USD 8.6 Billion Hydrogen Storage Market: Competitor Insights and Regional Growth by 2032

WILMINGTON, DELAWARE, UNITED STATES, January 16, 2024 /EINPresswire.com/ -- Hydrogen storage is a key enabling technology for the advancement of hydrogen and fuel cell technologies in applications including stationary power, portable power, and transportation. Hydrogen has the highest energy per mass of any fuel; however, its low ambient temperature density results in a low energy per unit volume, therefore requiring the development of advanced storage methods that have the potential for higher energy density. The hydrogen storage market was valued at $2.8 billion in 2022 and is estimated to reach $8.6 billion by 2032, growing at a CAGR of 12.7% from 2023 to 2032.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞: https://www.alliedmarketresearch.com/request-sample/123264

Hydrogen storage system refers to the industry involved in the development, manufacture, and distribution of technologies and infrastructure required for the safe and efficient storage of hydrogen. Hydrogen storage systems play a critical role in enabling the utilization of hydrogen as an energy carrier for various applications. Hydrogen energy storage encompasses a range of storage technologies and solutions such as compressed gas storage, liquid storage, metal and chemical hydride storage, and solid-state storage.

The increase in the rate of adoption of hydrogen as a clean energy carrier and the need for efficient and reliable storage solutions are positively impacting the hydrogen storage system market development. The hydrogen storage system business includes various stakeholders, including technology providers, equipment manufacturers, infrastructure developers, research institutions, and government entities.

Hydrogen is a promising alternative to fossil fuels in numerous applications. Some of these applications are in the domain of hydrogen energy, and no other alternatives can compete with hydrogen, such as heavy and long-distance transport (e.g., heavy-duty trucks, ships, and planes), as well as energy-intensive manufacturing sectors (e.g., ferrous, and nonferrous metals, petroleum refining, chemicals, and cement).

𝐆𝐞𝐭 𝐚 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 @ https://www.alliedmarketresearch.com/request-for-customization/123264

These sectors are difficult to electrify, and other alternatives (for instance bioenergy) that cannot cater to the demand with the current technology. Therefore, various industries have adopted hydrogen as a replacement for fossil fuels to decarbonize and meet the need for energy. This is estimated to offer significant hydrogen storage system market opportunities for vendors during the forecast period. Hydrogen energy is important for supporting energy security and renewable energy, zero-emission pathways, and economic growth.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

The Hydrogen Storage industry key market players adopt various strategies such as product launches, product development, collaboration, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐇𝐲𝐝𝐫𝐨𝐠𝐞𝐧 𝐒𝐭𝐨𝐫𝐚𝐠𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞,

Worthington Industries Inc.
inoxcva
Air Liquide
HBank Technologies Inc.
Chart Industries, Inc.
Pragma Industries
Hexagon Composites ASA
Steelhead Composites, Inc.
Luxfer Holdings PLC
Linde Plc

Hydrogen is an ideal option for an energy-intensive manufacturing sector, grid electrical supply, heavy and long-distance transport, and gas networks. Moreover, it is a key ingredient for producing chemicals. The usage of fossil fuels leads to carbon emissions; therefore, several industries are adopting hydrogen as an alternative to fossil fuels.

The transportation sector is a significant contributor to greenhouse gas emissions. Hydrogen fuel cells have gained attention as a zero-emission alternative for various modes of transportation, including cars, buses, trucks, and trains. Hydrogen storage systems enable the safe storage and efficient delivery of hydrogen to fuel cell vehicles, thereby boosting the adoption of this clean transportation solution. Analysis of the latest hydrogen storage system industry research report reveals that hydrogen fuel cell-powered electric vehicles have been gaining traction among automakers for the last few years. Advances in hydrogen fuel cell technology are expected to drive the development of hydrogen energy storage and the expansion of hydrogen storage infrastructure.

The hydrogen storage market is segmented into type, storage form, end-use industry, and region. Based on type, the market is categorized into cylinder, merchant, on-site, and on-board. Based on storage, the market is bifurcated into material-based hydrogen storage and physical hydrogen storage. Based on the end-use industry, the market is classified into chemical, oil refineries, automotive & transportation, metalworking, and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/123264

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲

- By type, the cylinder segment is estimated to display the highest growth rate, in terms of revenue, from 2023 to 2032.
- By storage, the physical segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 13.4% from 2023 to 2032.
- By end-use industry, the chemical segment is estimated to display the highest growth rate, in terms of revenue, from 2023 to 2032.
- By region, Asia-Pacific garnered the highest share of more than 40% in 2022, in terms of revenue.

𝐋𝐚𝐭𝐞𝐬𝐭 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐛𝐲 𝐀𝐥𝐥𝐢𝐞𝐝 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

𝟏. 𝐇𝐲𝐝𝐫𝐨𝐠𝐞𝐧 𝐆𝐞𝐧𝐞𝐫𝐚𝐭𝐢𝐨𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.prnewswire.co.uk/news-releases/hydrogen-generation-market-to-reach-262-0-bn-globally-by-2031-at-6-8-cagr-allied-market-research-301650749.html

𝟐. 𝐁𝐥𝐮𝐞 𝐇𝐲𝐝𝐫𝐨𝐠𝐞𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/news-release/2022/09/07/2511107/0/en/Global-Blue-Hydrogen-Market-Is-Expected-to-Reach-3-5-Billion-by-2031-Says-AMR.html

𝟑. 𝐆𝐫𝐞𝐲 𝐇𝐲𝐝𝐫𝐨𝐠𝐞𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.prnewswire.com/news-releases/grey-hydrogen-market-to-reach-174-9-billion-globally-by-2032-at-2-9-cagr-allied-market-research-301838246.html

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

David Correa
Allied Analytics LLP
+ +1 800-792-5285
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn