Market Overview
The global hydrogen storage market is anticipated to soar to $33.8 billion by 2030, showcasing a robust CAGR of 6.8% during the forecast period from 2023 to 2030. Key factors driving this growth include the escalating use of hydrogen storage tanks in transportation and the rising adoption of hydrogen storage facilities as a power generation energy source.
Market Drivers and Challenges
While the surge in government support for hydrogen production and the increasing demand for hydrogen-based fuel cells present growth opportunities, high capital costs for storage facilities remain a constraint. The market also faces challenges related to the flammability of hydrogen, posing significant storage concerns.
Trends Shaping the Market
The hydrogen storage market is witnessing notable trends, including the growing reliance on renewable energy sources for hydrogen production and an increased application of hydrogen in oil refineries and chemical industries.
Regional Insights
North America is anticipated to dominate the hydrogen storage market, driven by initiatives to reduce greenhouse gas emissions, technological advancements, and the adoption of fuel cell electric vehicles. Meanwhile, the Asia-Pacific region is poised to register the highest CAGR during the forecast period.
Segment Analysis
1. Cylinders Segment:
Expected to lead the market in 2023.
Attributes include versatility in storing hydrogen in multiple forms, high-pressure storage capacity, and cost-effectiveness.
Rising demand for zero-emission mobility solutions contributes to the segment’s growth.
2. Portable Storage Segment:
Predicted to register the highest CAGR.
Driven by the increasing demand for fuel cell electric vehicles and the need to transport hydrogen across diverse locations lacking extensive pipeline infrastructure.
3. Fuel Cell Segment:
Expected to dominate the market in 2023.
Driven by the surge in fueling infrastructure for diverse transportation applications and the growing adoption of fuel cells in E-mobility.
In conclusion, the hydrogen storage market is poised for substantial growth, fueled by evolving trends, regional dynamics, and the expanding applications of hydrogen across various sectors.
Source：prnewswire.com
