HYDROGEN STORAGE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The global hydrogen storage market size was valued at USD 1.6 Bn in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 23% from 2024 to 2031. Hydrogen storage refers to techniques that bind hydrogen to lightweight materials in order to increase the gravimetric or volumetric density of hydrogen to enable hydrogen dispensing. Hydrogen storage technologies help address challenges related to limits of onboard capacity and ensure smooth operations in the mobility sector. Growing demand for hydrogen storage systems from the transportation industry is expected to drive the market during the forecast period. Furthermore, policies and initiatives supporting hydrogen as an alternative fuel for automobiles would positively impact the hydrogen storage industry. Government mandates and targets related to carbon emission reduction along with technological advancements are anticipated to offer new growth opportunities for hydrogren storage technology providers globally.

Market Dynamics

The global hydrogen storage market is driven by several factors, such as growing demand for fuel cell vehicles, support through government policies and initiatives, and ongoing technological advancements in hydrogen storage technologies. Fuel cell vehicles run on hydrogen and emit only water, making them more environment-friendly compared to conventional fuel-powered vehicles. Therefore, rising focus on developing hydrogen infrastructure to support fuel cell vehicles will augment the need for effective hydrogen storage systems during the forecast period. However, high costs associated with hydrogen storage tanks and lack of hydrogen fueling stations currently inhibit the large-scale adoption of this technology. On the positive side, ongoing R&D efforts to reduce costs and improve storage capacity and efficiency open up new opportunities.

Key Features of the Study

• This report provides an in-depth analysis of the global hydrogen storage market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global hydrogen storage market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include Air Liquide, Air Products and Chemicals, Inc., Hexagon Purus, Worthington Industries, Inc., Linde plc, Luxfer Holdings PLC, Chart Industries , INOXCVA, HBank Technologies Inc., Pragma Industries
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global hydrogen storage market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global hydrogen storage market

Detailed Segmentation:

• Form:
• • Physical Storage
  • Material-based Storage
• Type:
• • Cylinder
  • Merchant/Bulk
  • Onsite
  • On-Board
• Application:
• • Oil Refineries
  • Chemicals
  • Industrial
  • Automotive & Transportation
  • Others (Metalworking, etc.)
• Region: 
• • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Company Profiles:
• • Air Liquide
  • Air Products and Chemicals, Inc.
  • Hexagon Purus
  • Worthington Industries, Inc.
  • Linde plc
  • Luxfer Holdings PLC
  • Chart Industries
  • INOXCVA
  • HBank Technologies Inc.
  • Pragma Industries