Wilmington, Delaware, United States, July 19, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global market for hydrogen storage system was estimated to have acquired a market valuation around US$ 2.8 billion in 2022. The market is likely to garner a robust 11.9% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 7.8 billion.
The market growth for hydrogen storage systems is being favorably impacted by the rising rate of hydrogen's acceptance as a clean energy transporter and the demand for effective and dependable storage solutions. There are many different parties involved in the hydrogen storage system industry, including technology suppliers, manufacturers of equipment, infrastructural developers, research institutes, and governmental organizations.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 2.8 Bn | |
| Estimated Value | US$ 7.8 Bn | |
| Growth Rate - CAGR | 11.9% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 425 Pages | |
| Market Segmentation | By Storage Type, By Outer Material, By Form, By Component, By End-use Industry | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America | |
| Companies Covered | Auguste Cryogenics | BNH Gas Tanks LLP | Doosan Mobility Innovation | Hexagon Composites ASA | INOX India Pvt Ltd | LUXFER HOLDINGS PLC | Mahytec | Nproxx | Praxair, Inc | Shijiazhuang Enric Gas Equipment Co., Ltd. | Steelhead Composites, INC. | The Japan Steel Works, LTD. | Worthington Industries | |
Global Hydrogen Storage System: Key Players
The development and production of hydrogen storage technologies are being vigorously pursued by a variety of established firms, up-and-coming businesses, and research institutes in the rather fragmented worldwide market for hydrogen storage systems. A wide variety of storage technologies and solutions are available on the market, and each has its own group of firms who are experts in that particular field.
Key competitors, however, are concentrating on consolidation via acquisitions, mergers, and strategic alliances in order to strengthen their skills and consolidate market position. They are doing this by adhering to the most recent market trends for hydrogen storage systems. Doosan Mobility Innovation, Mahytec, Praxair Inc., Hexagon Composites ASA, Steelhead Composites, INC., and Worthington Industries are a few of the major companies active in the field.
Some developments by the key players in the global market for hydrogen storage systems are:
- In 2023, Polar Technology Management Group Ltd. along with Moog Controls agreed to work together to create "Hydrogen in a Box," a combined hydrogen storage and management system. Benefits of the approach center on gravimetric efficiency, superior packing efficiency, and the capacity to combine valves as well as management systems into a single, optimized approach.
- Weishi Energy introduced its 'gas hydrogen + liquid hydrogen' dual technology path in the field of storing hydrogen in 2023, together with its vehicle-mounted hydrogen storage system, dubbed 'Jupiter,' which boasts a 8wt% mass hydrogen storage capacity and a cruising range of more than 1,000 km.
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A sizable portion of greenhouse gas emissions are caused by the transportation industry. The use of hydrogen fuel cells as a zero-emission replacement for many forms of transportation, such as automobiles, trucks, buses, and trains, has gained popularity. Fuel cell vehicle adoption is facilitated by hydrogen storage systems, which allow for the secure storage and effective supply of hydrogen.
Manufacturers have been developing electric vehicles with hydrogen fuel cells for the previous several years. The growth of hydrogen energy storage and the extension of hydrogen storage infrastructure are anticipated to be fueled by developments in hydrogen fuel cell technology.
Key Findings of the Market Report
- The metal hydride market had a significant proportion of the outer material in 2022.
- In regard to storage type, the on-site market represented 49.5% of the global market share for hydrogen storage systems in 2022.
- In 2022, the chemical segment represented a 37.1% market share in terms of end users.
- A significant portion of the worldwide industry is based in Asia Pacific.
The Global Market for Hydrogen Storage Systems: Key Trends
- By storage type, the on-site market represented 49.5% of the global market share for hydrogen storage systems in 2022. A consistent and dependable supply of hydrogen is guaranteed via on-site hydrogen storage. Direct access to storage facilities at the location of consumption lessens reliance on outside sources and the risk of hydrogen supply chain interruptions.
- By outer material, the metal hydride category accounted for a sizable proportion in 2022, in accordance with the market segmentation for hydrogen storage systems. Metal hydride storage devices may store a considerable quantity of hydrogen by building a chemical connection with the hydrogen molecules. In comparison to other techniques of storing hydrogen, like compressed gas or liquid hydrogen, they are capable of storing more hydrogen per unit of weight or volume.
Global Hydrogen Storage System Regional Market Outlook
- Asia Pacific accounts for a significant portion of the worldwide industry. This comes as a result of an increasing regional emphasis on reducing carbon emissions and India's determination to lead the world in hydrogen storage as well as production.
- North America and Europe also had a large proportion of the global hydrogen storage market, owing to increasing adoption of innovative technologies and rising usage of hydrogen in the automotive sector in these areas.
Global Hydrogen Storage System Market Segmentation
- By Storage Type
- Onsite
- On-board
- Merchant / Bulk
- By Outer Material
- By Form
- Gaseous
- Liquid
- Solid
- By Component
- Pipe
- Valve
- Pump
- Tank
- Type I
- Type II
- Type III
- Type IV
- Others
- By End-use Industry
- Chemical
- Oil & Gas
- Transportation
- Metal Working
- Others
- Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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