Burlingame, June 07, 2024 (GLOBE NEWSWIRE) -- The global Hydrogen Storage Market is estimated to be USD 1.6 billion in 2024 and is projected to reach USD 6.8 billion by 2031, at a CAGR of 23% from 2024 to 2031 according to a new report by Coherent Market Insights. The growing concerns over environmental pollution and emission of greenhouse gases have increased the focus on developing clean and sustainable sources of energy. Hydrogen has emerged as one of the most viable clean fuel options with its use resulting in only water emissions.
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Market Dynamics:
The increasing demand for zero-emission vehicles and focus on developing hydrogen infrastructure are major drivers fueling the growth of the global hydrogen storage market. Governments across regions are investing heavily in building hydrogen refueling infrastructure to promote the adoption of fuel cell electric vehicles (FCEVs). Moreover, various initiatives by market players to develop advanced and cost-effective hydrogen storage solutions suitable for different applications are also propelling the market growth. However, high costs associated with hydrogen storage technologies and lack of standardized fabrication processes are some factors hampering the market expansion.
Hydrogen Storage Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $1.6 billion |
| Estimated Value by 2031 | $6.8 billion |
| Growth Rate | Poised to grow at a CAGR of 23% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Form, By Type, By Application |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Growing Demand from Transportation Sector • Increased Focus on Decarbonization of Industries |
| Restraints & Challenges | • Technological Challenges • Need for improved storage technology |
Market Trends:
Two major trends in the global hydrogen storage market include the increasing adoption of metal hydrides and chemical hydrogen storage solutions. Metal hydrides refer to hydrogen absorbing alloys that offer high gravimetric and volumetric densities for hydrogen storage. Being solid-state, metal hydrides provide better safety compared to compressed hydrogen gas tanks. Their adoption is growing rapidly as they enable the storage of hydrogen without high pressure. Chemical hydrogen storage uses chemical reactions to store hydrogen in liquid organic hydrogen carriers (LOHCs). LOHCs allow for easy transportation and storage of hydrogen. They provide simpler filling and emptying processes than traditional compressed gas or cryogenic liquid tanks. Promising LOHC materials such as toluene or cyclohexane are gaining traction among end-users.
Market Opportunities:
Compression hydrogen storage involves compressing gaseous hydrogen into high-pressure storage tanks. This approach requires less energy than liquefaction but is still relatively energy intensive. Compression storage tanks also take up more space compared to other storage methods. However, compressed hydrogen storage remains an important near-term solution for hydrogen fuel cell vehicles and other mobile applications given existing technology availability.
Liquefaction involves cooling gaseous hydrogen to below -250°C, causing it to condense into a liquid. This allows much more hydrogen to be stored in a smaller and lighter tank compared to compressed gas storage. Liquefaction is well-suited for large scale stationary applications and long-distance hydrogen transport. It currently accounts for the majority of hydrogen storage demand. Advancements to reduce the energy costs of liquefaction through improved insulation and heat exchange systems offer opportunities to further scale up this storage approach.
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Key Market Takeaways
The global hydrogen storage market is anticipated to witness a CAGR of 23% during the forecast period 2024-2031, owing to growing demand for cleaner energy and focus on developing a hydrogen economy.
On the basis of technology, the liquefaction segment is expected to hold a dominant position, accounting for over 60% market share owing to its advantages for large-scale stationary and transport applications.
On the basis of physical state, the gaseous segment is expected to hold the largest market share and grow at a higher CAGR during the forecast period due to existing market availability and suitability for mobile fuel cell applications.
By application, the residential segment is expected to be the most promising growing at a CAGR of 25%. This is driven by increasing adoption of fuel cell generators and appliances at homes.
Regionally, North America is expected to dominate the global hydrogen storage market over the forecast period due to supportive government policies and presence of key market players in the US and Canada.
Key players operating in the global hydrogen storage market include Air Liquide, Cummins Inc., Linde plc, Praxair Inc., and Air Products & Chemicals amongst others. Strategic partnerships and innovations in storage technologies are key growth strategies being adopted.
Recent Developments:
In December 2021, Howden and Chart Industries collaborated to develop an advanced hydrogen solution. This partnership leveraged Chart's hydrogen products alongside Howden's expertise in gas compression technology, aiming to enhance the efficiency and viability of hydrogen applications across various industries.
In March 2022, Air Liquide and Lotte Chemical initiated a joint venture with the goal of bolstering the hydrogen supply chain, particularly for the mobility sector. Combining their resources and expertise, they aimed to expand the availability and accessibility of hydrogen, thereby promoting its adoption in fuel cell vehicles and other transportation applications.
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Detailed Segmentation:
By Form:
- Physical Storage
- Material-based Storage
By Type:
- Cylinder
- Merchant/Bulk
- Onsite
- On-Board
By Application:
- Oil Refineries
- Chemicals
- Industrial
- Automotive & Transportation
- Others (Metalworking, etc.)
By Region:
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
