Hydrogen Storage Market Worth $6.3 Billion By 2030

By Author: RMarkets
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The report "Hydrogen Storage Market by Storage Form (Physical, Material-Based), Storage Type (Cylinder, Merchant, On-Site, On-board), Application (Chemicals, Oil Refineries, Industrial, Automotive & Transportation, Metalworking), Region - Forecast to 2030", size is projected to grow from USD 1.5 billion in 2023 to USD 6.3 billion by 2030, at a CAGR of 21.5% during the forecast period. The hydrogen storage market is growing due to the rise in the demand for fuel cell across various industries, and stringent government regulations globally.
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Gas form accounts the highest market share in terms of value and volume in 2022.
The gas form dominated the market in 2022 and is expected to hold its position during the forecast period. In the gas form, hydrogen is compressed into large tanks without liquefying it. This is generally preferred if gaseous supply is more economical. This technology enables the automakers to store enough hydrogen to allow a car that runs on a fuel cell battery to cover 500–600 km between fill-ups.
Merchant/Bulk ...
... accounts for the second-highest market share of the physical hydrogen storage market in 2022.
Bulk physical hydrogen storage tanks have applications in oil refineries, steel industries and more. Asia Pacific and North America have dominated the bulk physical hydrogen cylinder markets. The governments in some Asia Pacific countries are focusing on reducing greenhouse gases and adopting hydrogen as a fuel. For Instance, Japan aims to become a hydrogen society by 2050, whereas South Korea plans to build 310 hydrogen refueling stations by 2025. North America has manufacturing facilities like electronics manufacturing, transportation, and steel manufacturing; therefore, the demand for bulk physical hydrogen storage system is growing to support these industries. The demand for merchant physical hydrogen storage is expected to grow significantly due to the insufficiency of captive hydrogen in the existing oil refineries.
Oil refineries segment to be the second-largest application in the global physical hydrogen storage market in terms of value and volume in 2022.
Hydrogen gas is used for desulfurizing transportation fuels such as gasoline and diesel and reforming fuels derived from heavier distillates of crude oil refining. Furthermore, it is used in oil sand processing, gas-to-liquid, and coal gasification projects. The governments of developed and some developing countries have fixed regulations regarding using cleaner fuels to curb CO2 emissions, requiring hydrogen for desulfurization, which is expected to fuel the market growth.
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Europe is witnessing exceptional growth during the forecast period in the physical hydrogen storage market.
In 2022, Europe held a share of 13.2% in the global physical hydrogen storage market. The primary drivers of physical hydrogen storage market in this region are the goal of reducing EU2 carbon emissions by 55% by 2030 compared to 1990 levels, rapid adoption of fuel cells due to an increasing number of fuel cell projects and government initiatives for their implementation. Further, the presence of prominent hydrogen storage tank manufacturers in the region are NPROXX, Plastic Omnium, Worthington Industries, and Air Liquide driving the hydrogen storage market.
The major players in hydrogen storage market are Air Liquide (France), Worthington Industries, Inc. (US), Luxfer Holdings PLC (UK), Linde plc (Germany), Chart Industries (US), HBank Technologies Inc. (Taiwan), Pragma Industries (France), Croyolor (France), INOXCVA (India), Hexagon Composites ASA (Norway), and others.