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Underground Hydrogen Storage Market Size, Share & Trends Analysis Report By Storage Type (Porous Media Storage, Salt Caverns, Engineered Cavities), By Region, And Segment Forecasts, 2024 - 2030

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  • 100 Pages
  • April 2024
  • Region: Global
  • Grand View Research
  • ID: 5734460
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Underground Hydrogen Storage Market Growth & Trends

The global underground hydrogen storage market size is expected to reach 5,049.94 MCM by 2030, registering at a CAGR of 10.5% from 2024 to 2030. The underground hydrogen storage market is projected to observe significant growth over the estimated period owing to an increase in hydrogen production and a lack of viable alternatives for large-scale hydrogen storage. Underground hydrogen storage is currently the only viable large-scale storage technology for hydrogen due to its ability to safely store large quantities of hydrogen in a compact and secure location. One of the main advantages of underground storage is that it is much safer than above-ground storage as hydrogen has a very low flash point and is highly flammable. Underground storage eliminates the risk of accidents or leaks as the hydrogen is stored deep below the ground in a sealed container. This also means that there is no risk of damage to the surrounding environment or infrastructure in the event of an accident.

Salt caverns dominated the type segment in 2022 and this segment is expected to maintain its position over the forecast period. Salt caverns are developed from existing salt reserves. Underground salt caverns are considered the best option for bulk hydrogen storage due to their structural strength, which makes caverns capable enough against degradation to ensure the long life of the storage facility.

Demand for underground hydrogen storage is projected to rise over the forecast period owing to the increasing demand for hydrogen and programs to cut carbon emissions. The increasing investments in research and development for underground hydrogen storage in regions like North America, the Middle East & North Africa, and the Asia Pacific are expected to strengthen market growth.

Underground Hydrogen Storage Market Report Highlights

  • In terms of volume, the salt caverns segment accounted for the largest share of 97.97% in 2023 and this segment is further expected to witness steady growth over the forecast period
  • Europe accounted for the largest volume share of 58.76% in 2023. Lower building and operational costs coupled with higher safety offered by salt caverns are expected to result in the growth of the salt caverns storage segment in the underground hydrogen storage market in regional economies
  • Various strategic initiatives have been recorded over the past few years to boost the growth of the market. For instance, in January 2021, Storengy and HyPSTER collaborated for an investigation on the conversion of a salt cavern facility to underground hydrogen storage situated in Etrez, France

