The North America hydrogen storage market is witnessing significant growth as the region embraces hydrogen as a clean and sustainable energy solution. The demand for efficient hydrogen storage technologies is increasing to support various applications, including transportation, power generation, and industrial processes. Key factors driving market growth include government initiatives promoting the adoption of hydrogen as an alternative fuel, advancements in storage technologies, and the development of hydrogen infrastructure. North America is poised to play a pivotal role in expanding the global hydrogen storage market.
According to Data Bridge Market Research, the Hydrogen Storage Market is valued at USD 1,554.45 million in 2021 and is expected to reach USD 1,908.78 million by 2029, registering a CAGR of 2.60 % during the forecast period of 2022 to 2029.
"Government support and initiatives surge market demand"
The governments in North America have shown a strong commitment to promoting hydrogen as a clean and sustainable energy solution. They have implemented supportive measures to drive the adoption of hydrogen storage technologies. Financial incentives, grants, and subsidies are provided to companies and research institutions engaged in developing and deploying hydrogen storage systems. These initiatives aim to reduce the barriers to entry, encourage innovation, and accelerate the commercialization of hydrogen storage technologies. Through providing financial support, the governments seek to create a favorable environment for market growth, fostering the transition to a low-carbon economy and enhancing energy security in the region.
What restraints the growth of the hydrogen storage market?
"High cost can impede the market growth”
The adoption of advanced storage methods in hydrogen storage systems, such as compressed gas, liquid hydrogen, and solid-state storage, often comes with significant upfront costs. The development, installation, and maintenance expenses associated with these technologies can be substantial, posing a financial challenge for small-scale applications and early adopters. The high costs may make it difficult for these stakeholders to justify investing in hydrogen storage systems, limiting their adoption. This, in turn, hinders the overall market growth of hydrogen storage in the North American region. However, ongoing advancements and economies of scale are expected to reduce costs, facilitating wider adoption in the future gradually.
Segmentation: North America Hydrogen Storage Market
The hydrogen storage market is segmented on the basis of form, type, distribution, application, and end-user.
- On the basis of form, the hydrogen storage market is segmented into physical, and material based.
- On the basis of type, the hydrogen storage market is segmented into cylinder, merchant, on-site, and on-board.
- On the basis of distribution, the hydrogen storage market is segmented into pipelines, on-site production, and road transport.
- On the basis of application, the hydrogen storage market is segmented into stationary power, portable power, and transportation.
- On the basis of end-user, the hydrogen storage market is segmented into chemicals, oil refining, transportation, industrial, metal working, and others.
Regional Insights: North America dominates the North America hydrogen storage market
The U.S. is expected to dominate the hydrogen storage market during the forecast period due to several factors. Firstly, the U.S. has a significant portion of its physical storage infrastructure dedicated to hydrogen storage, providing a solid foundation for market growth. Additionally, the growing demand for low-emission fuel solutions in the U.S. drives the adoption of hydrogen storage technologies. Furthermore, the increasing investment in hydrogen storage production in Canada by U.S. companies contributes to the overall growth of the market in the region.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/north-america-hydrogen-storage-market
The Prominent Key Players Operating in the North America Hydrogen Storage Market Include:
- Linde plc (Ireland)
- Air Liquide (France)
- Hexagon Composites ASA (Norway)
- Luxfer Gas Cylinders (U.K.)
- Worthington Industries, (U.S.)
- McPhy Energy S.A (France)
- General Motors (U.S.)
- Toshiba Energy Systems & Solutions Corporation (Japan)
- HYDROGEN COMPONENTS, INC. (U.S.)
- Steelhead Composites, INC (U.S.)
- Process Kana (U.S.)
- Hydrogenics (Canada)
- FuelCell Energy, Inc (U.S.)
- Air Products and Chemicals, Inc (U.S.)
- Panasonic Corporation (Japan)
- Cummins Inc (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of hydrogen storage market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: North America Hydrogen Storage Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
