Global Hydrogen Storage Market Set to Hit USD 6.74 Billion by 2030, Growing at 14.80% CAGR, Driven by Increasing Demand for Low-Emission Hydrogen, Projects Kings Research
The global hydrogen storage market is projected to experience a strong CAGR of 14.80% from 2023 to 2030. The market growth is attributed to growing environmental concerns and favorable government initiatives.
Dubai, UAE, Oct. 30, 2023 (GLOBE NEWSWIRE) — As per the recent report released by Kings Research, the global Hydrogen Storage Market size is expected to rise from USD 2.56 billion in 2022 to USD 6.74 billion by 2030, growing at a CAGR of 14.80% from 2023 to 2030. One of the primary factors aiding market growth is the increasing demand for low-emission hydrogen to meet climate commitments. Furthermore, rapid industrialization in developing nations and the growing adoption of alternative energy sources are spurring market growth.
Hydrogen storage involves preserving hydrogen gas for future use, enabling its application in various contexts. It plays a pivotal role in incorporating renewable energy into power grids, allowing surplus energy to be stored and utilized during peak demand. There are different types of hydrogen storage including compressed gas, liquid hydrogen, and solid-state options.
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Trending Now: Hi-DEN Project Set to Develop Innovative High-pressure Hydrogen Storage Solution
A new project called Hi-DEN is underway to develop a high-pressure hydrogen storage solution to be used with fuel cell systems for short-haul aerospace and land transport. It is being led by Carbon ThreeSixty and supported by Innovate UK.
The Hi-DEN project is a positive step forward for the hydrogen storage industry. It could help make hydrogen-powered vehicles more practical and affordable, accelerating the transition to a clean energy future.
Global Hydrogen Storage Market Snapshot:
|Market Value (2022)||USD 2.56 Billion|
|Forecasted Value (2030)||USD 6.74 Billion|
|No. of Pages||120|
|Segments Covered||Type, Storage Form, Application, and Region|
|Drivers||Industrial Application of Hydrogen Storage to Boost Market Growth|
|Growing Demand for Low-Emission Hydrogen in Physical Form to Support Market Progress|
|Opportunity||Government Efforts to Build Energy-Efficient Hydrogen Stations to Spur Hydrogen Storage Market Proliferation|
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The global Hydrogen Storage Market is segmented as:
By Storage Form
- Physical Form
- Material Based
Growing Demand for Low-Emission Hydrogen in Physical Form to Support Market Progress
On the basis of storage form, the physical form segment dominated the global hydrogen storage market in 2022. This approach involves storing hydrogen physically, utilizing methods such as gas, supercritical fluid, adsorbate, or molecular inclusions. It is especially crucial for transportation applications where achieving high-density storage is a major challenge.
The growing demand for low-emission fuels and the increasing need for hydrogen storage tanks in the transportation sector are driving the growth of the segment. Furthermore, extensive R&D efforts are aimed at enhancing physical hydrogen storage technology to meet the rising demand.
Industrial Application of Hydrogen Storage to Boost Market Growth
Based on application, the industrial segment held the dominant share in the global hydrogen storage market in 2022. Hydrogen energy is gaining momentum as a clean and sustainable source of power. As a result, numerous industries are embracing hydrogen energy for various purposes, such as rocket propulsion and ammonia production. Even operators of natural gas-fired power plants are exploring the possibility of using hydrogen as an alternative or supplementary fuel. The versatility of hydrogen offers numerous opportunities for its integration into industrial processes, which is fostering the segmental outlook.
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Government Efforts to Build Energy-Efficient Hydrogen Stations to Spur Hydrogen Storage Market Proliferation
Surging government emphasis on establishing cost-effective and energy-efficient hydrogen stations globally is expected to propel industry growth, especially in the United States. This expansion results from the increasing use of hydrogen across various industries, including oil refineries for industrial processes, power generation via stationary fuel cells, fueling fuel cell vehicles, and storage in forms like cryogenic liquid, compressed gas, or hydride chemical compounds.
Europe to Lead Hydrogen Storage Market Due to Rising Favorable Regulatory Landscape
Europe held a dominant position in the hydrogen storage market in 2022, driven by substantial hydrogen energy storage initiatives in the region. Additionally, regulatory bodies such as the Energy Storage Association are actively promoting hydrogen energy applications, which is poised to boost regional market progress. Moreover, the automotive sector in these regions is witnessing a significant adoption of advanced technologies and an increased use of hydrogen, which is contributing to market expansion.
For instance, Germany’s hydrogen capacity in 2022 stood at 5.6 GW, but within a year, it experienced remarkable growth of 2.5 GW, resulting in a total capacity of 8.1 GW by 2023, marking a 28% increase in Europe’s hydrogen capacity. According to the German National Hydrogen Council, the government anticipates hydrogen demand to range between 90 and 110 TWh by 2030, whereas the current hydrogen production in Germany is 57 TWh.
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Key participants in the global hydrogen storage market are employing strategies such as partnerships, mergers, acquisitions, and product innovation to enhance market presence in various regions. Expansion & investments are the major strategic initiatives implemented by companies in the sector. Industry players are investing in R&D activities, building new manufacturing facilities, and supply chain optimization.
For instance, in May 2023, HGK Shipping, Hydrogenious LOHC Maritime, and Hydrogenious LOHC Technologies entered into an agreement, signing a memorandum of understanding (MoU) to develop a scalable solution for enabling broader access to hydrogen as a renewable energy source. The technology employed involves the use of liquid organic hydrogen carriers (LOHC) for hydrogen storage and transportation.
Major players profiled in the global hydrogen storage market include:
- Iberdrola, S.A.
- Air Liquide Energies
- Siemens AG
- Linde plc
- Hexagon Purus
- MAN Energy Solutions
- Air Products & Chemicals, Inc.
- Hydrogenious LOHC Technologies
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Key Points from TOC:
Chapter 1 Introduction of the Global Hydrogen Storage Market
Chapter 2 Executive Summary
Chapter 3 Research Methodology
Chapter 4 Global Hydrogen Storage Market Outlook
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Hydrogen Storage Market, By Type
Chapter 7 Global Hydrogen Storage Market, By Storage Form
Chapter 8 Global Hydrogen Storage Market, By Application
Chapter 9 Global Hydrogen Storage Market, By Geography
Chapter 10 North America
Chapter 11 Europe
Chapter 12 Asia Pacific
Chapter 13 Middle East & Africa
Chapter 14 Latin America
Chapter 15 Global Hydrogen Storage Market Competitive Landscape
Chapter 16 Company Profiles
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