- Sustained focus on commercialization of hydrogen fuel cells to create massive lucrative avenues; growing adoption of fuel cell electric vehicles (EVs) propelling sales in hydrogen storage system market
ALBANY N.Y., April 06, 2022 (GLOBE NEWSWIRE) -- The use of hydrogen fuel cells in multiple applications has spurred advancements in hydrogen storage system market. The global hydrogen storage system market valuation is projected to surpass US$ 7.9 Bn by 2031, advancing at CAGR of 11.9% during the forecast period of 2021–2031. Widespread efforts by industry players in collaboration with governments toward commercialization of fuel cell electric vehicles (FCEVs) have extended the canvas for players in the hydrogen storage system market.
The authors of TMR study scrutinizing the growth dynamics observed that extensive R&D on zero-emission vehicles and their refueling infrastructure will catalyze promising growth opportunities. A case in point is growing investments in hydrogen fueling stations in developed nations.
The abundance of hydrogen has made it a popular alternative fuel to replace fossil fuels in several of the domestic and commercial applications. New approaches for onboard hydrogen storage systems have catalyzed advancements in insulation material and outer material used in the products. Moreover, the growing popularity of fuel cells as low-emission technology is boosting revenue size, assert the analysts in TMR study.
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Key Findings of Hydrogen Storage System Market study
- Sales of Fuel Cell Electric Vehicles (FCEVs) Generating Substantial Revenues: Fuel cell electric vehicles are gaining preference over the automobiles based on internal combustion engine. Growing popularity of low- or zero-emission vehicles has spurred automobile manufacturers to expand the production of fuel cell electric vehicles (FCEVs), assert an in-depth TMR study on the hydrogen storage system market. The increasing availability of light-duty FCEVs will generate lucrative opportunities. On the other hand, hydrogen fuel cells have grown in applications in emergency back-up power and other power systems.
- Growing Utilization of Hydrogen as Alternate Fuel in Energy-intensive Sectors Catalyzing Lucrative Avenues: Hydrogen is emerging as an alternate clean fuel for generating electricity in various industries. The use has risen in transportation sector and energy-intensive manufacturing industries. This has intensified the need for safe storage of the gas. Growing use of fuel cells in medium- and heavy-duty trucks and marine vessels is expanding the revenue potential. Stringent regulations on hydrogen storage for onboard vehicles is another factor that will open up significant opportunities.
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Hydrogen Storage System Market: Key Drivers
- Consistent focus on adopting clean fuels in the transportation sector has created lucrative avenues over the years. Fuel cells in particular are gaining popularity on the back of intensive efforts by governments in various countries to boost their energy security.
- Strides being made by transportation and power station industries are underpinning new revenue streams in the hydrogen storage system market
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Hydrogen Storage System Market: Regional Growth Dynamics
- Asia Pacific is projected to hold a major share of the global hydrogen storage system market during the forecast period. Rise in use of hydrogen fuel cells in the automotive industry has generated sizable revenues, especially in China and India. The focus on using hydrogen fuel cells to generate zero emission electricity will unlock incremental avenues for firms in Asia Pacific.
- Europe has been projected to be a potentially lucrative market. The revenues over the past few years have been driven by the rise in demand for hydrogen in stationary and portable power applications.
Hydrogen Storage System Market: Key players
Some of the key players in the hydrogen storage system market are Japan Steel Works, LTD., INOX India Pvt Ltd., Doosan Mobility Innovation, Shijiazhuang Enric Gas Equipment Co., Ltd., Steelhead Composites, INC., Shijiazhuang Enric Gas Equipment Co., Ltd., Hexagon Composites ASA, MAHYTEC, NPROXX, and Pragma Industries.
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Global Hydrogen Storage System Market: Segmentation
Hydrogen Storage System Market, by Outer Material
- Metal Hydride
- Steel
- Aluminum
- Fiberglass
- Carbon Fiber
- Others (including Composite Material)
Hydrogen Storage System Market, by Insulation Material
- Multilayer Insulation
- Aluminum Foil
- Aluminized Mylar
- Fiberglass
- Nylon Net
- Others
- Foam Polymer
- Perlite
- Others (Powders, Solid Fibers, Silica, and Aerogels)
Hydrogen Storage System Market, by Product Type
- Gaseous Hydrogen
- Liquid Hydrogen
Hydrogen Storage System Market, by Component
- Pipe
- Valve
- Pump
- Tank
- Type I
- Type II
- Type III
- Type IV
- Others (including Tubes)
Hydrogen Storage System Market, by End-user
- Stationary Power
- Portable Power
- Transportation
Hydrogen Storage System Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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