Meticulous Research®, a leader in global market analysis, has unveiled its latest 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 study predicts the hydrogen storage market will expand to $38.3 billion by 2031, growing at a steady CAGR of 8.3%. This growth is largely driven by the increasing adoption of hydrogen storage solutions for transportation and the growing use of hydrogen as a clean energy source for power generation. However, the market faces significant challenges, particularly the high costs involved in developing and maintaining hydrogen storage facilities.
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With increased governmental backing for hydrogen production and the growing demand for hydrogen-based fuel cells in vehicles, new opportunities are emerging in the market. However, the volatility of hydrogen and its highly flammable nature pose ongoing challenges for safe storage.
Emerging trends highlight the shift towards renewable energy in hydrogen production and the growing use of hydrogen in the oil refining and chemical industries.
The hydrogen storage market is divided into segments based on storage solution types (tanks, cylinders, and portable options), storage methods (physical storage and material-based storage), and applications (fuel cells, chemical production, oil & gas, and aerospace). The study provides a comprehensive geographic analysis, covering regional and country-level data.
Cylinders are expected to account for the largest share of the market by 2024 due to their adaptability in storing hydrogen in multiple forms and their cost-effectiveness. The portable storage segment, however, is projected to grow at the highest rate, driven by the increasing adoption of fuel cell electric vehicles (FCEVs) and the need to transport hydrogen in regions with less developed pipeline infrastructure.
In terms of storage type, physical storage solutions such as liquid and gaseous hydrogen will dominate, thanks to their high energy density and the ease of leveraging existing infrastructure. This segment is also forecast to experience the fastest growth during the forecast period.
Applications in the fuel cell sector are anticipated to maintain the largest market share, largely due to advancements in fueling infrastructure and the growing use of fuel cells in transportation to reduce carbon emissions.
North America is expected to remain the leading region in the hydrogen storage market, supported by initiatives to reduce carbon footprints and advancements in hydrogen storage technology. Asia-Pacific, however, is forecast to register the highest growth, driven by increasing government support and rising adoption of hydrogen in industrial applications.
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Key Players:
The key players operating in the hydrogen storage market include L’Air Liquide S.A. (France), Chart Industries, Inc. (U.S.), Linde GmbH (Germany) (A subsidiary of Linde plc), Matheson Tri-Gas, Inc. (U.S.) (A subsidiary of Nippon Sanso Holdings Corporation), Hexagon Purus ASA (Norway), Luxfer Gas Cylinders (England) (A subsidiary of Luxfer Holdings PLC), 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), and 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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