USD 1.32 billion
Report ID:
SQMIG55B2005 |
Region:
Global |
Published Date: November, 2024
Pages:
157
|Tables:
90
|Figures:
76
Global Hydrogen Storage Market size was valued at USD 1.32 billion in 2022 and is poised to grow from USD 1.57 billion in 2023 to USD 6.6 billion by 2031, growing at a CAGR of 19.6% during the forecast period (2024-2031).
The global hydrogen storage market has been experiencing significant growth due to the rising demand for hydrogen as a clean and sustainable energy source. The market analysis reveals several key factors influencing its expansion, including increasing adoption of hydrogen fuel cell vehicles, growing focus on renewable energy storage, and advancements in hydrogen storage technologies. Furthermore, the global push toward renewable energy sources has created a need for efficient energy storage solutions. Hydrogen is considered a promising option for energy storage, as it can be produced through electrolysis using renewable sources like solar and wind power. By storing excess energy as hydrogen, it can be converted back into electricity when demand peaks, offering a reliable and clean energy storage solution. This trend is driving the demand for hydrogen storage systems and technologies, supporting the growth of the global market. Technological advancements in hydrogen storage systems have also played a crucial role in market expansion. Traditional methods of hydrogen storage, such as high-pressure gas cylinders and liquid hydrogen tanks, have limitations in terms of safety, storage capacity, and transportation. However, innovative storage technologies, including solid-state hydrogen storage materials, metal hydrides, and chemical hydrogen storage, are being developed to overcome these challenges. These advancements offer improved hydrogen storage capacities, enhanced safety features, and better portability, thus driving the market growth.
Global Market Size
USD 1.32 billion
Largest Segment
The compression-based storage
Fastest Growth
The material-based technology
Growth Rate
19.6% CAGR
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Global Hydrogen Storage Market is segmented by Type, Storage form, Physical State, Application and region. Based on Type, the market is segmented into Cylindrical, Merchant/ Bulk, Onsite, and On-Board. Based on Storage Form, the market is segmented into Physical Storage (Compressed, and Liquefied), and Material Based Storage (Chemical Hydrogen, and solid state). Based on Physical State, the market is segmented into Solid, Liquid, and Gas. Based on Application, the market is segmented into Commercial (Fuelling Stations, Power Backup System and Others), Industrial (Energy Storage, Refining, Chemical Manufacturing, and others), Residential (Backup Power Systems, Hydrogen-Powered Appliances, and others), and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Type
Among the three types of hydrogen storage methods namely, physical storage, chemical storage, and material storage. The physical storage segment currently dominates the global hydrogen storage market. Physical storage involves the compression or liquefaction of hydrogen gas and its storage in tanks or cylinders. This method is widely adopted due to its relatively mature technology, ease of implementation, and cost-effectiveness compared to other storage methods.
On the other hand, the fastest-growing type in the global hydrogen storage market is material storage. Material storage, also known as solid-state storage, involves storing hydrogen within solid materials such as metal hydrides or porous materials. This method offers the advantage of high hydrogen storage capacity and enhanced safety compared to compressed or liquefied gas storage. Additionally, material storage enables better control over hydrogen release, making it suitable for various applications, including fuel cells and transportation.
Analysis by Application
Transportation emerges as the dominant application in the global hydrogen storage market. The increasing focus on decarbonizing the transportation sector and reducing greenhouse gas emissions has led to a growing demand for hydrogen-powered vehicles. Hydrogen fuel cells are gaining popularity as a clean and efficient alternative to traditional internal combustion engines. Governments and automakers worldwide are investing in the development of hydrogen fuel cell vehicles, leading to a significant uptake in hydrogen storage solutions for transportation.
On the other hand, energy storage represents the fastest-growing type in the global hydrogen storage market. The integration of renewable energy sources, such as solar and wind power, into the grid requires efficient energy storage solutions. Hydrogen storage is considered a promising option for long-duration energy storage, enabling the conversion and release of stored energy when needed. The ability of hydrogen to be easily stored and transported makes it an attractive choice for energy storage applications, especially for intermittent renewable energy sources.
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The dominant region in the global hydrogen storage market is North America. This region has a strong presence in the market due to several factors. First, North America has been at the forefront of adopting hydrogen as an alternative fuel for transportation and energy storage. The US, in particular, has been actively investing in hydrogen infrastructure and promoting the use of hydrogen fuel cell vehicles.
On the other hand, the fastest-growing region in the global hydrogen storage market is Asia Pacific. This region has witnessed a surge in demand for hydrogen storage solutions, primarily driven by countries like China, Japan, and South Korea. These countries are investing heavily in developing a hydrogen economy to reduce carbon emissions and address air pollution concerns.
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Drivers
Transition to Clean Energy
Restraints
Limited Market Maturity
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The global hydrogen storage market is witnessing significant growth, driven by the increasing adoption of hydrogen as a clean energy source and the growing emphasis on decarbonization and sustainability. The competitive landscape of this market is characterised by several key players and technological advancements. The market is highly competitive, with players vying to gain a competitive edge through strategic partnerships, collaborations, mergers, and acquisitions. These collaborations enable companies to leverage their respective strengths and expertise to accelerate technological advancements and enhance their market presence.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global hydrogen storage market analysis, the increasing demand for hydrogen as a clean and sustainable energy source is a primary growth driver. Hydrogen storage plays a crucial role in enabling the efficient production, transportation, and utilisation of hydrogen across various sectors, including transportation, power generation, and industrial applications. This summary analysis provides insights into the key aspects of the report description, highlighting market trends, growth drivers, challenges, and opportunities in the global hydrogen storage market. The report emphasises the growing adoption of hydrogen as a clean energy solution, primarily due to its potential in decarbonizing industries and reducing greenhouse gas emissions. As countries strive to achieve their climate goals and transition to a low-carbon economy, hydrogen storage technologies play a pivotal role in storing hydrogen safely and efficiently. The report suggests that advancements in hydrogen storage methods, including compression, liquefaction, and solid-state storage, are driving the market's growth. One of the key drivers identified in the report is the increasing investments in hydrogen infrastructure development. Governments and private entities worldwide are investing heavily in building hydrogen production facilities, storage infrastructure, and distribution networks. These investments are expected to boost the adoption of hydrogen storage technologies, driving market growth in the coming years.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 1.32 billion |
Market size value in 2031 | USD 6.6 billion |
Growth Rate | 19.6% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Hydrogen Storage Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Hydrogen Storage Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Hydrogen Storage Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Hydrogen Storage Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG55B2005
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