Dublin, June 04, 2024 (GLOBE NEWSWIRE) -- The "Underground Hydrogen Storage Market Size, Share & Trends Analysis, 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The global underground hydrogen storage market is expected to reach 5,049.94 Million Cubic Meters (MCM) by 2030, registering at a CAGR of 10.5% from 2024 to 2030.
The underground hydrogen storage market is projected to observe significant growth over the estimated period owing to an increase in hydrogen production and a lack of viable alternatives for large-scale hydrogen storage. Underground hydrogen storage is currently the only viable large-scale storage technology for hydrogen due to its ability to safely store large quantities of hydrogen in a compact and secure location.
One of the main advantages of underground storage is that it is much safer than above-ground storage as hydrogen has a very low flash point and is highly flammable. Underground storage eliminates the risk of accidents or leaks as the hydrogen is stored deep below the ground in a sealed container. This also means that there is no risk of damage to the surrounding environment or infrastructure in the event of an accident.
Salt caverns dominated by type, and this segment is expected to maintain its position over the forecast period. Salt caverns are developed from existing salt reserves. Underground salt caverns are considered the best option for bulk hydrogen storage due to their structural strength, which makes caverns capable enough against degradation to ensure the long life of the storage facility.
Demand for underground hydrogen storage is projected to rise over the forecast period owing to the increasing demand for hydrogen and programs to cut carbon emissions. The increasing investments in research and development for underground hydrogen storage in regions like North America, the Middle East & North Africa, and the Asia Pacific are expected to strengthen market growth.
Underground Hydrogen Storage Market Report Highlights
- In terms of volume, the salt caverns segment accounted for the largest share of 97.97% in 2023 and this segment is further expected to witness steady growth over the forecast period
- Europe accounted for the largest volume share of 58.76% in 2023. Lower building and operational costs coupled with higher safety offered by salt caverns are expected to result in the growth of the salt caverns storage segment in the underground hydrogen storage market in regional economies
- Various strategic initiatives have been recorded over the past few years to boost the growth of the market.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 100 |
| Forecast Period | 2023-2030 |
| Estimated Market Value (USD) in 2023 | 2,478.15 MCM |
| Forecasted Market Value (USD) by 2030 | 5,049.94 MCM |
| Compound Annual Growth Rate | 10.5% |
| Regions Covered | Global |
Key Topics Covered
Chapter 1 Underground Hydrogen Storage Market: Methodology & Scope
1.1 Market Segmentation & Scope
1.2 Market Definitions
1.3 Information Procurement
1.4 Information Analysis
1.5 Market Formulation and Data Visualization
1.6 Data Validation and Publishing
Chapter 2 Underground Hydrogen Storage Market: Executive Summary
2.1 Market Snapshot
2.2 Segment Snapshot
2.3 Competitive Landscape Snapshot
Chapter 3 Underground Hydrogen Storage Market: Variables, Trends, & Scope
3.1 Penetration & Growth Prospect Mapping
3.2 Industry Value Chain Analysis
3.3 Regulatory Framework
3.3.1 Standards and Compliances
3.4 Hydrogen Underground Storage Market Dynamics
3.4.1 Market Driver Analysis
3.4.1.1 Increase in the Adoption of Hydrogen Technologies
3.4.1.2 Lack of Viable Alternatives
3.4.2 Market Restraint Analysis
3.4.2.1 High Cost of Building and Maintenance of Underground Hydrogen Storage
3.4.3 Market Opportunities
3.4.4 Industry Analysis - Porter's
3.4.5 PESTEL Analysis
3.5 Impact of COVID-19 on the Underground Hydrogen Storage Market
3.5.1 Impact Verdict - Medium
3.6 Comparison of Hydrogen Generation vs Underground Hydrogen Stored
3.7 Number of Wells Drilled, by Region, 2018-2021
3.8 Average Spending on Wells Drilled, by Region, 2018-2021 (USD Thousand)
Chapter 4. Underground Hydrogen Storage Market: Storage Type Outlook Estimates & Forecasts
4.1. Underground Hydrogen Storage Market: Storage Type Movement Analysis, 2023 & 2030
4.2. Porous Media Storage
4.3. Salt Caverns
4.4. Engineered Cavities
Chapter 5. Underground Hydrogen Storage Market Regional Outlook Estimates & Forecasts
5.1. Regional Snapshot
5.2. Underground Hydrogen Storage Market: Regional Movement Analysis, 2023 & 2030
5.3. North America
5.4. Europe
5.5. Asia-Pacific
5.6. Latin America
5.7. Middle East & Africa
Chapter 6. Competitive Landscape
6.1. Recent Developments & Impact Analysis, by Key Market Participants
6.2. Vendor Landscape
6.3. Company Categorization
6.4. Participant's Overview
6.5. Company Ranking
6.6. Heat Map Analysis
6.7. Company Market Share Analysis, 2023
6.8. Market Strategies
6.9. Vendor Landscape
6.10. Strategy Mapping
6.11. Company Profiles/Listing
6.11.1. Air Products and Chemicals, Inc.
6.11.2. Air Liquide
6.11.3. Linde PLC
6.11.4. Engie
6.11.5. Uniper SE
6.11.6. Texas Brine Company, LLC
6.11.7. WSP
6.11.8. NEUMAN & ESSER GROUP
6.11.9. Hychico SA
For more information about this report visit https://www.researchandmarkets.com/r/z19q8
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
