The global hydrogen storage market was valued at $2.8 billion in 2022, and is projected to reach $8.6 billion by 2032, growing at a CAGR of 12.7% from 2023 to 2032.
Hydrogen storage system refers to the industry involved in the development, manufacture, and distribution of technologies and infrastructure required for the safe and efficient storage of hydrogen. Hydrogen storage systems play a critical role in enabling the utilization of hydrogen as an energy carrier for various applications. Hydrogen energy storage encompasses a range of storage technologies and solutions such as compresses gas storage, liquid storage, metal and chemical hydride storage, and solid-state storage.
The growth in interest in green energy solutions has led to a surge in demand for cylinder hydrogen storage, a method viewed by many as a vital component in the transition to a more sustainable energy future. With the world aggressively moving away from fossil fuels, hydrogen, often hailed as the fuel of the future, finds itself in the spotlight due to its high energy content and clean-burning properties, producing only water as a byproduct. Consequently, effective storage and transport mechanisms for hydrogen have become increasingly crucial, with compressed hydrogen cylinders emerging as a prevalent choice for several reasons.
First, they offer a degree of portability unparalleled by many other storage methods, allowing for easy transport and exchange, facilitating its distribution across diverse sectors and locations. Furthermore, the technology underpinning this form of storage is mature and proven, having been employed in various capacities over the years, thus offering reliability and a degree of familiarity that new technologies may lack. Moreover, the versatility of cylinder storage, adaptable to a multitude of applications ranging from vehicular fueling to backup power sources, makes it an attractive choice for businesses and governments alike. Concurrently, there is an industry-wide push for regularizing safety protocols, ensuring that as cylinder usage grows, so does the commitment to safe handling, storage, and transportation.
However, the most common storage method involves compressing hydrogen to store it under high pressure, usually around 350-700 bar (5,000-10,000 psi). The tanks must be incredibly robust to withstand such pressures, so they are typically constructed using high-strength composite materials such as carbon fibers, which are expensive. The production of these high-pressure tanks is not straightforward. They require specialized manufacturing processes, precision engineering, and quality control, all contributing to higher costs. There is ongoing research into finding more efficient and cost-effective hydrogen storage solutions, such as metal hydrides or chemical storage. Investment in R&D, while essential for future breakthroughs, adds an initial cost that is often reflected in current storage solutions.
Addressing the high costs of hydrogen storage tanks is critical for the broader acceptance and deployment of hydrogen technologies, especially in applications such as transportation where onboard storage space and costs are vital considerations. The limited availability of hydrogen refueling infrastructure poses a significant challenge to the mass adoption of hydrogen as a clean energy carrier, especially in the transportation sector.
The scarcity of refueling stations renders it less convenient for potential users, especially when compared to the ubiquitous gasoline stations or growth in number of electric vehicles charging points while hydrogen offers substantial benefits in terms of emissions and energy density. This lack of infrastructure, in turn, impacts consumer confidence, as potential buyers of hydrogen fuel cell vehicles (FCVs) may be deterred by concerns about refueling availability during longer trips or in remote areas.
On the contrary, the development of low weight hydrogen storage tanks is a critical area of focus for the advancement of hydrogen as a viable energy carrier, especially in the transportation sector. The weight of storage solutions directly impacts vehicle efficiency, range, and overall performance. Traditional high-pressure hydrogen storage tanks primarily utilize carbon fiber composites due to their strength-to-weight ratio. Research is ongoing to enhance the properties of these composites, allowing for thinner, lighter tank walls without compromising safety.
These chemical compounds absorb and release hydrogen, providing a way to store hydrogen at much lower pressures, hence potentially reducing tank weight. Scientists are actively researching lightweight metal hydrides with high storage capacities. These chemical compounds can absorb and release hydrogen, providing a way to store hydrogen at much lower pressures, hence potentially reducing tank weight. Materials such as metal-organic frameworks (MOFs) and covalent organic frameworks (COFs) have shown promise. These structures can trap hydrogen molecules at high densities without requiring the hydrogen to be at high pressures, potentially reducing tank weight. Hence, the development of low weight hydrogen storage tanks will provide lucrative opportunity for the hydrogen storage tanks in automobile industry as the automobile industry is focusing on reducing weight of vehicle to increase the efficiency and overall performance.
The hydrogen storage market is segmented into type, storage form, end-use industry, and region. On the basis of type, the market is categorized into cylinder, merchant, on-site, and on-board. On the basis of storage form, the market is bifurcated into material-based hydrogen storage and physical hydrogen storage. On the basis of end-use industry, the market is classified into chemical, oil refineries, automotive & transportation, metalworking, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Hydrogen storage system refers to the industry involved in the development, manufacture, and distribution of technologies and infrastructure required for the safe and efficient storage of hydrogen. Hydrogen storage systems play a critical role in enabling the utilization of hydrogen as an energy carrier for various applications. Hydrogen energy storage encompasses a range of storage technologies and solutions such as compresses gas storage, liquid storage, metal and chemical hydride storage, and solid-state storage.