Table of Contents

Chapter 1 Underground Hydrogen Storage Market: Methodology & Scope
1.1 Market Segmentation & Scope
1.2 Market Definitions
1.3 Information Procurement
1.3.1 Purchased Database
1.3.2 Internal Database
1.3.3 Secondary Sources
1.3.4 Third Party Perspective
1.3.5 Primary Research
1.4 Information Analysis
1.4.1 Data Analysis Models
1.5 Market Formulation and Data Visualization
1.6 Data Validation and Publishing
Chapter 2 Underground Hydrogen Storage Market: Executive Summary
2.1 Market Snapshot
2.2 Segment Snapshot
2.3 Competitive Landscape Snapshot
Chapter 3 Underground Hydrogen Storage Market: Variables, Trends, & Scope
3.1 Penetration & Growth Prospect Mapping
3.2 Industry Value Chain Analysis
3.3 Regulatory Framework
3.3.1 Standards and Compliances
3.4 Hydrogen Underground Storage Market Dynamics
3.4.1 Market Driver Analysis
3.4.1.1 Increase in THE Adoption of hydrogen technologies
3.4.1.2 Lack of Viable Alternatives
3.4.2 Market Restraint Analysis
3.4.2.1 High cost of building and maintenance of Underground Hydrogen Storage
3.4.3 Market Opportunities
3.4.4 Industry Analysis - Porter's
3.4.5 Pestel Analysis
3.5 Impact of COVID-19 on the Underground Hydrogen Storage Market
3.5.1 Impact Verdict - Medium
3.6 Comparison of Hydrogen Generation Vs Underground Hydrogen Stored
3.7 Number of wells drilled, by region, 2018 - 2021
3.8 Average spending on wells drilled, by region, 2018 - 2021 (USD thousand)
Chapter 4. Underground Hydrogen Storage Market: Storage Type Outlook Estimates & Forecasts
4.1. Underground Hydrogen Storage Market: Storage Type Movement Analysis, 2023 & 2030
4.2. Porous Media Storage
4.2.1. Market estimates and forecast, 2018 - 2030 (MCM)
4.3. Salt Caverns
4.3.1. Market estimates and forecast, 2018 - 2030 (MCM)
4.4. Engineered Cavities
4.4.1. Market estimates and forecast, 2018 - 2030 (MCM)
Chapter 5. Underground Hydrogen Storage Market Regional Outlook Estimates & Forecasts
5.1. Regional Snapshot
5.2. Underground Hydrogen Storage Market: Regional Movement Analysis, 2023 & 2030
5.3. North America
5.3.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.3.2. U.S.
5.3.2.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.3.3. Canada
5.3.3.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.4. Europe
5.4.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.4.2. Germany
5.4.2.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.4.3. UK
5.4.3.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.4.4. France
5.4.4.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.5. Asia Pacific
5.5.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.5.2. Australia
5.5.2.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.5.3. China
5.5.3.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.5.4. Japan
5.5.4.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.5.5. India
5.5.5.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.6. Latin America
5.6.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.6.2. Mexico
5.6.2.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.6.3. Brazil
5.6.3.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.7. Middle East & Africa
5.7.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.7.2. Algeria
5.7.2.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.7.3. Egypt
5.7.3.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.7.4. Libya
5.7.4.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.7.5. UAE
5.7.5.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
Chapter 6. Competitive Landscape
6.1. Recent Developments & Impact Analysis, By Key Market Participants
6.2. Vendor Landscape
6.3. Company Categorization
6.4. Participant's Overview
6.5. Company Ranking
6.6. Heat Map Analysis
6.7. Company Market Share Analysis, 2023
6.8. Market Strategies
6.9. Vendor Landscape
6.10. Strategy Mapping
6.11. Company Profiles/Listing
6.11.1. Air Products and Chemicals, Inc.
6.11.1.1. Company Overview
6.11.1.2. Financial Performance
6.11.1.3. Product Benchmarking
6.11.2. Air Liquide
6.11.2.1. Company Overview
6.11.2.2. Financial Performance
6.11.2.3. Product Benchmarking
6.11.3. Linde Plc
6.11.3.1. Company Overview
6.11.3.2. Financial Performance
6.11.3.3. Product Benchmarking
6.11.4. Engie
6.11.4.1. Company Overview
6.11.4.2. Financial Performance
6.11.4.3. Product Benchmarking
6.11.5. Uniper SE
6.11.5.1. Company Overview
6.11.5.2. Financial Performance
6.11.5.3. Product Benchmarking
6.11.6. Texas Brine Company, LLC
6.11.6.1. Company Overview
6.11.6.2. Financial Performance
6.11.6.3. Product Benchmarking
6.11.7. WSP
6.11.7.1. Company Overview
6.11.7.2. Financial Performance
6.11.7.3. Product Benchmarking
6.11.8. NEUMAN & ESSER GROUP
6.11.8.1. Company Overview
6.11.8.2. Financial Performance
6.11.8.3. Product Benchmarking
6.11.9. Hychico S.A.
6.11.9.1. Company Overview
6.11.9.2. Financial Performance
6.11.9.3. Product Benchmarking
List of Tables
Table 1. Underground Hydrogen Storage Market estimates and forecasts, 2018 - 2030 (MCM)
Table 2. Underground Hydrogen Storage Market estimates and forecasts by Storage Type, 2018 - 2030 (MCM)
Table 3. Underground Hydrogen Storage Market estimates and forecasts in Porous Media Storage, 2018 - 2030 (MCM)
Table 4. Underground Hydrogen Storage Market estimates and forecasts in Salt Caverns, 2018 - 2030 (MCM)
Table 5. Underground Hydrogen Storage Market estimates and forecasts by Engineered Cavities, 2018 - 2030 (MCM)
Table 6. North America Underground Hydrogen Storage Market estimates and forecasts, 2018 - 2030 (MCM)
Table 7. North America Underground Hydrogen Storage Market estimates and forecasts, by Storage Type, 2018 - 2030 (MCM)
Table 8. U.S. Underground Hydrogen Storage Market estimates and forecasts, 2018 - 2030 (MCM)
Table 9. U.S. Underground Hydrogen Storage Market estimates and forecasts, by Storage Type, 2018 - 2030 (MCM)
Table 10. Canada Underground Hydrogen Storage Market estimates and forecasts, 2018 - 2030 (MCM)
Table 11. Canada Underground Hydrogen Storage Market estimates and forecasts, by Storage Type, 2018 - 2030 (MCM)
Table 12. Europe Underground Hydrogen Storage Market estimates and forecasts, 2018 - 2030 (MCM)
