Global Hydrogen Storage Market Is Expected To Reach USD 8.26 Billion By 2032

Zion Market Research has published a new report titled “Hydrogen Storage Market by Form (Physical-Based and Material-Based) and by Application (Stationary Power, Portable Power, and Transportation): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024–2032”. According to the report, the global hydrogen storage market accounted for USD 1.52 Billion in 2023 and is expected to reach USD 8.26 Billion by 2032, at a CAGR of around 20.80% between 2024 and 2032.

Hydrogen storage is a technology that is vital for successful commercialization of automobiles that use hydrogen as a fuel. Hydrogen storage is extremely important for using hydrogen as an alternate energy source. Hydrogen carries the maximum energy per mass among all other fuels. However, its low atmosphere temperature density generates less energy per unit volume. Thus, the development of efficient storage methods with the potentiality for high energy delivery is highly required. The global hydrogen storage market is expected to witness substantial growth over the forecast time period, owing to the growing concerns related to environmental protection. Rising global energy consumption and increasing demand for oil and natural gas are leading to excessive use of these naturally occurring, limited sources.

Browse the full “Hydrogen Storage Market by Form (Physical-Based and Material-Based) and by Application (Stationary Power, Portable Power, and Transportation): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024–2032” Report at https://www.zionmarketresearch.com/report/hydrogen-storage-market

Based on form, the global hydrogen storage market is bifurcated into physical-based and material-based. Physical-based type is generally used to store hydrogen in liquid or gaseous forms. Material-based type includes storage of metal hydrides, sorbent materials, and chemical hydrogen. Storing hydrogen in liquid form involves cryogenics, as the boiling point of hydrogen is extremely low. Metal hydrides are the most feasible hydrogen storage materials, as they can be easily deployed in a variety of applications, such as heat pumps, thermal storages, etc. Chemical hydrogen storage materials are usually compounds that have strong covalent bonds of hydrogen in their structure. Sorbent materials store hydrogen by the method of adsorption.

In terms of application, the hydrogen storage market includes stationary power, portable power, and transportation. The increasing demand for hydrogen for electricity generation is expected to propel the hydrogen storage market growth over the forecast time period. The use of hydrogen as stationary power is extensively witnessed in hospitals, airports, retail stores, homes, grocery stores, telecommunications networks, businesses, and utilities. The transportation segment is predicted to be the fastest growing in the upcoming years, owing to the growing production of fuel cell automobiles and various advantages of hydrogen fuel cells to decrease greenhouse emissions.

The Asia Pacific region is anticipated to dominate the global hydrogen storage market in the future, owing to the emerging markets in China and India. The North American hydrogen storage market is expected to grow notably over the forecast time period, owing to the growing demand for refined hydrogen by the flourishing automobile sector, increasing demand for hydrogen fuel cells, and rising demand for hybrid vehicles.

The key players operating in the global hydrogen storage market are Luxfer Holdings, Worthington Industries, Praxair, Hydrogenious Technologies, Pragma Industries, HBank Technology, Air Liquide, Hexagon Composites, Linde, Cella Energy Limited, VRV, Eutectix, and McPhy Energy.

This report segments the global hydrogen storage market into:

Global Hydrogen Storage Market: Form Analysis

• Physical-Based
• Material-Based

Global Hydrogen Storage Market: Application Analysis

• Stationary Power
• Portable Power
• Transportation

Global Hydrogen Storage Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

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