New York, NY, June 20, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Hydrogen Storage Market by Form (Physical-Based and Material-Based) and by Application (Stationary Power, Portable Power, and Transportation): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026”. According to the report, the global hydrogen storage market accounted for USD 599 million in 2018 and is expected to reach USD 1,131 million by 2026, at a CAGR of around 8.3% between 2019 and 2026.
Hydrogen storage is a technology that is vital for successful commercialization of automobiles that use hydrogen as a fuel. Hydrogen storage is extremely important for using hydrogen as an alternate energy source. Hydrogen carries the maximum energy per mass among all other fuels. However, its low atmosphere temperature density generates less energy per unit volume. Thus, the development of efficient storage methods with the potentiality for high energy delivery is highly required. The global hydrogen storage market is expected to witness substantial growth over the forecast time period, owing to the growing concerns related to environmental protection. Rising global energy consumption and increasing demand for oil and natural gas are leading to excessive use of these naturally occurring, limited sources.
Browse through 37 Tables & 19 Figures spread over 110 Pages and in-depth TOC on “Global Hydrogen Storage Market Size, Share 2018: By Type, Industry Segments, Growth, Analysis, and Forecast till 2026”.
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Based on form, the global hydrogen storage market is bifurcated into physical-based and material-based. Physical-based type is generally used to store hydrogen in liquid or gaseous forms. Material-based type includes storage of metal hydrides, sorbent materials, and chemical hydrogen. Storing hydrogen in liquid form involves cryogenics, as the boiling point of hydrogen is extremely low. Metal hydrides are the most feasible hydrogen storage materials, as they can be easily deployed in a variety of applications, such as heat pumps, thermal storages, etc. Chemical hydrogen storage materials are usually compounds that have strong covalent bonds of hydrogen in their structure. Sorbent materials store hydrogen by the method of adsorption.
In terms of application, the hydrogen storage market includes stationary power, portable power, and transportation. The increasing demand for hydrogen for electricity generation is expected to propel the hydrogen storage market growth over the forecast time period. The use of hydrogen as stationary power is extensively witnessed in hospitals, airports, retail stores, homes, grocery stores, telecommunications networks, businesses, and utilities. The transportation segment is predicted to be the fastest growing in the upcoming years, owing to the growing production of fuel cell automobiles and various advantages of hydrogen fuel cells to decrease greenhouse emissions.
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The North American hydrogen storage market is expected to grow notably over the forecast time period, owing to the growing demand for refined hydrogen by the flourishing automobile sector, increasing demand for hydrogen fuel cells, and rising demand for hybrid vehicles. In the U.S., the United States Department of Energy (DOE) mentioned certain strict targets for respective market players in the automotive sector to increase their focus on research and development activities with an intention to fortify the ongoing technical research on hydrogen storage methods. To meet the suitable long-term objectives, the DOE supported the research by establishing “National Hydrogen Storage Project”, which will focus on hydrogen storage as one of its main priorities.
Europe is anticipated to have a positive influence on the global hydrogen storage market over the forecast time period, owing to the strict government regulations for the low emission vehicles usage. On 10th May 2016, the UK government invested 2.21 million USD to add 100 hydrogen fuel cell powered automobiles (cars and vans). This is expected to boost the region’s hydrogen storage market growth in the future.
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The Asia Pacific region is anticipated to dominate the global hydrogen storage market in the future. China, India, and South Korea have huge market potential, owing to the flourishing industrial sector. The increasing consumption of petrol and diesel in India, Indonesia, and Malaysia will also drive the hydrogen storage market, as hydrogen is used to produce methanol (that is commercially blended into petrol). Swift industrialization and rising awareness for renewable energy resources are expected to further propel the Asia Pacific hydrogen storage market in the future. Moreover, Japanese and South Korean governments have announced subsidies for producing hydrogen fuel cell powered automobiles and are also offering financial support in developing infrastructure for efficient use of hydrogen.
Latin America is expected to observe significant growth over the next few years. Countries like Brazil, Argentina, and Chile are investing in the commercialization of harnessing power using renewable resources and low-emission fuels like hydrogen. The Middle East and Africa is expected to offer various growth opportunities in the future, due to the growing utilization of unconventional energy sources including hydrogen.
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The key players operating in the global hydrogen storage market are Luxfer Holdings, Worthington Industries, Praxair, Hydrogenious Technologies, Pragma Industries, HBank Technology, Air Liquide, Hexagon Composites, Linde, Cella Energy Limited, VRV, Eutectix, and McPhy Energy.
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This report segments the global hydrogen storage market into:
Global Hydrogen Storage Market: Form Analysis
- Physical-Based
- Material-Based
Global Hydrogen Storage Market: Application Analysis
- Stationary Power
- Portable Power
- Transportation
Global Hydrogen Storage Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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