Newark, Feb. 07, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 16.38 Billion in 2022 hydrogen storage market will reach USD 31.47 Billion by 2032. The supply, transmission, and distribution of hydrogen to end consumers have seen substantial advancements, and the value chain as a whole is seeing a growing uptake of hydrogen-related technologies and activities. Energy storage devices are vital to the integration of renewable energy sources into the energy infrastructure and the preservation of grid security because they balance out the increasing reliance on renewable energy.
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Key Insight of the Hydrogen Storage Market
North America is anticipated to expand at the highest CAGR of 8.56% over the projection period.
North America is expected to grow at the highest CAGR of 8.56% over the forecast period. The North American hydrogen energy storage market is expanding as a result of factors such strict government regulations, the growing demand for green energy, and the increasing need for hydrogen in a variety of industries. Furthermore, the governments of developed nations like the United States and Canada are making significant investments in development projects, which is propelling the market's expansion.
The liquefaction segment is expected to register the highest CAGR of 9.52% over the projected period in the hydrogen storage market.
The liquefaction segment is anticipated to grow at the highest CAGR of 9.52% in the hydrogen storage market. The primary usage of liquefaction technology is the large-scale energy storage needed for industrial applications. Energy transmission and transportation are made very simple by this technology. Consequently, this element is fueling the segment's expansion.
Over the projected period, the commercial segment is expected to register the highest CAGR of 10.64% in the hydrogen storage market.
Over the forecasted period, the commercial segment is anticipated to grow at the highest CAGR of 10.64% in the hydrogen storage market. The need for hydrogen energy storage is rising quickly in commercial sectors due to a lack of energy and electricity in some places and an increase in the number of infrastructure development projects.
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Market Dynamics
Driver: Growing interest in low-emission fuels
Hydrogen gas is mostly used in oil refineries to de-sulfurize fuels for transportation, such as petrol and diesel. The world's requirement for hydrogen will increase dramatically as more heavy and sour crude oil is utilised. Merchant gas sourcing is increasing as a result of the current hydrogen production capacity's inability to meet the growing demand. Furthermore, it is projected that tighter environmental regulations pertaining to the use of cleaner, low-emission fuels and stringent engine manufacturer requirements would drive the demand for hydrogen petrol during the course of the projection period
Restraint: The expensive initial outlay needed to prevent the liquid from vaporising
Fuel cells are limited in the amount of energy they can produce from hydrogen, which they then use to power residential and commercial buildings. Fuel cells are powered by hydrogen. However, because of the high insulation requirements needed to prevent evaporation, the market for liquid hydrogen energy storage requires significant capital costs. These costs are required to keep the liquid from evaporating. Consequently, the high capital cost of keeping the liquid from vaporising is expected to limit market expansion.
Opportunity: An increasing number of fuel cell applications
It is anticipated that technological advancements, the need for hydrogen storage to fulfil expanding market demand, and a growth in R&D activities would provide market participants with more lucrative chances. The future market expansion will also be aided by an increase in the production of low-weight storage tanks for use in transportation.
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Some of the major players operating in the hydrogen storage market are:
• Steelhead Composites Inc.
• ITM Power
• Nedstack Fuel Cell Technology BV
• Engie
• Linde PLC
• Air Liquide
• Iwatani Corporation
• Nel ASA
• Air Products Inc.
• Cummins Inc.
Key Segments cover in the market:
By Technology:
• Liquefaction
• Compression
• Material Based
By End User:
• Residential
• Industrial
• Commercial
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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