Hydrogen Storage Market - Global Industry Analysis

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Hydrogen storage is a technology that is vital for successful commercialization of automobiles that use hydrogen as a fuel. The global hydrogen storage market is expected to witness substantial growth over the forecast time period, owing to the growing concerns related to environmental protection. Rising global energy consumption and increasing demand for oil and natural gas are leading to excessive use of these naturally occurring, limited sources. Hydrogen is a well-recognized and accepted as an alternative energy source. Hydrogen is the third most common element present on the earth. It is the most efficient energy source among all fuels and is a cleaner apart from being a zero-carbon emitting energy source. Its only byproduct is water. Hydrogen storage is extremely important for using hydrogen as an alternate energy source. Hydrogen carries the maximum energy per mass among all other fuels. However, its low atmosphere temperature density generates less energy per unit volume. Thus, the development of efficient storage methods with the potentiality for high energy delivery is highly required. However, the high production cost of hydrogen storage tanks may limit the global hydrogen storage market. Alternatively, technological advancements in the manufacturing of storage vessels and growing advantages of hydrogen fuel cells in scaling down greenhouse emissions will positively influence the global hydrogen storage market.

Based on form, the global hydrogen storage market is bifurcated into physical-based and material-based. Physical-based type is generally used to store hydrogen in liquid or gaseous forms. Material-based type includes storage of metal hydrides, sorbent materials, and chemical hydrogen. Storing hydrogen in liquid form involves cryogenics, as the boiling point of hydrogen is extremely low. Metal hydrides are the most feasible hydrogen storage materials, as they can be easily deployed in a variety of applications, such as heat pumps, thermal storages, etc. Chemical hydrogen storage materials are usually compounds that have strong covalent bonds of hydrogen in their structure. Sorbent materials store hydrogen by the method of adsorption. In terms of application, the hydrogen storage market includes stationary power, portable power, and transportation.

The Asia Pacific region is anticipated to dominate the global hydrogen storage market in the future, owing to the emerging markets in China and India. The North American hydrogen storage market is expected to grow notably over the forecast time period, owing to the growing demand for refined hydrogen by the flourishing automobile sector.

The key players operating in the global hydrogen storage market are Luxfer Holdings, Worthington Industries, Praxair, Hydrogenious Technologies, Pragma Industries, HBank Technology, Air Liquide, Hexagon Composites, Linde, Cella Energy Limited, VRV, Eutectix, and McPhy Energy.