broadcasthubnetwork.com
hydrogen storage market set to skyrocket as clean energy needs surge 64

Market Trends

Hydrogen Storage Market Set to Skyrocket as Clean Energy Needs Surge

reading

Robert Tavares

March 7, 2024 - 04:48 am

reading

Hydrogen Storage Market Soars as Global Demand for Clean Fuel Technologies Intensifies

In a recent announcement from NEW YORK on March 6, 2024, a new market research report has unveiled that the hydrogen storage market is projected to expand significantly, with an estimated Compound Annual Growth Rate (CAGR) of 5.31% during the period of 2022-2027. The surge in market size is forecasted to be by a staggering USD 3,884.93 million. This significant growth is attributed to the escalating competition within this sector, driving vendors to adopt multifarious growth strategies. These strategies range from intense promotional activities to substantial advertising investments, all aimed at amplifying the visibility of their products and services. View Sample Report!

Technavio has announced its latest market research report titled Global Hydrogen Storage Market 2023-2027

Technavio has announced its latest market research report titled Global Hydrogen Storage Market 2023-2027

The comprehensive report by Technavio brings to light several pertinent details. It spans across 167 pages and presents an in-depth analysis of the market by considering historical data from 2017 to 2021. It also provides forecasts from 2023 to 2027, emphasizing key insights into the market’s growth momentum and CAGR. The report outlines a rise in market growth of USD 3.88 billion by 2027, describing the market structure as fragmented. Expected Year-over-Year growth of 5.07% from 2022 to 2023 has been documented, with significant analysis on numerous regions including Asia-Pacific (APAC), North America, Europe, South America, and Middle East and Africa.

Market Insights & Key Vendors

The hydrogen storage market landscape is occupied by more than 15 key influential players in the industry. Notable companies include Air Products and Chemicals Inc., Air Liquide SA, and American Elements, along with a host of other significant vendors who are crucial in shaping the market. The report delves into the parent market analysis, highlighting crucial drivers of growth, notable trends, and challenges. It further explores the customer and vendor landscape, elaborating on vendor product insights and recent developments, and assesses the positioning of vendors in the market.

Segmentation and Focus Areas

The market segments are categorized into type (physical and material-based), application (chemicals, oil refining, industrial, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa), with APAC leading the contributing region by 36%. The key countries driving the market's growth include the US, China, Japan, Germany, and the UK.

Driving Forces and Challenges

One of the prominent growth drivers is the increased adoption of hydrogen storage tanks for transportation applications, which is indispensable for the burgeoning hydrogen and fuel cell technologies sector. These technologies are pivotal for diverse applications such as fixed electricity generation, portable power, and transportation. This demand is further accentuated by the limited global supply of economically usable hydrocarbon resources. FetchType insights such as these are ready to be explored in a sample report.

Market Trends

The report highlights that a key trend in the hydrogen storage market is the continuous reduction in the price of fuel cells. This trend is generating a positive impact on the market, enhancing its potential for mass adoption. However, one of the significant challenges faced by the market is the limited availability of hydrogen refueling infrastructure, which poses a considerable hindrance to market expansion.

Analyst Review

Analysts have reported a high interest in the hydrogen gas industry, stirred by the escalating need for low-emission fuels and compliance with strict environmental standards, particularly the requirement for reduction of Nitrogen Oxide (NOx) in industries such as oil refineries and transportation. The spotlight on safe and effective storage solutions has guided research and commercial investments towards high-pressure gas cylinders, liquid cryogenic tank methods, metal hydrides, and chemisorption on materials.

Innovations and Opportunities

Innovation in hydrogen storage speaks volumes, embracing methods that utilize materials best optimized for both volumetric and gravimetric efficiencies. This encompasses a spectrum from AB5 and AB2 alloys to the A2B class of compounds, with an eye on meeting the stringent Euro VII standards. The physical storage techniques, such as 700-bar storage tanks, are notably addressing burgeoning concerns of underdeveloped refueling infrastructure through rapid refueling capabilities. The pursuit for cost-effective hydrogen production and infrastructure development continues to challenge market growth, yet investor confidence in fuel cell companies remains resilient. Firms like Plug Power Inc. and Ballard Power Systems lead the charge with groundbreaking applications for hydrogen-fueled cells in the green technology and transportation sector.

Zero-Emission Transportation and Hydrogen-Powered Vehicles

The transportation segment witnesses exceptional growth, with hydrogen-powered vehicles emerging as a front-runner owing to their zero carbon emissions and synergistic compatibility with current desulfurization processes in oil refineries. While biofuels and electric vehicles present significant market competition, hydrogen in gas form is recognized as a compelling alternative for physical hydrogen storage.

Market Forecast and Outlook

In summation, the hydrogen storage market is on the cusp of substantial growth, molded by advancements in storage technology, stringent environmental regulations, and the surging demand for low-emission fuels across a variety of sectors. For more insights, access a sample report.

Robust Delivery Techniques

Companies at the forefront are innovating robust delivery techniques, ensuring the smooth and secure transportation of hydrogen. High-pressure gas cylinders exhibit the advantage of portability, whereas liquid cryogenic tanks are tailored for long-term storage solutions. The market also sees a rise in the utilization of adsorption methods, all pointing towards a future solidly grounded in hydrogen.

Related Hydrogen Markets Overview

Complementary to the hydrogen storage market, the hydrogen generation market is noted to grow by a CAGR of 5.58%, with a forecasted market size increase of USD 47.84 billion. The report covering this segment discusses its segmentation by delivery mode, application, and geography, emphasizing the burgeoning demand for fertilizers. Similarly, the hydrogen fluoride market is estimated to grow at a CAGR of 5.19%, with an expected market size expansion of USD 900.48 million, driven in part by the rising use of aluminum in the automotive industry.

A Comprehensive Look at the Hydrogen Storage Market

The table of contents for the complete report includes an executive summary, a deep dive into the market landscape, and a detailed analysis of the market's size, growth, and segmentation. It explores the competitive dynamics of the market, customer preferences, geographic trends, and the overarching drivers, challenges, and industry trends. Moreover, the report provides an insightful vendor landscape and a scrutinous analysis of key players in the market.

The Dedication of Technavio Research

Technavio, a globally recognized technology research and advisory company, stands at the helm of these market insights. Their in-depth research spans emerging market trends, providing actionable insights that empower businesses to pinpoint market opportunities and develop strategies to maximize their market presence. Technavio houses over 500 specialized analysts, contributing to a report library featuring over 17,000 studies covering a multitude of technologies across 50 countries, catering to an ever-expanding clientele that includes Fortune 500 companies.

Connect with Technavio

For media inquiries or further information regarding these market studies, interested parties may reach out to Jesse Maida, the Media & Marketing Executive at Technavio Research. This leading research firm remains a source of authoritative information, contributing to informed decision-making and strategic planning across various industries.

In conclusion, the hydrogen storage market is a dynamic and evolving landscape, showing promising potential through its myriad of technological advancements, market opportunities, and challenges. As this field continues to grow, the report by Technavio provides an invaluable resource for stakeholders to navigate this competitive arena with confidence and foresight.