Emerging Opportunities in the Global Hydrogen Storage Market"

Mahesh

Jan 3, 2023 • 2 min read

The Hydrogen Storage Market size was valued at USD 689.36 Mn. in 2021 and the total Hydrogen Storage revenue is expected to grow at a CAGR of 7.97% from 2022 to 2029, reaching nearly USD 1273.12 Mn.

Hydrogen storage is the process of storing hydrogen in a way that it can be easily transported and used as a fuel. The hydrogen storage market is expected to grow in the coming years due to increasing demand for clean and renewable energy sources.

One of the major drivers of the hydrogen storage market is the increasing demand for hydrogen as a fuel for transportation. Hydrogen fuel cell vehicles are a clean and efficient alternative to gasoline-powered vehicles, and their popularity is expected to increase in the coming years. This is expected to drive the demand for hydrogen storage solutions, as hydrogen fuel cells require a reliable and convenient way to store and transport hydrogen.

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In addition, the growing demand for hydrogen as a fuel for stationary power generation is expected to contribute to the growth of the hydrogen storage market. Hydrogen can be used in fuel cells to generate electricity, and this application is expected to grow in the coming years due to increasing demand for clean and reliable power.

Segment Analysis :

Based on Application, the Chemical industry segment dominated the global hydrogen storage market with the highest market share of about 42% in 2021. The segment is further expected to grow at a CAGR of about 7.85% and maintain its dominance at the end of the forecast period. The chemical industry is crucial in generating innovative solutions to allow the transition to a sustainable and circular economy, but it has a significant challenge to achieve net zero emissions. Only a fraction of the net-zero aim can be met by energy efficiency, bio-based feedstock, and material loop closure, emphasizing the importance of alternative technologies such as hydrogen, carbon capture, and electrification in the chemical industry.

The growing demand for hydrogen in the chemicals and refining industries is another factor that is expected to drive the hydrogen storage market. Hydrogen is used in the production of various chemicals and in the refining process, and the increasing demand for these products is expected to boost the demand for hydrogen storage solutions.

Overall, the hydrogen storage market is expected to grow in the coming years due to increasing demand for clean and renewable energy sources. The growing demand for hydrogen as a fuel for transportation, power generation, and the chemicals and refining industries is expected to drive the market growth.

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