Table 13. Europe Underground Hydrogen Storage Market estimates and forecasts, by Storage Type, 2018 - 2030 (MCM)
Table 14. Germany Underground Hydrogen Storage Market estimates and forecasts, 2018 - 2030 (MCM)
Table 15. Germany Underground Hydrogen Storage Market estimates and forecasts, by Storage Type, 2018 - 2030 (MCM)
Table 16. France Underground Hydrogen Storage Market estimates and forecasts, 2018 - 2030 (MCM)
Table 17. France Underground Hydrogen Storage Market estimates and forecasts, by Storage Type, 2018 - 2030 (MCM)
Table 18. UK Underground Hydrogen Storage Market estimates and forecasts, 2018 - 2030 (MCM)
Table 19. UK Underground Hydrogen Storage Market estimates and forecasts, by Storage Type, 2018 - 2030 (MCM)
Table 20. Asia Pacific Underground Hydrogen Storage Market estimates and forecasts, 2018 - 2030 (MCM)
Table 21. Asia Pacific Underground Hydrogen Storage Market estimates and forecasts, by Storage Type, 2018 - 2030 (MCM)
Table 22. Australia Underground Hydrogen Storage Market estimates and forecasts, 2018 - 2030 (MCM)
Table 23. Australia Underground Hydrogen Storage Market estimates and forecasts, by Storage Type, 2018 - 2030 (MCM)
Table 24. China Underground Hydrogen Storage Market estimates and forecasts, 2018 - 2030 (MCM)
Table 25. China Underground Hydrogen Storage Market estimates and forecasts, by Storage Type, 2018 - 2030 (MCM)
Table 26. India Underground Hydrogen Storage Market estimates and forecasts, 2018 - 2030 (MCM)
Table 27. India Underground Hydrogen Storage Market estimates and forecasts, by Storage Type, 2018 - 2030 (MCM)
Table 28. Japan Underground Hydrogen Storage Market estimates and forecasts, 2018 - 2030 (MCM)
Table 29. Japan Underground Hydrogen Storage Market estimates and forecasts, by Storage Type, 2018 - 2030 (MCM)
Table 30. Latin America Underground Hydrogen Storage Market estimates and forecasts, 2018 - 2030 (MCM)
Table 31. Latin America Underground Hydrogen Storage Market estimates and forecasts, by Storage Type, 2018 - 2030 (MCM)
Table 32. Mexico Underground Hydrogen Storage Market estimates and forecasts, 2018 - 2030 (MCM)
Table 33. Mexico Underground Hydrogen Storage Market estimates and forecasts, by Storage Type, 2018 - 2030 (MCM)
Table 34. Brazil Underground Hydrogen Storage Market estimates and forecasts, 2018 - 2030 (MCM)
Table 35. Brazil Underground Hydrogen Storage Market estimates and forecasts, by Storage Type, 2018 - 2030 (MCM)
Table 36. Middle East & North Africa Underground Hydrogen Storage Market estimates and forecasts, 2018 - 2030 (MCM)
Table 37. Middle East & North Africa Underground Hydrogen Storage Market estimates and forecasts, by Storage Type, 2018 - 2030 (MCM)
Table 38. Algeria Underground Hydrogen Storage Market estimates and forecasts, 2018 - 2030 (MCM)
Table 39. Algeria Underground Hydrogen Storage Market estimates and forecasts, by Storage Type, 2018 - 2030 (MCM)
Table 40. Egypt Underground Hydrogen Storage Market estimates and forecasts, 2018 - 2030 (MCM)
Table 41. Egypt Underground Hydrogen Storage Market estimates and forecasts, by Storage Type, 2018 - 2030 (MCM)
Table 42. Libya Underground Hydrogen Storage Market estimates and forecasts, 2018 - 2030 (MCM)
Table 43. Libya Underground Hydrogen Storage Market estimates and forecasts, by Storage Type, 2018 - 2030 (MCM)
Table 44. UAE Underground Hydrogen Storage Market estimates and forecasts, 2018 - 2030 (MCM)
Table 45. UAE Underground Hydrogen Storage Market estimates and forecasts, by Storage Type, 2018 - 2030 (MCM)
List of Figures
Fig. 1 Market segmentation
Fig. 2 Information procurement
Fig. 3 Data Analysis Models
Fig. 4 Market Formulation and Validation
Fig. 5 Market snapshot
Fig. 6 Segmental outlook - Storage Type
Fig. 7 Competitive outlook
Fig. 8 Underground Gas Storage Market, 2018 - 2030 (MCM)
Fig. 9 Value chain analysis
Fig. 10 Market dynamics
Fig. 11 Porter’s Analysis
Fig. 12 PESTEL Analysis
Fig. 13 Underground Hydrogen Storage Market, by Storage Type: Key takeaways
Fig. 14 Underground Hydrogen Storage Market, by Storage Type: Market share, 2023 & 2030
Fig. 15 Underground Hydrogen Storage Market estimates & forecasts, by Porous Media Storage, 2018 - 2030
Fig. 16 Underground Hydrogen Storage Market estimates & forecasts, by Salt Caverns, 2018 - 2030
Fig. 17 Underground Hydrogen Storage Market estimates & forecasts, by Engineered cavities, 2018 - 2030
Fig. 18 North America Underground Hydrogen Storage Market Estimates and Forecasts, 2018 - 2030
Fig. 19 U.S. Underground Hydrogen Storage Market Estimates and Forecasts, 2018 - 2030
Fig. 20 Canada Underground Hydrogen Storage Market Estimates and Forecasts, 2018 - 2030
Fig. 21 Europe Underground Hydrogen Storage Market Estimates and Forecasts, 2018 - 2030
Fig. 22 Germany Underground Hydrogen Storage Market Estimates and Forecasts, 2018 - 2030
Fig. 23 UK Underground Hydrogen Storage Market Estimates and Forecasts, 2018 - 2030
Fig. 24 France Underground Hydrogen Storage Market Estimates and Forecasts, 2018 - 2030
Fig. 25 Asia Pacific Underground Hydrogen Storage Market Estimates and Forecasts, 2018 - 2030
Fig. 26 Australia Underground Hydrogen Storage Market Estimates and Forecasts, 2018 - 2030
Fig. 27 China Underground Hydrogen Storage Market Estimates and Forecasts, 2018 - 2030
Fig. 28 India Underground Hydrogen Storage Market Estimates and Forecasts, 2018 - 2030
Fig. 29 Japan Underground Hydrogen Storage Market Estimates and Forecasts, 2018 - 2030
Fig. 30 Latin America Underground Hydrogen Storage Market Estimates and Forecasts, 2018 - 2030
Fig. 31 Mexico Underground Hydrogen Storage Market Estimates and Forecasts, 2018 - 2030
Fig. 32 Brazil Underground Hydrogen Storage Market Estimates and Forecasts, 2018 - 2030
Fig. 33 Middle East & North Africa Underground Hydrogen Storage Market Estimates and Forecasts, 2018 - 2030
Fig. 34 Algeria Underground Hydrogen Storage Market Estimates and Forecasts, 2018 - 2030
Fig. 35 Egypt Underground Hydrogen Storage Market Estimates and Forecasts, 2018 - 2030
Fig. 36 Libya Underground Hydrogen Storage Market Estimates and Forecasts, 2018 - 2030
Fig. 37 UAE Underground Hydrogen Storage Market Estimates and Forecasts, 2018 - 2030

