The global hydrogen storage market is projected to grow from $477.7 million in 2016 to $991.7 million by 2026. With the shifting focus toward producing renewable energy from oxygen and hydrogen, the market for hydrogen storage solutions is projected to prosper at a healthy rate. In addition, the growing use of hydrogen in different end-use sectors, including energy, transportation, power, and electronics is expected to bolster the market during the forecast period.
GLOBAL HYDROGEN STORAGE MARKET, BY REGION, $M (2012 – 2026)
Insights on the market segments
Based on application, stationary power accounted for the largest demand for hydrogen storage solutions. The physical storage category under the form of storage segment led the market during the historical period, with the larger share in terms of revenue.
Asia-Pacific standing as the largest market for hydrogen storage solutions
Asia-Pacific (APAC) led the hydrogen storage market in terms of value, and China was the largest revenue generator within the region during the historical period. The U.S. was the major revenue generator in the North American market, while Germany led the market in the European region. Saudi Arabia dominated the Middle Eastern and African (MEA) market, while Brazil accounted for the largest revenue share in South America.
Focus on clean mobility bolstering the market growth
The growing demand for hydrogen-powered vehicles in Europe and North America is expected to impact the growth of the market positively during the forecast period. This is attributable to the easy availability of hydrogen fueling stations and strict government regulations for curbing carbon emissions from vehicles. Government initiatives encouraging the use of hydrogen storage technologies are providing ample growth opportunities to the players in the hydrogen storage market.
North America and Europe are focused on manufacturing zero-emission hydrogen vehicles. To smoothen the process and encourage automotive companies to produce hydrogen-fueled vehicles, nations including the U.S. and the U.K. have released government funds and launched programs. For example, the U.K. government had invested $2.21 million till May 10, 2016, to bring an additional 100 hydrogen fuel-cell cars and vans on the road in the next few years.
Investments in renewable energy driving the market
Driven by the growing requirement for energy and the shifting focus on creating energy from alternative sources, including fuel cells, hydrogen and oxygen, the hydrogen storage market is expected to grow considerably during the forecast period. The hydrogen storage market is expected to receive heavy investments during the forecast period due to the continuous advancements in fuel cell and hydrogen technologies, and favorable government initiatives, including the new funding opportunity announcement (FOA), introduced to encourage the adoption of hydrogen storage technologies across the globe.
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High hydrogen extraction and storage system installation costs acting as key barrier
The high costs associated with the extraction of hydrogen and installation of storage systems may pose a challenge to the companies engaged in the installation of hydrogen storage systems. However, increasing government investments and research and development (R&D) activities are expected to lessen the negative impact on the hydrogen storage market with time.
Key players entering into collaborations for technological developments
The key players in the hydrogen storage market include Linde AG, Air Liquide S.A., Worthington Industries Inc., Praxair Inc., HBank Technologies Inc., McPhy Energy S.A., VRV S.p.A., Hexagon Composites ASA, and INOXCVA.
Contracts and agreements have been the major developments in the global hydrogen storage market in recent years. Worthington Industries Inc., Praxair Inc., and Linde AG are some of the companies that signed new agreements for the development of hydrogen storage technologies around the world.