Meticulous Research®, a leading global market research company, recently published a report titled, ‘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 2031.’
The report projects that the hydrogen storage market will reach $38.3 billion by 2031, growing at a CAGR of 8.3% over the forecast period. This growth is driven by the increased use of hydrogen storage tanks for transportation and the rising adoption of hydrogen storage facilities as energy sources for power generation. However, high capital costs pose a challenge to market growth.
Government support for hydrogen production and growing demand for hydrogen-based fuel cells for vehicles present opportunities for market expansion. Yet, the high flammability of hydrogen remains a significant challenge for storage solutions.
For a detailed analysis, download the sample report at Meticulous Research®.
Market Segmentation and Key Trends:
- Storage Solution:
- Tanks
- Cylinders: Expected to dominate the market in 2024 due to their versatility, high-pressure storage capacity, and cost-effectiveness.
- Portable Storage: Projected to have the highest CAGR due to the rising demand for fuel cell electric vehicles (FCEVs) and the need for hydrogen transportation across various locations.
- Storage Type:
- Physical Storage: Predicted to hold the largest market share in 2024, benefiting from high energy density, existing infrastructure, and quick refueling times. This segment is also expected to register the highest CAGR.
- Material-based Storage
- Application:
- Fuel Cell: Anticipated to be the largest segment in 2024, driven by increased fueling infrastructure for transportation and the adoption of fuel cells in e-mobility.
- Chemical Production
- Manufacturing
- Oil & Gas
- Aerospace & Defense
- Geography:
- North America: Expected to lead the market in 2024 due to initiatives to reduce greenhouse gas emissions, technological advancements, and the adoption of fuel cell electric vehicles.
- Asia-Pacific: Forecasted to have the highest CAGR, driven by the adoption of fuel-cell electric vehicles, hydrogen use in refineries and chemical industries, and government support for hydrogen production.
View the Sample Report here : https://www.meticulousresearch.com/download-sample-report/cp_id=5653
Key Players:
L’Air Liquide S.A. (France), Chart Industries, Inc. (U.S.), Linde GmbH (Germany), Matheson Tri-Gas, Inc. (U.S.), Hexagon Purus ASA (Norway), Luxfer Gas Cylinders (England), Merck KGaA (Germany), Hanwha Corporation (South Korea), Eutectix LLC (U.S.), HBank Technologies Inc. (Taiwan), SPG Hydrogen Co., Ltd. (South Korea), FIBA Technologies, Inc. (U.S.), American Elements (U.S.), NPROXX B.V. (Netherlands), Steelhead Composites, Inc. (U.S.), CALVERA HYDROGEN, S.A. (Spain), Pragma Industries (France).
Key questions answered in the report-
- Which are the high-growth market segments based on storage solution, storage type, application, and geography?
- What was the historical market for hydrogen storage?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the hydrogen storage market?
- Who are the major players in the hydrogen storage market, and what shares do they hold?
- What is the competitive landscape like in the hydrogen storage market?
- What are the recent developments in the hydrogen storage market?
- What are the strategies adopted by the major players in the hydrogen storage market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the hydrogen storage market, and how do they compete with the other players?
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