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Redding, California - January 9, 2024

Hydrogen Storage Market to be Worth $38.3 Billion by 2031

Hydrogen Storage Market Size, Share, Forecast, & Trends Analysis 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

Meticulous Research^®—a leading global market research company, published a research 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.’

According to this latest publication from Meticulous Research^®, the hydrogen storage market is projected to reach $38.3 billion by 2031, at a CAGR of 8.3% during the forecast period. The growth of this market is driven by the increasing use of hydrogen storage tanks for transportation and the growing adoption of hydrogen storage facilities as an energy source for power generation. However, the high capital costs of hydrogen storage facilities restrain the growth of this market.

Furthermore, the rising government support for hydrogen production and the increasing demand for hydrogen-based fuel cells for vehicles is expected to create market growth opportunities. However, the high flammability of hydrogen makes storage a major challenge for market players.

The latest trends in the hydrogen storage market are the rising use of renewable energy sources for hydrogen production and the increasing use of hydrogen in oil refineries and chemical industries.

The hydrogen storage market is segmented by storage solution (tanks, cylinders, portable storage, and other storage solutions), storage type (physical storage [liquid, gas], material-based storage [adsorbent, metallic hydrides, complex hydrides, chemical hydrogen]), application (fuel cell [fuel cell electric vehicles, power generation, boats and submarines, and aviation], chemical production, manufacturing, oil & gas, aerospace & defense, and other applications), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

Based on storage solution, the hydrogen storage market is segmented into tanks, cylinders, portable storage, and other storage solutions. In 2024, the cylinders segment is expected to account for the largest share of the hydrogen storage market. The large market share of this segment is attributed to the versatility offered by cylinders in storing hydrogen in multiple forms, including gaseous, liquid, and solid states. Furthermore, the high-pressure storage capacity and cost-effectiveness of cylinders and the rising demand for zero-emission mobility solutions and associated infrastructure drive the adoption of cylinders for hydrogen storage.

However, the portable storage segment is projected to register the highest CAGR during the forecast period due to the increasing demand for fuel cell electric vehicles (FCEVs) as a sustainable mode of transportation, the need to transport hydrogen transportation across diverse locations and applications, particularly in areas lacking extensive pipeline infrastructure, and the rising initiatives focused on reducing Co2 emissions.

Based on storage type, the hydrogen storage market is segmented into physical storage and material-based storage. In 2024, the physical storage segment is expected to account for the larger share of the hydrogen storage market. The large market share of this segment is attributed to the advantages provided by physical storage, including high energy density, the benefit of leveraging existing infrastructure for transportation and storage, and quick refueling times. Moreover, this segment is projected to register the highest CAGR during the forecast period.

Based on application, the hydrogen storage market is segmented into fuel cell, chemical production, manufacturing, oil & gas, aerospace & defense, and other applications. In 2024, the fuel cell segment is expected to account for the largest share of the hydrogen storage market. The large market share of this segment is attributed to the increase in fueling infrastructure for diverse transportation and motive power applications and the increasing adoption of fuel cells in E-mobility to mitigate greenhouse gas emissions, reduce oil dependence, and lower air pollutants. Moreover, this segment is projected to register the highest CAGR during the forecast period.

Based on geography, the hydrogen storage market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the hydrogen storage market. The region's significant market share is attributed to the increasing initiatives aimed at reducing greenhouse gas emissions, technological advancements in hydrogen storage facilities, the increasing adoption of fuel cell electric vehicles, and the utilization of renewable sources for hydrogen production.

Furthermore, Asia-Pacific is projected to register the highest CAGR throughout the forecast period. The growth of this market is driven by the growing adoption of fuel-cell electric vehicles, the increasing use of hydrogen in oil refineries and chemical industries, and rising government support for hydrogen production.

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).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5653

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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Redding, California - January 9, 2024

Hydrogen Storage Market to be Worth $38.3 Billion by 2031

Hydrogen Storage Market Size, Share, Forecast, & Trends Analysis 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

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