology BV, Nel ASA, Linde PLC, Cummins Inc., Engie.
The global Hydrogen Storage market is expanding growth with a CAGR of approximately 9.2% during the forecast period (2022 to 2030).
The global Hydrogen Storage market size was valued at USD 720 million in 2021 and it is projected to reach around USD 1180 million by 2030.