Global hydrogen storage market is estimated to rise of USD 1150.64 billion by 2026, registering a substantial CAGR of 8.2 % in the forecast period of 2019-2026. This rise in market value can be attributed to the increase in usage of hydrogen storage tanks in transportation application, high demand of low emission fuels, ammonia and methanol.
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Hydrogen storage is the technology for the enhancement and advancement of technology in applications including, stationary power, portable power, and transportation. It has its wide application in chemicals, metal working, general industrial, transportation, stationary power, portable power, and transportation. Rising demand for low emission fuels may act as the major driver in the growth of Hydrogen storage market. On the other side limited availability of hydrogen refueling infrastructure in developed economies may hamper the market.
Few of the major competitors currently working in hydrogen storage market are
- Air Liquide
- Linde plc
- Praxair Technology, Inc.
- Worthington Industries
- McPhy Energy S.A.
- Luxfer Holdings PLC
- Hexagon Composites ASA
- H Bank Technologies Inc.
- INOX Group
- VRV S.p.A
- Cella Energy Inc.
- American Elements
Other Players Are Sigma-Aldrich Co. LLC, ATM GmbH, Hanwha Chemicals, Eutectix LLC, Pragma Industries, and Ilika Technologies Ltd., Hydrocell, Texaco Ovonic Hydrogen Systems L.L.C.and others. Global hydrogen storage market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of hydrogen storage market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
- Rising demand for low emission fuels
- Rise in demand for ammonia and methanol
- Increased usage of hydrogen storage tanks in transportation application
- Limited availability of hydrogen refuelling infrastructure in developed economies
Key Developments in the Market:
- In March 2019, Providence Asset Group, invested $3.5 million in hydrogen storage for renewables with researcher at UNSW Sydney. Propose of this to develop a first-of-its-kind hydrogen storage system that could be cheaper, safer renewable energy for home use
- In April 2019, Researcher at Michigan university stated a program to develop hydrogen storage. This will eliminate the energy storage problem in vehicles by use of hydrogen storage
Segmentation: Global Hydrogen Storage Market
- Physical Form
- Material based Form
- Oil refining
- General industry
- Metal working
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved
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