Product Code: CMI6823
The global hydrogen storage market is estimated to be valued at USD 1.6 Bn in 2024 and is expected to reach USD 6.8 Bn by 2031, growing at a compound annual growth rate (CAGR) of 23% from 2024 to 2031.
Report Coverage |
Report Details |
Base Year: |
2023 |
Market Size in 2024: |
US$ 1.6 Bn |
Historical Data for: |
2019 To 2023 |
Forecast Period: |
2024 To 2031 |
Forecast Period 2024 to 2031 CAGR: |
23.00% |
2031 Value Projection: |
US$ 6.8 Bn |
Figure 1. Hydrogen Storage Market Share (%), By Region, 2024
Hydrogen storage refers to techniques that bind hydrogen to lightweight materials in order to increase the gravimetric or volumetric density of hydrogen to enable hydrogen dispensing. Hydrogen storage technologies help address challenges related to limits of onboard capacity and ensure smooth operations in the mobility sector. Growing demand for hydrogen storage systems from the transportation industry is expected to drive the market during the forecast period. Furthermore, policies and initiatives supporting hydrogen as an alternative fuel for automobiles would positively impact the hydrogen storage industry. Government mandates and targets related to carbon emission reduction along with technological advancements are anticipated to offer new growth opportunities for hydrogren storage technology providers globally.
Market Dynamics
The global hydrogen storage market is driven by several factors, such as growing demand for fuel cell vehicles, support through government policies and initiatives, and ongoing technological advancements in hydrogen storage technologies. Fuel cell vehicles run on hydrogen and emit only water, making them more environment-friendly compared to conventional fuel-powered vehicles. Therefore, rising focus on developing hydrogen infrastructure to support fuel cell vehicles will augment the need for effective hydrogen storage systems during the forecast period. However, high costs associated with hydrogen storage tanks and lack of hydrogen fueling stations currently inhibit the large-scale adoption of this technology. On the positive side, ongoing R&D efforts to reduce costs and improve storage capacity and efficiency open up new opportunities.
Key Features of the Study
- This report provides an in-depth analysis of the global hydrogen storage market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period (2024-2031), considering 2023 as the base year
- It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global hydrogen storage market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include Air Liquide, Air Products and Chemicals, Inc., Hexagon Purus, Worthington Industries, Inc., Linde plc, Luxfer Holdings PLC, Chart Industries , INOXCVA, HBank Technologies Inc., Pragma Industries
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global hydrogen storage market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global hydrogen storage market
Detailed Segmentation:
- Form:
- Physical Storage
- Material-based Storage
- Type:
- Cylinder
- Merchant/Bulk
- Onsite
- On-Board
- Application:
- Oil Refineries
- Chemicals
- Industrial
- Automotive & Transportation
- Others (Metalworking, etc.)
- Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Company Profiles:
- Air Liquide
- Air Products and Chemicals, Inc.
- Hexagon Purus
- Worthington Industries, Inc.
- Linde plc
- Luxfer Holdings PLC
- Chart Industries
- INOXCVA
- HBank Technologies Inc.
- Pragma Industries
Table of Contents
1. Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
2. Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Form
- Market Snippet, By Type
- Market Snippet, By Application
- Coherent Opportunity Map (COM)
3. Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- PEST Analysis
- PORTER's Five Forces Analysis
- Market Opportunities
- Regulatory Scenario
- Key Developments
- Industry Trend
4. Global Hydrogen Storage Market - Impact of Coronavirus (COVID-19) Pandemic
- Overview
- Factors Affecting Global Hydrogen Storage Market - COVID-19
- Impact Analysis
5. Global Hydrogen Storage Market, By Form, 2019-2031 (US$ Bn)
- Introduction
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
- Physical Storage
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2019 - 2031
- Segment Trends
- Material-based Storage
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2019 - 2031
- Segment Trends
6. Global Hydrogen Storage Market, By Type, 2019-2031 (US$ Bn)
- Introduction
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
- Cylinder
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2019 - 2031
- Segment Trends
- Merchant/Bulk
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2019 - 2031
- Segment Trends
- Onsite
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2019 - 2031
- Segment Trends
- On-Board
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2019 - 2031
- Segment Trends
7. Global Hydrogen Storage Market, By Application, 2019-2031 (US$ Bn)
- Introduction
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
- Oil Refineries
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2019 - 2031
- Segment Trends
- Chemicals
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2019 - 2031
- Segment Trends
- Industrial
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2019 - 2031
- Segment Trends
- Automotive & Transportation
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2019 - 2031
- Segment Trends
- Others (Metalworking, etc.)
- Market Share Analysis, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, 2019 - 2031
- Segment Trends
8. Global Hydrogen Storage Market, By Region, 2019-2031 (US$ Bn)
- Introduction
- Market Share Analysis, By Region, 2024, 2027, and 2031 (%)
- Y-o-Y Growth Analysis, For Region, 2020 - 2031
- North America
- Market Share Analysis, By Country, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, For Region, 2020 - 2031
- Market Size and Forecast, By Form, 2019- 2031 (US$ Bn)
- Market Size and Forecast, By Type, 2019- 2031 (US$ Bn)
- Market Size and Forecast, By Application, 2019- 2031 (US$ Bn)
- Countries
- U.S.
- Canada
- Latin America
- Market Share Analysis, By Country, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, For Region, 2020 - 2031
- Market Size and Forecast, By Form, 2019- 2031 (US$ Bn)
- Market Size and Forecast, By Type, 2019- 2031 (US$ Bn)
- Market Size and Forecast, By Application, 2019- 2031 (US$ Bn)
- Countries
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Market Share Analysis, By Country, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, For Region, 2020 - 2031
- Market Size and Forecast, By Form, 2019- 2031 (US$ Bn)
- Market Size and Forecast, By Type, 2019- 2031 (US$ Bn)
- Market Size and Forecast, By Application, 2019- 2031 (US$ Bn)
- Countries
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- Market Share Analysis, By Country, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, For Region, 2020 - 2031
- Market Size and Forecast, By Form, 2019- 2031 (US$ Bn)
- Market Size and Forecast, By Type, 2019- 2031 (US$ Bn)
- Market Size and Forecast, By Application, 2019- 2031 (US$ Bn)
- Countries
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Market Share Analysis, By Country, 2024, 2027 and 2031 (%)
- Y-o-Y Growth Analysis, For Region, 2020 - 2031
- Market Size and Forecast, By Form, 2019- 2031 (US$ Bn)
- Market Size and Forecast, By Type, 2019- 2031 (US$ Bn)
- Market Size and Forecast, By Application, 2019- 2031 (US$ Bn)
- Sub-regions/Countries
- GCC Countries
- Israel
- Rest of Middle East & Africa
9. Competitive Landscape
- Heat Map Analysis
- Market Share Analysis (3x3 Matrix)
- Company Profiles
- Company Overview
- Form Portfolio
- Recent Developments/Updates
- Air Products and Chemicals, Inc.
- Hexagon Purus
- Worthington Industries, Inc.
- Linde plc
- Luxfer Holdings PLC
- Chart Industries
- INOXCVA
- HBank Technologies Inc.
- Pragma Industries
10. Analyst Recommendation
- Wheel of Fortune
- Analyst View
- Coherent Opportunity Map
11. Section
- References
- Research Methodology
- About Us and Sales Contact
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