Hydrogen Storage Market Analysis By Regions (North America,
Europe, Asia-Pacific, Latin America and Africa), Product, Size, Share, Trends,
Growth Factors, Revenue By Application And Segment Forecasts To 2027.
Global Hydrogen Storage Market is
anticipated to reach USD 6.47 billion by 2025. Hydrogen storage is a key
technology for the development of fuel and hydrogen cell technologies in
applications comprising portable power, transportation, and stationary power.
The factors that propel the growth of the hydrogen storage market include surge
in the consumption of oil across the globe, increase in the demand for
transportation fuels, decline of global crude oil quality, and strict
environmental standards for the production of cleaner fuels.
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On the other hand, there are
factors that may hamper the growth of the market including restricted
accessibility of hydrogen refilling infrastructure in the emerging economies.
Hydrogen storage industry is anticipated to grow at a significant CAGR in the
upcoming period as the scope, product types, and its applications are
increasing across the globe.
The important trend observed in
the hydrogen storage industry is increasing focus on R&D for the growth of
hydrogen storage technology. In recent times, the U.S., India, and England have
been progressively focusing on R&D activities that could support the
technological improvements in hydrogen and fuel cell technologies.
The market of hydrogen storage
may be explored by form of storage, type of storage, application, and
geography. The market may be explored by form of storage as Material-based and
Physical. The “Physical” segment led the hydrogen storage market in 2016 and is
anticipated to maintain its dominance by 2025. The key factor that may attributed
to the growth of market includes high demand across various applications.
Based on type of storage, the
market may be classified as On-board, Merchant/bulk, Cylinder, and On-site. The
“Cylinder” segment led the hydrogen storage industry in 2016 and is anticipated
to maintain its dominance by 2025. The key factor that may attributed to the
growth of market includes increase in demand for end-use applications, such as
food, electronics industries and metal working.
The key applications that could
be explored in the market of hydrogen storage include General Industry, Oil
Refining, Chemical, Metal Working, and Transportation. The “Transportation”
segment led the hydrogen storage industry in 2016 and is anticipated to
maintain its dominance by 2025. The key factor that may attributed to the
growth of market includes increasing demand for hydrogen powered fuel cell
vehicles in North America and Europe.
Asia-Pacific accounted for the
major share of the Hydrogen Storage Market Size in 2017 and will continue to lead
in the forecast period. The factors that could be attributed to the growth
include strong requirement for ammonia and methanol from emerging nations, such
as India, China and Malaysia and increasing demand forH2 and fuel cells.
Asia-Pacific is likely to be followed by the North American region.
Some of the key players that fuel
the growth of the market of hydrogen storage comprise Praxair Technology, Inc.,
H Bank Technology Inc., Hexagon Composites ASA, Air Liquide, The Linde Group,
Cella Energy Limited, Pragma Industries, VRV S.P.A, McPhy Energy S.A., and
Eutectix LLC. The leading companies are taking up partnerships, mergers and
acquisitions, and joint ventures in order to boost the inorganic growth of the
industry.
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