(EMAILWIRE.COM, June 14, 2024 ) 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” The market size of hydrogen storage market was valued at USD 1.5 billion in 2023 and is projected to reach USD 6.3 billion by 2030, growing at a cagr 21.5% during the forecast period.
Browse in-depth TOC on “Hydrogen Storage Market
281 – Market Data Tables
54 – Figures
252 – Pages
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Based on form, gas form is expected to grow with highest CAGR during the forecast period.
The physical hydrogen storage market is dominated by the gas form, as most car manufacturers have opted for storing hydrogen in the gaseous form at high pressure. Transportation is a major end-use industry in the physical hydrogen storage market.
Based on type, cylinder segment led the physical hydrogen storage market, in terms of volume in 2022.
Applications, where hydrogen is required in relatively small quantities at regular intervals, are generally supplied with cylinders and transported by trucks and trailers. Hydrogen is supplied in cylinders, popularly known as cylinder banks. The market of cylinders used for hydrogen storage finds applications in food, metalworking, and electronics. Hydrogen is used in the food industry to convert unhealthy unsaturated fats into saturated oil and fats. It is also used as an element to make hydrogenated vegetable oils such as margarine and butter. In the metalworking industry, hydrogen gas is mixed with argon to create a range of argon/hydrogen shielding gas for tungsten inert gas (TAG) and plasma welding. In electronics, hydrogen gas is used for lithography (gases used for laser operations), purging, and generator cooling.
Based on application, the transportation segment is expected to witness exceptional growth in the physical hydrogen storage market in 2022.
Transportation application is projected to register the highest growth during the forecast period. The primary drivers of physical hydrogen storage market growth in this segment are the demand for hydrogen-powered fuel cell vehicles in European and North American markets due to regulations concerning the reduced use of CO2-emitting cars. Moreover, there have been many innovations recently in hydrogen-powered fuel cell applications which will further boost the demand for hydrogen storage tanks during the forecast period. The transportation fuel cells are expected to grow exceptionally, driven by sustainable innovations in fossil fuel-free energy sources. Automobile companies such as Hyundai (South Korea), Toyota (Japan), Honda (Japan), and Daimler AG (Germany) are developing a combination of hydrogen and electric-powered cars, which will further boost the demand for hydrogen storage tanks during the forecast period. Currently, some of the manufacturers of Class 4 (carbon fiber) transportation tanks are ILJIN (South Korea), Hexagon Lincoln (US), Quantum Fuel Technologies Worldwide Inc. (US) & Luxfer Holdings PLC (UK).
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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.
Hydrogen Storage Market Key Players
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.
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