Image

Global Hydrogen Storage Market - Industry Trends and Forecast to 2031

Chemical and Materials

Image

Global Hydrogen Storage Market - Industry Trends and Forecast to 2031

  • Chemical and Materials
  • Upcoming Report
  • May 2024
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Hydrogen Storage Market - Industry Trends and Forecast to 2031

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2023–2031
Diagram Market Size (Base Year) USD 16.91 Billion
Diagram Market Size (Forecast Year) USD 30.95 Billion
Diagram CAGR %

Global Hydrogen Storage Market, By Form (Physical Form, Material Based Form), Type (Cylinder, Merchant/Bulk, Onsite, On-Board), End-User (Chemical, Oil Refining, General Industry, Transportation, Metal Working) - Industry Trends and Forecast to 2031.

Hydrogen Storage Market

Hydrogen Storage Market Analysis and Size

In transportation, hydrogen storage serves as a critical enabler for fuel cell vehicles (FCVs). Hydrogen can be stored onboard FCVs either as compressed gas or in liquid form, allowing for longer driving ranges and faster refueling times compared to battery electric vehicles. This technology addresses the need for zero-emission transportation solutions, particularly for heavy-duty vehicles such as trucks and buses. Hydrogen storage infrastructure, including refueling stations, supports the deployment of FCVs by providing a convenient and reliable means of replenishing hydrogen fuel.

Global hydrogen storage market size was valued at USD 16.91 billion in 2023 and is projected to reach USD 30.95 billion by 2031, with a CAGR of 7.85% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2024 to 2031

Base Year

2023

Historic Years

2022 (Customizable to 2016-2021)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Form (Physical Form, Material Based Form), Type (Cylinder, Merchant/Bulk, Onsite, On-Board), End-User (Chemical, Oil Refining, General Industry, Transportation, Metal Working)

Countries Covered

U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E., Saudi Arabia, Egypt, South Africa, Israel, and Rest of Middle East and Africa

Market Players Covered

Air Liquide (France), Linde plc (Ireland), Praxair Technology, Inc. (U.S.), Worthington Industries (U.S.), McPhy Energy S.A. (France), Luxfer Holdings PLC (U.K.), Hexagon Composites ASA (Norway), H Bank Technologies Inc. (Taiwan), Inoxwind (India), VRV S.r.L. (Italy), Cella Energy (U.K.), American Elements (U.S.), Sigma-Aldrich Co. (Germany), Hanwha Solutions/Chemical Corporation (Singapore), Eutectix (U.S.), Pragma Industries (France), Ilika (U.K.), and Fosroc, Inc. (India) among others

Market Opportunities

  • High Hydrogen Storage Efficiency due to Increased Demand for Low-Emission Fuels
  • Collaborations Among Industry Stakeholders Increases Adoption of Hydrogen Storage

Market Definition

Hydrogen storage refers to the methods and technologies used to contain and preserve hydrogen gas for later use. It involves hydrogen energy storage safely and efficiently in various forms, such as compressed gas, liquid hydrogen, or materials such as metal hydrides or carbon-based materials, enabling its utilization as a clean energy carrier for various applications, including fuel cells and transportation.

Hydrogen Storage Market Dynamics

Drivers

  • High Demand for Hydrogen Storage Technologies due to Expansion of Government Initiatives

Supportive regulations, incentives, and funding schemes provided by governments worldwide create a favorable environment for investment and innovation in hydrogen storage technologies. Policies such as renewable energy targets, carbon pricing mechanisms, and clean energy subsidies incentivize industries to adopt hydrogen storage solutions as part of their decarbonization strategies. Research and development grants and public-private partnerships facilitate technology development and commercialization. As governments commit to ambitious climate goals and strive to transition towards a low-carbon economy, the demand for hydrogen storage technologies is expected to escalate further, driven by supportive government policies and initiatives.

  • Growing Renewable Energy Innovations Lead to High Hydrogen Storage Adoption

As renewable energy generation is intermittent, hydrogen storage offers a solution for storing excess energy during periods of high generation and releasing it when needed. This capability enhances grid stability and reliability, enabling greater integration of renewable energy into the electricity grid. Hydrogen storage systems also support the development of renewable hydrogen production through electrolysis, further bolstering the market. The synergy between renewable energy and hydrogen storage positions the latter as a crucial enabler for achieving a sustainable and low-carbon energy future, driving investment, innovation, and adoption in the hydrogen storage market.

For instance, in June 2023, Steelhead Composites' expansion in Colorado reflects the advancements in hydrogen storage driven by the growing demand for renewable energy integration. Enhancing manufacturing capabilities for composite overwrapped pressure vessels (COPVs), Steelhead aims to meet the increasing need for efficient hydrogen storage solutions, aligning with the broader trend of leveraging renewable energy sources for grid stability and reliability.

