Meticulous Research® has released 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,’ predicting that the hydrogen storage market will grow to $38.3 billion by 2031, at a CAGR of 8.3%.
This growth is driven by the increasing use of hydrogen storage tanks in the transportation sector and the expanding role of hydrogen as a clean energy source for power generation. However, the high capital requirements for hydrogen storage facilities present a significant challenge for the industry.
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Government backing for hydrogen production and the rising demand for hydrogen-based fuel cells in electric vehicles are creating new opportunities for market growth. Nonetheless, the safety risks posed by hydrogen’s flammable nature remain a key challenge for storage technologies.
Key trends highlighted in the report include the increasing use of renewable energy sources for hydrogen production and the expanding use of hydrogen in industries such as oil refining and chemical manufacturing.
The market is segmented into storage solutions (including tanks, cylinders, and portable options), storage types (physical storage and material-based storage), and applications such as fuel cells, oil & gas, and aerospace. The report also provides a detailed geographic analysis, covering various regions and countries.
Cylinders are projected to dominate the hydrogen storage market by 2024, thanks to their versatility and cost-effectiveness. The portable storage segment, however, is expected to grow the fastest, driven by the rising adoption of fuel cell electric vehicles (FCEVs) and the need to transport hydrogen across various locations.
Physical storage solutions, which store hydrogen in gaseous or liquid form, are expected to capture the largest share of the market due to their high energy density and compatibility with existing infrastructure. This segment is also expected to grow at the fastest rate during the forecast period.
Fuel cell applications are expected to dominate the hydrogen storage market, driven by the increasing demand for clean energy solutions and advancements in hydrogen fueling infrastructure.
North America is anticipated to lead the market due to its focus on reducing greenhouse gas emissions and technological advancements. Meanwhile, Asia-Pacific is projected to see the fastest growth, supported by increased government initiatives and rising adoption of hydrogen technologies in various industries.
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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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