Companies Mentioned

  • Air Products and Chemicals, Inc.
  • Air Liquide
  • Linde Plc
  • Engie
  • Uniper SE
  • Texas Brine Company, LLC
  • WSP
  • NEUMAN & ESSER GROUP
  • Hychico S.A.

Methodology

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Table Information

Report AttributeDetails
No. of Pages100
PublishedApril 2024
Forecast Period2023 - 2030
Estimated Market Value in 2023 2478.15 MCM
Forecasted Market Value by 2030 5049.94 MCM
Compound Annual Growth Rate10.5%
Regions CoveredGlobal
No. of Companies Mentioned9

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About the Underground Hydrogen Storage Market

The Underground Hydrogen Storage market is a subset of the larger Energy Storage market. It is a form of energy storage that involves the storage of hydrogen gas in underground geological formations. This is done to store energy for later use, such as when electricity demand is high. The hydrogen is stored in a compressed form, and can be released when needed. This form of energy storage is becoming increasingly popular due to its ability to store large amounts of energy for long periods of time. The benefits of underground hydrogen storage include its low cost, its ability to store energy for long periods of time, and its environmental friendliness. Additionally, it is a form of energy storage that is relatively safe and secure. Some companies in the Underground Hydrogen Storage market include Hydrogenics, ITM Power, and Air Liquide. Show Less Read more

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