Opportunities

  • High Hydrogen Storage Efficiency due to Increased Demand for Low-Emission Fuels

As environmental concerns intensify and governments worldwide implement stricter regulations to combat climate change, there is a growing shift towards cleaner energy alternatives. Hydrogen, as a zero-emission fuel, emerges as a critical solution for decarbonizing various sectors, including transportation, industry, and power generation. Hydrogen storage technologies enable the efficient and reliable storage of hydrogen, facilitating its use as a clean energy carrier. This increasing demand for low-emission fuels incentivizes investment in hydrogen storage infrastructure and technologies, driving market growth and adoption.

  • Collaborations Among Industry Stakeholders Increases Adoption of Hydrogen Storage

Collaborations between companies, research institutions, and governments foster knowledge exchange, technology development, and resource sharing. Combining expertise, resources, and funding, collaborations accelerate innovation and scale-up of hydrogen storage technologies. Joint ventures and strategic alliances enable participants to leverage complementary strengths and capabilities, leading to the commercialization of advanced hydrogen storage solutions. Collaborative efforts also facilitate the establishment of hydrogen infrastructure, including production, distribution, and refueling facilities, essential for market growth.

For instance, in January 2024, ZeroAvia and Verne collaborate to advance Cryo-Compressed Hydrogen technology for airports and aircraft. This collaboration aligns with the broader trend of industry partnerships driving innovation in hydrogen storage and transportation. ZeroAvia's expertise in zero-emission aviation, combined with Verne's cryo-compressed hydrogen solutions, represents a strategic effort to revolutionize aircraft propulsion systems, reduce greenhouse gas emissions, and propel the hydrogen storage market forward.

 Restraints/Challenges

  • High Capital Cost Associated with Preventing the Vaporization of Liquid Hydrogen

As liquid hydrogen must be stored at extremely low temperatures to remain in its liquid state, specialized cryogenic storage facilities and insulation systems are required, adding to the overall capital expenditure. This cost factor incentivizes research and development efforts aimed at improving the efficiency and cost-effectiveness of liquid hydrogen storage technologies, including advancements in insulation materials, storage vessel design, and cryogenic systems, and thus hampers the market.

  • Supply Chain Constraints limit the Growth of Hydrogen Storage

Supply chain constraints encompass various aspects, including raw material sourcing, production scalability, and distribution logistics. The availability and cost of materials required for hydrogen storage technologies, such as metals for pressure vessels or catalysts for hydrogen production, can affect the viability and affordability of storage solutions. Furthermore, challenges in scaling up production to meet growing demand may lead to supply shortages and increased costs. Inefficient distribution networks and logistics further exacerbate supply chain constraints, hindering the timely and cost-effective delivery of hydrogen storage systems to end-users.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

  • In December 2021, Howden and Chart Industries collaborated to develop an advanced hydrogen solution. This partnership leveraged Chart's hydrogen products alongside Howden's expertise in gas compression technology, aiming to enhance the efficiency and viability of hydrogen applications across various industries
  • In March 2022, Air Liquide and Lotte Chemical initiated a joint venture with the goal of bolstering the hydrogen supply chain, particularly for the mobility sector. Combining their resources and expertise, they aimed to expand the availability and accessibility of hydrogen, thereby promoting its adoption in fuel cell vehicles and other transportation applications
  • In May 2022, Air Products, OQ, and ACWA Power signed a cooperative development agreement for a global hydrogen-based ammonia manufacturing facility in Oman. This ambitious project aimed to leverage Oman's strategic location and abundant renewable energy resources to produce green ammonia, a crucial component in various industries, contributing to the global transition towards sustainable energy solutions

Hydrogen Storage Market Scope

The market is segmented into three notable segments based on form, type, and end-user. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Form

  • Physical Form
  • Compressed gas
  • Cold/Cryo Compressed
  • Liquid Hydrogen
  • Material-based Form
  • Adsorbent
  • Liquid Organic
  • Interstitial Hydride
  • Complex Hydride
  • Chemical Hydrogen

Type

  • Cylinder
  • Merchant/Bulk
  • Onsite
  • On-board

End-User

  • Chemical
  • Oil Refining
  • General Industry
  • Transportation
  • Metal Working

Hydrogen Storage Market Analysis/Insights

The market is analyzed and market size insights and trends are provided by form, type, and end-user as referenced above.

The countries covered in this market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E., Saudi Arabia, Egypt, South Africa, Israel, and Rest of Middle East and Africa.