The growth in interest in green energy solutions has led to a surge in demand for cylinder hydrogen storage, a method viewed by many as a vital component in the transition to a more sustainable energy future. With the world aggressively moving away from fossil fuels, hydrogen, often hailed as the fuel of the future, finds itself in the spotlight due to its high energy content and clean-burning properties, producing only water as a byproduct. Consequently, effective storage and transport mechanisms for hydrogen have become increasingly crucial, with compressed hydrogen cylinders emerging as a prevalent choice for several reasons.
First, they offer a degree of portability unparalleled by many other storage methods, allowing for easy transport and exchange, facilitating its distribution across diverse sectors and locations. Furthermore, the technology underpinning this form of storage is mature and proven, having been employed in various capacities over the years, thus offering reliability and a degree of familiarity that new technologies may lack. Moreover, the versatility of cylinder storage, adaptable to a multitude of applications ranging from vehicular fueling to backup power sources, makes it an attractive choice for businesses and governments alike. Concurrently, there is an industry-wide push for regularizing safety protocols, ensuring that as cylinder usage grows, so does the commitment to safe handling, storage, and transportation.
However, the most common storage method involves compressing hydrogen to store it under high pressure, usually around 350-700 bar (5,000-10,000 psi). The tanks must be incredibly robust to withstand such pressures, so they are typically constructed using high-strength composite materials such as carbon fibers, which are expensive. The production of these high-pressure tanks is not straightforward. They require specialized manufacturing processes, precision engineering, and quality control, all contributing to higher costs. There is ongoing research into finding more efficient and cost-effective hydrogen storage solutions, such as metal hydrides or chemical storage. Investment in R&D, while essential for future breakthroughs, adds an initial cost that is often reflected in current storage solutions.
Addressing the high costs of hydrogen storage tanks is critical for the broader acceptance and deployment of hydrogen technologies, especially in applications such as transportation where onboard storage space and costs are vital considerations. The limited availability of hydrogen refueling infrastructure poses a significant challenge to the mass adoption of hydrogen as a clean energy carrier, especially in the transportation sector.
The scarcity of refueling stations renders it less convenient for potential users, especially when compared to the ubiquitous gasoline stations or growth in number of electric vehicles charging points while hydrogen offers substantial benefits in terms of emissions and energy density. This lack of infrastructure, in turn, impacts consumer confidence, as potential buyers of hydrogen fuel cell vehicles (FCVs) may be deterred by concerns about refueling availability during longer trips or in remote areas.
On the contrary, the development of low weight hydrogen storage tanks is a critical area of focus for the advancement of hydrogen as a viable energy carrier, especially in the transportation sector. The weight of storage solutions directly impacts vehicle efficiency, range, and overall performance. Traditional high-pressure hydrogen storage tanks primarily utilize carbon fiber composites due to their strength-to-weight ratio. Research is ongoing to enhance the properties of these composites, allowing for thinner, lighter tank walls without compromising safety.
These chemical compounds absorb and release hydrogen, providing a way to store hydrogen at much lower pressures, hence potentially reducing tank weight. Scientists are actively researching lightweight metal hydrides with high storage capacities. These chemical compounds can absorb and release hydrogen, providing a way to store hydrogen at much lower pressures, hence potentially reducing tank weight. Materials such as metal-organic frameworks (MOFs) and covalent organic frameworks (COFs) have shown promise. These structures can trap hydrogen molecules at high densities without requiring the hydrogen to be at high pressures, potentially reducing tank weight. Hence, the development of low weight hydrogen storage tanks will provide lucrative opportunity for the hydrogen storage tanks in automobile industry as the automobile industry is focusing on reducing weight of vehicle to increase the efficiency and overall performance.
The hydrogen storage market is segmented into type, storage form, end-use industry, and region. On the basis of type, the market is categorized into cylinder, merchant, on-site, and on-board. On the basis of storage form, the market is bifurcated into material-based hydrogen storage and physical hydrogen storage. On the basis of end-use industry, the market is classified into chemical, oil refineries, automotive & transportation, metalworking, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the hydrogen storage market analysis from 2022 to 2032 to identify the prevailing hydrogen storage market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the hydrogen storage market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global hydrogen storage market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Type
- Cylinder
- Merchant/bulk
- On-Site
- On-Board
By Storage
- Material
- Physical
By End-use Industry
- Chemical
- Oil refineries
- Automotive and transportation
- Metalworking
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
- Hexagon Composites ASA
- Chart Industries, Inc.
- Worthington Industries Inc.
- Steelhead Composites, Inc.
- Linde Plc
- Air Liquide
- Luxfer Holdings PLC
- inoxcva
- Pragma Industries
- HBank Technologies Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: HYDROGEN STORAGE MARKET, BY TYPE
CHAPTER 5: HYDROGEN STORAGE MARKET, BY STORAGE
CHAPTER 6: HYDROGEN STORAGE MARKET, BY END-USE INDUSTRY
CHAPTER 7: HYDROGEN STORAGE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- Hexagon Composites ASA
- Chart Industries, Inc.
- Worthington Industries Inc.
- Steelhead Composites, Inc.
- Linde Plc
- Air Liquide
- Luxfer Holdings PLC
- inoxcva
- Pragma Industries
- HBank Technologies Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 270 |
| Published | November 2023 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value ( USD | $ 2.8 billion |
| Forecasted Market Value ( USD | $ 8.6 billion |
| Compound Annual Growth Rate | 11.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
