USD 14.72 billion
Hydrogen Storage Market Size, Share, Growth Analysis, By Type(Physical Storage, Chemical Storage and Material Storage.), By Application(Transportation, Power Generation, Industrial, Residential), By Storage Method(On - Board storage, Under - ground storage and Above - ground storage.), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55B2005 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
90
|Figures:
76
Hydrogen Storage Market Insights
Global Hydrogen Storage Market size was valued at USD 14.72 billion in 2021 and is poised to grow from USD 15.31 billion in 2022 to USD 23.63 billion by 2030, growing at a CAGR of 4.4% in the forecast period (2023-2030).
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Physical Storage
Fastest Growth
Physical Storage
Growth Rate
4.4% CAGR
Global Hydrogen Storage By Region ($ Bn)
Country Share for North America Region (%)
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Hydrogen Storage Market Segmental Analysis
The global hydrogen storage market is segmented by type, application, storage method and region. Based on type, the market can be segmented into physical storage, chemical storage and material storage. .Based on application, the market is segmented into transportation, power generation, industrial, residential, and energy storages. By storage method it can be segmented into on - board storage, under - ground storage and above - ground storage. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
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.
Global Hydrogen Storage By Type
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Hydrogen Storage Market Regional Insights
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.
Global Hydrogen Storage By Geography
- Largest
- Fastest
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Hydrogen Storage Market Dynamics
Drivers
Transition to Clean Energy
- The increasing global emphasis on decarbonization and the shift towards clean energy sources are key drivers for the demand in the hydrogen storage market. Hydrogen, when produced from renewable sources or through electrolysis, presents a sustainable and emission-free energy solution. The rising focus on reducing greenhouse gas emissions and achieving carbon neutrality significantly boosts the adoption of hydrogen storage systems.
Restraints
Limited Market Maturity
- The global hydrogen storage market is still in its early stages and lacks widespread market maturity. The availability and scalability of hydrogen storage solutions remain limited, with only a small number of commercially viable options currently available. The absence of a well-established market ecosystem and the lack of standardisation present challenges to the growth of the hydrogen storage market.
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Hydrogen Storage Market Competitive Landscape
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
- Linde plc (Ireland)
- McPhy Energy S.A. (France)
- Hexagon Composites ASA (Norway)
- Luxfer Holdings PLC (UK)
- NPROXX GmbH (Germany)
- Praxair, Inc. (US)
- Nel ASA (Norway)
- Plug Power Inc. (US)
- Chart Industries, Inc. (US)
- Cella Energy Limited (UK)
- Quantum Fuel Systems LLC (US)
- Xebec Adsorption Inc. (Canada)
- Metal hydrides (US)
- Mitsubishi Hitachi Power Systems, Ltd. (Japan)
- Hydrogenics Corporation (Canada)
- FuelCell Energy, Inc. (US)
- Ballard Power Systems Inc. (Canada)
- Linde Engineering (Germany)
Recent Developments
- In June 2023, Cummins Inc. announced that it had started production of its new hydrogen storage system for fuel cell vehicles. The system is designed to be lightweight and compact, making it suitable for use in passenger cars and light trucks.
- In May 2023, Linde PLC announced that it had opened a new hydrogen storage research and development facility in Germany. The facility will focus on the development of new hydrogen storage technologies, such as metal hydrides and liquid organic hydrogen carriers.
- In April 2023, ITM Power announced that it had signed a partnership agreement with the UK government to develop a new hydrogen storage system for the National Grid. The system will be used to store hydrogen produced from renewable energy sources.
- In March 2023, Nel ASA announced that it had received an order from the Port of Antwerp to supply a hydrogen storage system for a new hydrogen refuelling station. The system will be able to store up to 500 kilograms of hydrogen, which is enough to refuel up to 100 fuel cell vehicles.
- In February 2023, Air Liquide announced that it had started commercial operations of its new hydrogen storage facility in Norway. The facility is capable of storing up to 1,000 tons of hydrogen, which is enough to power over 100,000 fuel cell vehicles.
Hydrogen Storage Key Market Trends
- Rising Adoption of Metal Hydrides: The increasing adoption of metal hydrides as a hydrogen storage technology is a key market trend. Metal hydrides are a class of materials that can absorb hydrogen molecules, making them a promising option for hydrogen storage. Metal hydrides are lightweight and have a high energy density, making them well-suited for use in mobile applications such as fuel cell vehicles.The adoption of metal hydrides in the fuel cell vehicle market is also being supported by the development of new technologies that make these materials more efficient and cost-effective. For example, some new metal hydride materials are now capable of absorbing and releasing hydrogen at higher temperatures, making them more suitable for use in fuel cell vehicles.
Hydrogen Storage Market SkyQuest Analysis
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 2023 | USD 14.72 billion |
| Market size value in 2031 | USD 23.63 billion |
| Growth Rate | 4.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Hydrogen Storage Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Hydrogen Storage Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
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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