Dublin, Aug. 14, 2023 (GLOBE NEWSWIRE) -- The "Global Hydrogen Storage Market Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global physical hydrogen storage market is projected to grow from USD 1.5 billion in 2023 to USD 6.3 billion by 2030, at a CAGR of 21.5% during the forecast period. The use of hydrogen storage has increased globally due to the wide acceptability of hydrogen as an alternative energy carrier. This wide acceptance addresses environmental concerns, peak energy demand, and energy security related to the use of fossil fuels. The hydrogen storage market is competitive with many big and small players and is expected to grow at a significant rate during the forecast period.
Market Drivers
- Increase in hydrogen demand from refineries for desulfurization of transportation fuels
- Rising adoption of hydrogen-powered fuel cells for cars and buses
Physical Form Dominates the Market
- The physical hydrogen storage market was estimated to be USD 1.3 billion in 2022.
- It is expected to reach USD 6.3 billion by 2030, at a CAGR of 21.8%.
- One of the primary drivers is the increasing hydrogen demand from refineries for fuel desulfurization.
- Hydrogen-powered fuel cells for cars and buses are also expected to drive the market.
On-Board Segment to Register Highest Growth
- On-board storage tank is a new concept finding application in transportation industry for cars, buses, and material handling equipment.
- Market driven by subsidies offered by governments of Japan and South Korea for hydrogen-powered fuel cell vehicles.
Chemicals Application Leads the Market
- Chemicals were the largest market in 2022 and expected to grow significantly during the forecast period with a CAGR of 18.8% (in terms of value).
- Hydrogen storage applications in various chemical industries include ammonia, methanol, cyclohexane, hydrogen peroxide, etc.
- Blue and green hydrogen are key low-CO2 alternatives to replace carbon-intensive grey hydrogen.
North America Dominates in Value and Volume
- North America is the second-highest dominating region in hydrogen storage market in terms of both value and volume.
- Growth attributed to rise in fuel cell applications, strict emission control regulations, and inclination to use cleaner fuels.
- Policies framed to encourage use of clean fuels, with significant investments to reduce cost of clean hydrogen.
Major Players in the Market
- Air Liquide (France)
- Worthington Industries, Inc. (US)
- Luxfer Holdings PLC (UK)
- Linde plc (Germany)
- Chart Industries (US)
- INOXCVA (India)
- Hexagon Composites ASA (Norway)
- HBank Technologies Inc. (Taiwan)
- Pragma Industries (France)
- Croyolor (France)
Research Coverage
- The report covers the global hydrogen storage market and forecasts the market size until 2030.
- Market segmentation includes form (physical, material-based), type (cylinder, on-site, on-board, merchant/bulk), application (automotive & transportation, chemicals, oil refineries, industrial, metalworking, and others), and region (North America, Europe, Asia Pacific, Middle East & Africa, Latin America).
- Porter's Five Forces Analysis, drivers, restraints, opportunities, and challenges discussed in the report.
- Provides company profiles and competitive strategies adopted by major players in the global hydrogen storage market.
Overall, the global hydrogen storage market is set to witness substantial growth driven by the increasing demand for clean energy solutions and the adoption of hydrogen in various industries. The market offers numerous opportunities for players to capitalize on this growing trend.
Market Dynamics
- Drivers
- Rising Demand for Low-Emission Fuels
- Increased Hydrogen Demand from Various Applications
- Use of Hydrogen Storage Tanks for Transportation
- Development of Hydrogen Infrastructure Across Various Countries
- Government Investments and Initiatives
- Restraints
- Limited Availability of Hydrogen Refueling Infrastructure
- Less Efficient in Terms of Power Storage
- High Cost of Composite Material-based Tanks
- Opportunities
- Development of Low-Weight Storage Tanks for Transportation
- New Applications for Hydrogen-Powered Fuel Cells
- Development of Electric Cars Using Hydrogen Fuel
- Challenges
- High Competition from Alternative Fuels
- High Flammability
- Fluctuating Oil Prices
Premium Insights
- High Demand for Hydrogen Storage from End-use Industries to Drive Market
- Cylinder Storage Type Dominated Market in 2022
- Chemicals Segment Led Market in 2022
- China Market to Grow at Highest CAGR During Forecast Period
Other Key Insights
- Industry Trends
- Technology Analysis
- Ecosystem Mapping
- Value Chain Analysis
- Supply Chain Analysis
- Pricing Analysis
- Key Stakeholders and Buying Criteria
- Import-Export Scenario
- Patent Analysis
- Tariff and Regulations
- Case Study Analysis
- Trends and Disruptions Impacting Customer Business
- Key Conferences and Events, 2023-2024
Key Attributes
| Report Attribute | Details |
| No. of Pages | 241 |
| Forecast Period | 2023-2030 |
| Estimated Market Value (USD) in 2023 | $1.5 Billion |
| Forecasted Market Value (USD) by 2030 | $6.3 Billion |
| Compound Annual Growth Rate | 21.5% |
| Regions Covered | Global |
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Hydrogen Storage Market, by Form
7 Physical Hydrogen Storage Market, by Type
8 Hydrogen Storage Market, by Application
9 Physical Hydrogen Storage Market, by Region
10 Competitive Landscape
11 Company Profiles
- Air Liquide
- Auguste Cryogenics
- BNH Gas Tanks LLP
- Calvera Hydrogen SA
- Chart Industries, Inc.
- Cryofab
- Cryolor
- FIBA Technologies, Inc.
- Gardner Cryogenics
- Hbank Technologies Inc.
- Hexagon Composites ASA
- INOXCVA
- Linde PLC
- Luxfer Holdings PLC
- Macomber Cryogenics
- MAHYTEC
- NPROXX
- Pragma Industries
- Steelhead Composites, Inc.
- Worthington Industries, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/wkzniw
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