According to a new report by Transparency Market Research, the hydrogen storage market value was estimated at $1.7 billion in 2022 and by the research firm’s estimates, the market will reach $9.4 billion by 2031, growing at a compound annual growth rate (CAGR) of 20.6%.
Key Findings of Market Report
- Hydrogen storage market demand is expected to grow as industrial applications and compression methods grow.
- Market research shows that hydrogen storage in solid form is expected to grow the market.
- The chemical industry is expected to grow, resulting in a growth in hydrogen storage demand.
- A stringent set of regulations by the government has led to an expanding market for hydrogen storage.
- Commercial applications are anticipated to drive market growth for hydrogen storage.
Global Hydrogen Storage: Growth Drivers
- Hydrogen storage technologies are continuously improving, becoming more cost-effective, efficient, and scalable through research and development. Hydrogen storage solutions are growing in popularity due to advances in materials science and the development of high-capacity tanks.
- The ability to transport hydrogen over long distances and even offshore allows energy to be transferred to places without renewables. Long-distance transmission and energy export are possible with hydrogen storage technology because it facilitates safe and efficient transportation of hydrogen, whether as compressed gas, liquid hydrogen, or chemical hydrides.
- Transportation, power generation, and other applications can be run on hydrogen, which is a highly efficient way of storing energy. Compared to other energy storage methods, hydrogen storage is cheaper to operate. In addition to introducing technical benefits, hydrogen storage can enhance the stability of renewable energy resources.
- Several sources of hydrogen can be used to produce the fuel, such as water electrolysis, natural gas reforming, and biomass gasification. The variety of feedstocks provides countries with opportunities to reduce their dependence on fossil fuels, enhance their energy security, and promote domestic hydrogen production.
Global Hydrogen Storage: Regional Landscape
- The Asia Pacific region is expected to hold a significant share of 40.4% from 2023 to 2031.
- Hydrogen storage market growth is fueled by the rise in hydrogen production, utilization, and export in the Asia Pacific region.
- Fuel cell applications are expected to grow rapidly in North America, as emission regulations are tightened, cleaner fuels are used, and pollution controls are tightened.
- Research & development and full-scale storage projects in the United States will contribute significantly to market growth.
- European countries are building massive hydrogen energy storage projects, which is driving the market demand for hydrogen energy storage.
Global Hydrogen Storage Market: Segmentation
Form
- Solid
- Liquid
- Gas
Technology
- Compression
- Liquefaction
- Material-based
Application
- Chemicals
- Oil Refineries
- Automotive & Transportation
- Industrial
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
For a sample copy of the report click here.