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 2030.
Hydrogen Storage Market Analysis and Size
Hydrogen storage refers to the technology utilized to improve and progress technology in areas such as fixed electricity, portable power, and transportation. In addition to other industries, hydrogen storage finds extensive use in chemicals, metalworking, general industry, transportation, fixed power, portable power, and transportation.
Data Bridge Market Research analyzes that the global hydrogen storage market, which was USD 15.68 billion in 2022, would rocket up to USD 28.70 billion by 2030, and is expected to undergo a CAGR of 7.85% during the forecast period. “Physical form” dominates the form segment of the market as in atmospheric pressure, a cryogenic liquid can be used to physically store hydrogen. As it offers a more portable and secure storage solution, cryogenic hydrogen storage is superior to compressed storage.
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.
Hydrogen Storage Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2023
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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By Form (Physical Form, Material Based Form), Type (Cylinder, Merchant/Bulk, Onsite, On-Board), End-User (Chemical, Oil Refining, General Industry, Transportation, Metal Working)
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Countries Covered
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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
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Market Players Covered
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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
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Market Opportunities
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Market Definition
Electricity is stored as hydrogen via hydrogen energy storage, a type of chemical energy storage. Water is electrolyzed to generate hydrogen, which is then kept in medium- or large-sized containers depending on the requirements. Both fuel cells and combustion engines may use gas to create energy. The three common forms in which hydrogen energy is stored are liquid, solid, and gaseous. High-pressure tanks are needed to store hydrogen in its gaseous state; on the other hand, liquid hydrogen can only be stored at cryogenic temperatures. In fuel cell technology for stationary power and transportation purposes, hydrogen storage is frequently utilized.
Global Hydrogen Storage Market Dynamics
Drivers
- Rising demand for fuels with low emissions
In oil refineries, hydrogen gas is primarily utilized to desulfurize fuels like gasoline and diesel for use in transportation. With more heavy and sour crude oil being used globally, the need for hydrogen will significantly rise. Due to the inability of the current hydrogen production capacity to fulfil the rising demand, merchant sourcing of gas is on the rise. Furthermore, throughout the projection period, the demand for hydrogen gas is anticipated to be fueled by stricter environmental restrictions regarding the usage of cleaner, low-emission fuels and demanding engine manufacturer criteria.
- Rising integration of renewable energy
There is inconsistent power generation due to the grid's growing reliance on renewable energy sources like solar and wind. In order to enhance grid stability and the integration of renewable energy, hydrogen energy storage offers a way to store excess renewable energy during times of high production and release it when demand is high.
- An increase in the need for renewable energy solutions
The need for hydrogen energy storage is being driven by the global transition to greener and more sustainable energy sources. An adaptable and sustainable energy source that may be created from renewable sources is hydrogen. The effective use of renewable energy is made possible by the storage of hydrogen, which also lessens reliance on fossil fuels.
Opportunity
- Demand for hydrogen gas rises as the number of fuel cell applications rises
The development of technology, the rise in the demand for hydrogen storage to meet growing market demand, and an increase in market R&D efforts are expected to extend profitable opportunities to the market players from 2023 to 2030. In addition, growth in the production of low-weight storage tanks for use in transportation will further expand the future market growth.
Restraint/Challenge
- The high capital cost of keeping the liquid from vaporizing
Fuel cells can only generate a very small quantity of energy from hydrogen, which they subsequently utilize to power both business and residential structures. Hydrogen serves as the fuel for fuel cells. However, the market for storing hydrogen energy in liquid form has considerable capital expenditures due to the high insulation requirements required to prevent evaporation. These expenditures are necessary to prevent the liquid from vaporizing. As a result, the market expansion is anticipated to constrain due to the high capital cost of preventing the liquid from vaporizing.
The global hydrogen storage 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 Hydrogen storage market, contact Data Bridge Market Research for an Analyst Brief. Our team will help you make an informed market decision to achieve market growth.
Recent Development
- In May 2022, Air Products, OQ, and ACWA Power entered a cooperative development agreement for a worldwide hydrogen-based ammonia manufacturing facility in Oman.
- In March 2022, a combined venture between Air Liquide and Lotte Chemical aimed to expand the hydrogen supply chain for the mobility sectors.
- In December 2021, Together, Howden, and Chart Industries created an advanced hydrogen solution with Chart's hydrogen products using Howden's gas compression technology.
Global Hydrogen Storage Market Scope
The global hydrogen storage 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
Global Hydrogen Storage Market Regional Analysis/Insights
The global hydrogen storage market is analyzed and market size insights and trends are provided by country, 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 the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2023-2030. The rising demand for fuels with low emissions is expected to enhance market growth.
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 like 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 Global Hydrogen Storage Market Share Analysis
The global hydrogen storage 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 global 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.)
- Fosroc, Inc. (India)
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