“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″ projects that the market will reach a size of USD 6.3 billion by 2030, growing at a compound annual growth rate (CAGR) of 21.5% between 2023 and 2030. The market for hydrogen storage is expanding as a result of stricter government restrictions worldwide and an increase in fuel cell demand across a range of sectors.
Important Market Participants
The leading companies in the global 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.
In terms of volume and value, gas form will have the largest market share in 2022.
During the projected period, the gas form is anticipated to maintain its dominant market position, which it held in 2022. Hydrogen is compressed into enormous tanks while still in its gaseous state. In general, if gaseous supply is more cost-effective, this is chosen. With the help of this technology, automakers can now store enough hydrogen to provide an automobile powered by a fuel cell 500–600 kilometers between fill-ups.
Market dynamics for hydrogen storage:
One of the main factors propelling the industry’s expansion is the growing need for low-emission fuels.
One of the biggest obstacles to the market’s expansion in developed nations is the dearth of infrastructure for hydrogen recharging.
Possibility: One significant avenue for market expansion is the development of new uses for hydrogen powered fuel cells.
Challenge: One of the biggest obstacles to industry expansion is the fierce competition from alternative fuels.
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