Dublin, Jan. 17, 2024 (GLOBE NEWSWIRE) -- The "Hydrogen Storage Market by Storage Solution (Tanks, Cylinders), Storage Type (Physical Storage, Material-based Storage), Application (Fuel Cell, Chemical Production, Manufacturing, Oil & Gas), and Geography - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The report unveils that the market is estimated to grow at acompound annual growth rate (CAGR) of 6.8%from 2023 to 2030, indicating a market valuation of$33.8 billion by 2030.
According to a comprehensive research report, the global hydrogen storage market is forecast to reach unprecedented heights by the year 2030. This in-depth analysis highlights the surge in market size, shares, current industry trends, and future projections, emphasizing the pivotal role of hydrogen storage across various sectors and regions.
Emphasizing the market's growth attributes, the widespread deployment of hydrogen storage tanks for transportation and its escalating employment as a source for power generation stand out as primary factors. Nonetheless, the market's expansion remains tempered by the considerable capital costs associated with establishing hydrogen storage infrastructure.
Despite these challenges, the flourishing governmental backing for hydrogen production and the augmented urge for hydrogen-powered fuel cells in vehicles are on track to furnish ample growth vistas for this emergent industry. Nevertheless, the inherent high flammability of hydrogen necessitates prudence among stakeholders in addressing storage concerns.
Embracing cutting-edge trends like using renewable energy for hydrogen generation and applying hydrogen in oil refineries and chemical sectors, the market foresees transformative possibilities. The report segments the market by storage solutions, including tanks, cylinders, portable storage, and other types, in addition to storage type, with classifications such as physical and material-based storage. Applications range broadly, with fuel cells, chemical production, manufacturing, and oil & gas taking the lead.
In 2023, the segment of cylinders is poised to dominate the market owing to their versatility and efficacy in storing hydrogen across different states. However, the spotlight is on the portable storage segment, which is anticipated to witness the fastest growth rate in the forecast years, driven by the uptick in sustainable mobility needs and the imperative to reduce carbon dioxide emissions.
Geographically, in-depth market scrutiny unfolds across five major regions, with North America expected to command the majority market share in 2023, courtesy of concerted efforts towards emission reduction and the influx of hydrogen-fueled vehicles. Meanwhile, the Asia-Pacific region emerges as the territory experiencing the most vigorous growth, with projections outpacing other regions.
By shedding light on geographical trends and identifying high-growth countries, the research reinforces its value for interested stakeholders seeking to penetrate or expand within the hydrogen storage market. Offering granularity and a panoramic view of the industry, this report stands as a preeminent resource for understanding the market dynamics of global hydrogen storage solutions.
Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of storage solution, storage type, and application?
- What is the historical market size for the global hydrogen storage market?
- What are the market forecasts and estimates for 2023-2030?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global hydrogen storage market?
- Who are the major players in the global hydrogen storage market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the global hydrogen storage market?
- What are the geographic trends and high-growth countries?
- Who are the local emerging players in the global hydrogen storage market, and how do they compete with other players?
Market Insights
Drivers
- Increasing Need to Transport Hydrogen Driving the Utilization of Hydrogen Storage Tanks
- Growing Deployment of Hydrogen Storage Facilities for Power Generation Supporting Market Growth
- Restraints
- High Capital Costs Limiting the Implementation of Hydrogen Storage Facilities
Opportunities
- Government Support for Hydrogen Production Expected to Generate Growth Opportunities for Market Players
- Increasing Demand for Hydrogen Fuel Cells in FCEV Production Expected to Accelerate Market Expansion
Challenges
- Safety Concerns Over the High Flammability of Hydrogen to Remain a Challenge for Market Stakeholders
Trends
- Rising Use of Renewable Energy Sources for Hydrogen Production
- Increasing Use of Hydrogen in Oil Refineries and Chemical Industries
Company Profiles (Company Overview, Financial Overview, Product Portfolio, Strategic Developments)
- L'Air Liquide S.A.
- Chart Industries Inc.
- Linde GmbH
- Matheson Tri-Gas Inc.
- Hexagon Purus ASA
- Luxfer Gas Cylinders
- Merck KGaA
- Hanwha Corporation
- Eutectix LLC
- HBank Technologies Inc.
- SPG Hydrogen Co. Ltd.
- FIBA Technologies Inc.
- American Elements
- NPROXX B.V.
- Steelhead Composites Inc.
- CALVERA HYDROGEN S.A.
- Pragma Industries
Scope of the Report:
Hydrogen Storage Market Assessment - by Storage Solution
- Tanks
- Cylinders
- Portable Storage
- Other Storage Solutions
Hydrogen Storage Market Assessment - by Storage Type
- Physical Storage
- Liquid
- Gas
- Material-based Storage
- Adsorbent
- Metallic Hydrides
- Complex Hydrides
- Chemical Hydrogen
Hydrogen Storage Market Assessment - by Application
- Fuel Cell
- Fuel Cell Electric Vehicles
- Power Generation
- Boats and Submarines
- Aviation
- Chemical Production
- Manufacturing
- Oil & Gas
- Aerospace & Defense
- Other Applications
Hydrogen Storage Market Assessment - by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Netherlands
- Poland
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Australia & New Zealand
- Indonesia
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/kcp36l
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