BCC Research Study Highlights a 7.6% CAGR in the Hydrogen
Storage Market from 2023 to 2028, Driven by Advances in Materials
and Technologies
BOSTON, July 1, 2024
/PRNewswire/ -- The green energy transition is driving
global decarbonization efforts, especially in hard-to-abate
industries, boosting the importance of hydrogen and its low-carbon
forms. This surge is set to propel the hydrogen storage materials
market to $7.7 billion by 2028,
favoring technology-intensive companies.
According to the latest BCC Research study, the demand for
"Hydrogen Storage: Materials, Technologies and Global
Markets" is expected to grow from $5.3
billion in 2023 to $7.7
billion by the end of 2028, at a compound annual growth rate
(CAGR) of 7.6% from 2023 through 2028.
BCC Research defines hydrogen storage technologies as the
various materials, storage media, and technologies used to store
hydrogen for energy use. The global hydrogen storage market is
segmented by storage type, end-user, and region. The report
examines the competitive landscape, including a market share
analysis of leading companies and their ESG (Environmental, Social,
and Governance) (environmental, social, and governance) practices.
It focuses on revenues generated from hydrogen storage services,
excluding the costs of storage tanks, vessels, or containers.
Additionally, it does not cover energy storage solutions like
battery storage or companies providing consulting and training on
hydrogen storage technologies.
The following factors drive the global market for hydrogen
storage materials and technologies:
Increasing Use of Electrolyzers for Grid Stabilization:
Electrolyzers convert excess electricity from renewable sources
into hydrogen, storing it for later use when demand exceeds supply.
This process helps stabilize the grid, supporting the integration
of more renewable energy and enhancing hydrogen storage
technologies.
Demand for Sustainable and Low-Emission Fuels: Hydrogen
is a clean fuel with water vapor as its only byproduct. Its
sustainable production, especially from renewable energy, makes it
a preferred alternative to fossil fuels. The rising demand for
low-emission fuels drives investment in hydrogen storage
technologies.
Hydrogen Infrastructure Development: A robust hydrogen
infrastructure, including production, storage, transportation, and
refueling stations, is crucial for widespread adoption. Investments
by governments and private companies are expanding this
infrastructure, facilitating hydrogen use in transportation,
industry, and power generation.
Request a Sample Copy of The global market
for hydrogen storage materials and technologies Report.
Report Synopsis
Report
Metrics
|
Details
|
Base year
considered
|
2022
|
Forecast Period
considered
|
2023-2028
|
Base year market
size
|
$5.0 billion
|
Market Size
Forecast
|
$7.7 billion
|
Growth rate
|
CAGR of 7.6% from 2023
to 2028
|
Segment
Covered
|
By Storage Type,
End-User Industry, and Region
|
Regions
covered
|
North America, Europe,
Asia-Pacific, South America, and the Middle East and Africa
(MEA)
|
Key Market
Drivers
|
- Increasing the use
of electrolyzers for grid stabilization
- Demand for
sustainable and low-emission fuels
- Hydrogen
infrastructure
|
Key Interesting Facts About the global market
for Hydrogen Storage Materials and technologies:
APAC Region Dominance:
Largest market contributor due to:
- Extensive automobile industry
- Focus on sustainable automotive fuels
- Investment in new industrial hydrogen applications
- Significant growth in chemicals and metal processing
industries
- High demand for green hydrogen
Hydrogen Storage Market Characteristics:
- Competitive and technology-driven
- Top five players captured 50% of the market in 2022 (BCC
analysis)
- Fragmented market structure
- Pure players supply products to large companies for end-to-end
supply chain solutions
Carbon Emissions Reduction:
- Carbon credits gaining traction globally
- In 2022, ETS and carbon taxes generated $95 billion in revenue
- ETS accounted for approximately 69% of this revenue
The global market for hydrogen storage
materials and technologies report includes in-depth data and
analysis addressing the following important queries:
- What is the projected market size and growth rate of the
market?
The market is projected to grow from $5.0
billion in 2022 to $7.7
billion by 2028 at a CAGR of 7.6% during the forecast
period. By volume, the market is expected to reach 3.1 MMT by
growing at a CAGR of 12.1%.
- What are the key factors driving the growth of the market?
Increasing demand for sustainable and low-emission fuels,
developing hydrogen infrastructure across nations, and developing
lightweight storage tanks are key factors driving the market.
- What segments are covered in the market?
The segments covered in the market are end-user and storage type.
The end-user segment includes chemicals, oil refining, metal
processing, transportation, etc. The storage type segmentation
includes physical storage and chemical or material-based
storage.
- Which end-use segment will dominate the market by the end of
2028?
The chemical industry segment will dominate the market by the end
of 2028.
- Which storage type segment will dominate the market by the end
of 2028?
The physical storage segment will dominate the market by the end of
2028.
- Which region will dominate the market by the end of 2028?
The market has been classified into five regions, namely
Asia-Pacific, North America, Europe, MEA, and South America. Asia-Pacific holds the highest market share
due to the growing demand for hydrogen from leading end-use
industries such as oil refineries, ammonia, and transportation.
Also, the increasing GHG emissions in countries such as
China and India are accelerating the demand for clean
fuel technologies, which is further generating the demand for
efficient hydrogen storage solutions.
Some of the Key Market Players Are:
- AD-VENTA
- AIR LIQUIDE
- CHART INDUSTRIES
- CRYOLOR
- HBANK TECHNOLOGIES INC.
- HEXAGON COMPOSITES ASA
- INOX INDIA LTD.
- LINDE PLC
- LUXFER HOLDINGS PLC
- MCPHY ENERGY S.A.
- WORTHINGTON ENTERPRISES
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Directly Purchase a copy of the
report with BCC Research.
For further information or to make a purchase, please get in
touch with info@bccresearch.com.
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