INDIA, September 18, 2023/EINPresswire.com/ — The physical hydrogen storage market size is projected to grow from USD 1.5 billion in 2023 to USD 6.3 billion by 2030, at a CAGR of 21.5% during the forecast period. The use of hydrogen storage has increased globally due to the wide acceptability of hydrogen as an alternative energy carrier. This wide acceptance addresses environmental concerns, peak energy demand, and energy security related to the use of fossil fuels. The hydrogen storage market is competitive with many big and small players and is expected to grow at a significant rate during the forecast period.
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“Physical form is the dominated segment in the hydrogen storage market in terms of both value and volume in 2022.”
The physical hydrogen storage market was estimated to be USD 1.3 billion in 2022 and is expected to reach USD 6.3 billion by 2030, at a CAGR of 21.8%.One of the primary market drivers is the increase in hydrogen demand from refineries for the desulfurization of fuels such as gasoline and diesel used in transportation applications. Further, hydrogen-powered fuel cells for cars and buses are expected to drive the market during the forecast period.
“On-board segment is expected to register the highest growth in the hydrogen storage market in terms of both value and volume during the forecast period.”
The on-board storage tank is a new concept and a type of storage, which finds application in the transportation industry in cars, buses, and material handling equipment. The market of on-board physical hydrogen tanks is primarily driven by subsidies offered by the governments of Japan and South Korea for developing hydrogen-powered fuel cell vehicles.
“Chemicals application led the hydrogen storage market in 2022 and expected to hold its dominant position during the forecast period.”
Chemicals were the largest market in 2022 and are anticipated to grow significantly during the forecast period with a CAGR of 18.8% (in terms of value). Hydrogen storage applications in various chemical industries are ammonia, methanol, cyclohexane, hydrogen peroxide, etc. In 2021, approximately 10 million tons of hydrogen were used in the EU industry, mainly as a feedstock for producing ammonia and in the refining industry. Blue and green hydrogen are the key low-CO2 alternatives that could replace the carbon-intensive grey hydrogen, representing 95% of the current hydrogen production.
The emerging hydrogen economy in the chemical industry is supported by policymaker initiatives at the European and country level, estimating a required investment of € 430 billion by 2030. Moreover, there has been an increase in the number of hydrogen projects being initiated or announced in the chemical industry. Countries outside Europe are formalizing hydrogen strategies and projects. The demand for hydrogen in China is estimated to hit 60 million tons annually by 2050.
“North America is the second-highest dominating region in hydrogen storage market in terms of both value and volume.”
The growth of the market in the region can be attributed to the rise in fuel cell applications, strict regulations regarding emission control, and the inclination to use cleaner fuels. Policies are also being framed to research and encourage the use of clean fuels such as hydrogen for various energy needs. For example, in March 2023, the Biden-Harris Administration, through the US Department of Energy (DOE), announced the availability of USD 750 million for research, development, and demonstration efforts to dramatically reduce the cost of clean hydrogen. The main goal of this initiative is to achieve a 100% clean electrical grid by 2035 and net-zero carbon emissions by 2050. The US accounts for the highest share in the North American physical hydrogen storage market because of the growing usage of hydrogen in grid infrastructure and manufacturing fertilizers and chemicals.
This study has been validated through primary interviews conducted with various industry experts globally. These primary sources have been divided into the following three categories:
By Company Type- Tier 1- 37%, Tier 2- 33%, and Tier 3- 30%
By Designation- C Level- 50%, Director Level- 20%, and Others- 30%
By Region- Europe- 50%, Asia Pacific (APAC) – 20%, North America- 15%, Middle East & Africa (MEA)-10%,Latin America-5%,
The report provides a comprehensive analysis of company profiles :
Air Liquide (France), Worthington Industries, Inc. (US), Luxfer Holdings PLC (UK), Linde plc (Germany), Chart Industries (US), INOXCVA (India), Hexagon Composites ASA (Norway), HBank Technologies Inc. (Taiwan), Pragma Industries (France), Croyolor (France).
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This report covers the global hydrogen storage market and forecasts the market size until 2030. It includes the following market segmentation– by Form (Physical, Material-based),by Type(Cylinder, On-site, On-board, Merchant/Bulk), by Application (Automotive &Transportation, Chemicals, Oil Refineries, Industrial, Metalworking, and Others),and Region (North America, Europe, Asia Pacific, Middle East & Africa, Latin America). Porter’s Five Forces Analysis, along with the drivers, restraints, opportunities, and challenges, have been discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global hydrogen storage market.