Asia-Pacific dominates in the market, leading both in market share and revenue. This region's supremacy is fueled by a surging demand for low-emission fuels, driving market expansion. As environmental concerns escalate and regulatory pressures intensify, the adoption of cleaner energy alternatives, such as hydrogen and ammonia, is poised to accelerate, further propelling the growth of the market in the Asia-Pacific region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Hydrogen Storage Market Share Analysis

The market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the market are:

  • Air Liquide (France)
  • Linde plc (Ireland)
  • Praxair Technology, Inc. (U.S.)
  • Worthington Industries (U.S.)
  • McPhy Energy S.A. (France)
  • Luxfer Holdings PLC (U.K.)
  • Hexagon Composites ASA (Norway)
  • H Bank Technologies Inc. (Taiwan)
  • Inoxwind (India)
  • VRV S.r.L. (Italy)
  • Cella Energy (U.K.)
  • American Elements (U.S.)
  • Sigma-Aldrich Co. (Germany)
  • Hanwha Solutions/Chemical Corporation (Singapore)
  • Eutectix (U.S.)
  • Pragma Industries (France)
  • Ilika (U.K.)
  • Fosroc, Inc. (India)


SKU-

Please fill in the below form for detailed Table of Content

By clicking the "Submit" button, you are agreeing to the Data Bridge Market Research Privacy Policy and Terms and Conditions

Please fill in the below form for detailed List of Table

By clicking the "Submit" button, you are agreeing to the Data Bridge Market Research Privacy Policy and Terms and Conditions

Please fill in the below form for detailed List of Figure

By clicking the "Submit" button, you are agreeing to the Data Bridge Market Research Privacy Policy and Terms and Conditions

Please fill in the below form for Infographics

By clicking the "Submit" button, you are agreeing to the Data Bridge Market Research Privacy Policy and Terms and Conditions

Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

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. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

Please fill in the below form for Research Methodology

By clicking the "Submit" button, you are agreeing to the Data Bridge Market Research Privacy Policy and Terms and Conditions

Customization Available:

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.

Please fill in the below form for Available Customization

By clicking the "Submit" button, you are agreeing to the Data Bridge Market Research Privacy Policy and Terms and Conditions

FREQUENTLY ASK QUESTIONS

High Demand for Hydrogen Storage Technologies due to Expansion of Government Initiatives and Growing Renewable Energy Innovations Lead to High Hydrogen Storage Adoption are the Growth Drivers of the Hydrogen Storage Market.
The form, type, and end-user are the factors on which the Hydrogen Storage Market Research is based.
The major companies in the Hydrogen Storage Market are Air Liquide (France), Linde plc (Ireland), Praxair Technology, Inc. (U.S.), Worthington Industries (U.S.), McPhy Energy S.A. (France), Luxfer Holdings PLC (U.K.), Hexagon Composites ASA (Norway), H Bank Technologies Inc. (Taiwan), Inoxwind (India), VRV S.r.L. (Italy), Cella Energy (U.K.), American Elements (U.S.), Sigma-Aldrich Co. (Germany), Hanwha Solutions/Chemical Corporation (Singapore), Eutectix (U.S.), Pragma Industries (France), Ilika (U.K.), and Fosroc, Inc. (India).
The Hydrogen Storage Market size will be worth USD 30.95 billion by 2031.
The Hydrogen Storage Market growth rate will be 7.85% by 2031.
Free Sample Report

CHOOSE LICENCE TYPE

  • 7000.00
  • 4800.00
  • 3000.00
  • 8000.00
  • 12000.00

Why Choose Us

Industry Coverage

DBMR works across the globe in multiple industries which equip us with knowledge across verticals and provide our clients with insights not only from their industry but how other industries will impact their ecosystem.

Regional Coverage

Coverage of Data Bridge is not restricted to developed or emerging economies. We work across the globe covering the largest array of countries where no other market research or business consulting firm has ever conducted research; creating growth opportunities for our clients in areas which are still unknown.

Technology Coverage

In today’s world, technology drives the market sentiment, so our vision is to provide our clients insights not only for developed technologies but upcoming and disrupting technological changes throughout the product lifecycle by enabling them with unforeseen opportunities in the market which will create disruption in their industry. This leads to innovation and our clients to come out as winners.

Goal Oriented Solutions

DBMR goal is to help our clients achieve their goals through our solutions; hence we formatively create the most appropriate solutions for our client needs, saving time and efforts for them to drive their grand strategies.

Unparallel Analyst Support

Our analysts take pride in our clients’ success. Unlike others, we believe in working along our clients to achieve their goals with 24 hours analyst support determining the correct needs and inspire innovation through service.

Banner

Client Testimonials