Yahoo Finance Global Hydrogen Storage Market Forecasted to Reach $7.7 Billion by 2028
BCC Research Study Highlights a 7.6% CAGR in the Hydrogen Storage Market from 2023 to 2028, Driven by Advances in Materials and Technologies
BOSTON, July 1, 2024 /PRNewswire/ -- The green energy transition is driving global decarbonization efforts, especially in hard-to-abate industries, boosting the importance of hydrogen and its low-carbon forms. This surge is set to propel the hydrogen storage materials market to $7.7 billion by 2028, favoring technology-intensive companies.
According to the latest BCC Research study, the demand for "Hydrogen Storage: Materials, Technologies and Global Markets" is expected to grow from $5.3 billion in 2023 to $7.7 billion by the end of 2028, at a compound annual growth rate (CAGR) of 7.6% from 2023 through 2028.
BCC Research defines hydrogen storage technologies as the various materials, storage media, and technologies used to store hydrogen for energy use. The global hydrogen storage market is segmented by storage type, end-user, and region. The report examines the competitive landscape, including a market share analysis of leading companies and their ESG (Environmental, Social, and Governance) (environmental, social, and governance) practices. It focuses on revenues generated from hydrogen storage services, excluding the costs of storage tanks, vessels, or containers. Additionally, it does not cover energy storage solutions like battery storage or companies providing consulting and training on hydrogen storage technologies.
The following factors drive the global market for hydrogen storage materials and technologies:
Increasing Use of Electrolyzers for Grid Stabilization: Electrolyzers convert excess electricity from renewable sources into hydrogen, storing it for later use when demand exceeds supply. This process helps stabilize the grid, supporting the integration of more renewable energy and enhancing hydrogen storage technologies.
Demand for Sustainable and Low-Emission Fuels: Hydrogen is a clean fuel with water vapor as its only byproduct. Its sustainable production, especially from renewable energy, makes it a preferred alternative to fossil fuels. The rising demand for low-emission fuels drives investment in hydrogen storage technologies.
Hydrogen Infrastructure Development: A robust hydrogen infrastructure, including production, storage, transportation, and refueling stations, is crucial for widespread adoption. Investments by governments and private companies are expanding this infrastructure, facilitating hydrogen use in transportation, industry, and power generation.
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Report Synopsis
Report Metrics | Details |
Base year considered | 2022 |
Forecast Period considered | 2023-2028 |
Base year market size | $5.0 billion |
Market Size Forecast | $7.7 billion |
Growth rate | CAGR of 7.6% from 2023 to 2028 |
Segment Covered | By Storage Type, End-User Industry, and Region |
Regions covered | North America, Europe, Asia-Pacific, South America, and the Middle East and Africa (MEA) |
Key Market Drivers |
|
Key Interesting Facts About the global market for Hydrogen Storage Materials and technologies:
APAC Region Dominance:
Largest market contributor due to:
Extensive automobile industry
Focus on sustainable automotive fuels
Investment in new industrial hydrogen applications
Significant growth in chemicals and metal processing industries
High demand for green hydrogen
Hydrogen Storage Market Characteristics:
Competitive and technology-driven
Top five players captured 50% of the market in 2022 (BCC analysis)
Fragmented market structure
Pure players supply products to large companies for end-to-end supply chain solutions
Carbon Emissions Reduction:
Carbon credits gaining traction globally
In 2022, ETS and carbon taxes generated $95 billion in revenue
ETS accounted for approximately 69% of this revenue
The global market for hydrogen storage materials and technologies report includes in-depth data and analysis addressing the following important queries:
What is the projected market size and growth rate of the market?
The market is projected to grow from $5.0 billion in 2022 to $7.7 billion by 2028 at a CAGR of 7.6% during the forecast period. By volume, the market is expected to reach 3.1 MMT by growing at a CAGR of 12.1%.What are the key factors driving the growth of the market?
Increasing demand for sustainable and low-emission fuels, developing hydrogen infrastructure across nations, and developing lightweight storage tanks are key factors driving the market.What segments are covered in the market?
The segments covered in the market are end-user and storage type. The end-user segment includes chemicals, oil refining, metal processing, transportation, etc. The storage type segmentation includes physical storage and chemical or material-based storage.Which end-use segment will dominate the market by the end of 2028?
The chemical industry segment will dominate the market by the end of 2028.Which storage type segment will dominate the market by the end of 2028?
The physical storage segment will dominate the market by the end of 2028.Which region will dominate the market by the end of 2028?
The market has been classified into five regions, namely Asia-Pacific, North America, Europe, MEA, and South America. Asia-Pacific holds the highest market share due to the growing demand for hydrogen from leading end-use industries such as oil refineries, ammonia, and transportation. Also, the increasing GHG emissions in countries such as China and India are accelerating the demand for clean fuel technologies, which is further generating the demand for efficient hydrogen storage solutions.
Some of the Key Market Players Are:
AD-VENTA
AIR LIQUIDE
CHART INDUSTRIES
CRYOLOR
HBANK TECHNOLOGIES INC.
HEXAGON COMPOSITES ASA
INOX INDIA LTD.
LINDE PLC
LUXFER HOLDINGS PLC
MCPHY ENERGY S.A.
WORTHINGTON ENTERPRISES
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Global Hydrogen Generation Market: This report offers an in-depth analysis of the global hydrogen generation market, using 2022 as the base year and providing market estimates from 2023 to 2028. It identifies market drivers and opportunities through primary and secondary research and examines various factors, including the impact of COVID-19, the Russia-Ukraine war, and regulatory changes. Excluding hydrogen generation from seawater, the report presents qualitative and quantitative data across sources, technology, application, and delivery modes, detailing current and future market sizes with CAGRs (Compound Annual Growth Rate) (Compound Annual Growth Rate). It includes profiles of key players, their market strategies, and a competitive landscape analysis of the top hydrogen generation providers in 2022, all presented in a clear, accessible format with tables and charts.
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