Hydrogen storage is the process of storing hydrogen for later use. It can be stored in a variety of forms and is used in a variety of applications, from providing transportation fuel to producing electricity for industrial and residential use. Hydrogen is an appealing energy source due to its high energy density and low environmental impact. However, due to its low density and tendency to escape containment, it can be difficult to store and transport.
As the need for clean, renewable energy sources grows, so does the use and demand for hydrogen storage. Hydrogen has numerous applications, including transportation in fuel cells, heating in conjunction with natural gas, and as an energy source for industrial processes. Hydrogen can also be used in large-scale energy storage systems and as a clean fuel for electricity generation. As the demand for hydrogen storage grows, new technologies such as hydrogen-powered fuel cells and improved methods of storing and transporting hydrogen are being developed.
The report "Hydrogen Storage Market by Storage Form (Physical, Material-Based), Type of Storage (Cylinder, Merchant, On-Site, & On-Board), Application (Chemicals, Oil Refining, Industrial, Transportation, Metal Working), and Region - Global Forecast to 2026". The hydrogen storage market size was USD 415.8 Million in 2015 and is projected to reach USD 969.6 Million by 2026, registering a CAGR of 8.1% between 2016 and 2026.
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Rising demand for transportation fuels, increase in oil consumption, decline of overall crude oil quality, and stringent environmental standards for production of cleaner fuels are some of the factors driving the growth of the hydrogen storage market.
Physical form is the largest segment of the hydrogen storage market.
Physical form is the largest storage form segment of the hydrogen storage market. Physical form of storage includes storing hydrogen in tanks, which are used in various end-use applications, such as ammonia production, crude oil refining, metal working, glass production, and transportation. The physical form segment is driven by the rise in hydrogen demand from refineries due to poor quality crude, stringent regulations on emission by developed countries, and rise in demand for transportation fuel.
On-board segment is expected to witness the highest growth
By type of storage, the on-board segment of the market is expected to witness the highest growth during the forecast period. This segment is driven by the rise in production of transportation fuel cells for applications, such as submarines, ships & boats, and buses among others. The development of hydrogen powered vehicles in Japan and South Korea has also contributed to this segment’s growth.
Asia-Pacific is the largest market for hydrogen storage
Asia-Pacific is the largest and the fastest-growing regional segment of the hydrogen storage market. This growth is mainly attributed to the strong demand for ammonia and methanol from the region’s developing countries, such as China, India, and Malaysia. China’s stringent regulations on oil refineries for producing cleaner fuels are expected to further boost the demand for hydrogen storage in this region.
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The key players in the hydrogen storage market are Air Liquide (France), Linde AG (Germany), Praxair, Inc. (U.S.), Worthington Industries, Inc. (U.S.), Luxfer Holdings Plc (U.K.), McPhy Energy S.A. (France), HBank Technologies Inc. (Taiwan), INOXCVA (India), VRV S.p.A. (Italy), Hexagon Composites ASA (Norway) and others.
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