Global Hydrogen Storage Market
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
<strong>Global</strong> <strong>Hydrogen</strong> <strong>Storage</strong> <strong>Market</strong> to<br />
Reach $991.7 Million by 2026<br />
enquiry@psmarketresearch.com<br />
www.psmarketresearch.com
<strong>Global</strong> <strong>Hydrogen</strong> <strong>Storage</strong> <strong>Market</strong><br />
According to a new market research report “<strong>Global</strong> <strong>Hydrogen</strong> <strong>Storage</strong> <strong>Market</strong><br />
Size, Share, Development, Growth and Demand Forecast to 2026 - Industry<br />
Insights by Form of <strong>Storage</strong> (Physical, Material-based), by Type of <strong>Storage</strong><br />
(Cylinder, Merchant/Bulk, On-Board, On-Site) by Application (Stationary Power,<br />
Portable Power and Transportation)” published by P&S <strong>Market</strong> Research, the<br />
global hydrogen storage market is projected to reach $991.7 million by 2026,<br />
growing at a CAGR of 7.6% during 2016 - 2026.<br />
Browse Report Description at: https://www.psmarketresearch.com/marketanalysis/hydrogen-storage-market
<strong>Global</strong> <strong>Hydrogen</strong> <strong>Storage</strong> <strong>Market</strong><br />
<strong>Global</strong> hydrogen storage market worth $426.4<br />
million in 2015<br />
As per the research, the global market for hydrogen storage is likely to grow<br />
from $477.7 million in 2016 to $991.7 million by 2026. With the increasing<br />
focus of key players to produce alternative renewable energy from fuel<br />
cells, hydrogen and oxygen, the market for hydrogen storage is expected to<br />
increase at a robust pace. Additionally, increasing consumption of hydrogen<br />
in various end-use sectors including power, energy, transportation, fueling<br />
stations, and electronics are expected to bolster the market for hydrogen<br />
storage during the forecast period.
<strong>Global</strong> <strong>Hydrogen</strong> <strong>Storage</strong> <strong>Market</strong><br />
Insights on market segments<br />
As per the findings of research, the stationary power emanated the largest<br />
demand for hydrogen storage. Physical storage segment has been the<br />
largest revenue generator in the global hydrogen storage market.
<strong>Global</strong> <strong>Hydrogen</strong> <strong>Storage</strong> <strong>Market</strong><br />
Asia-Pacific stands as the largest hydrogen storage<br />
market<br />
Asia-Pacific accounted for the largest region in the global hydrogen storage<br />
market, where China contributed to the largest revenue. The U.S. was the<br />
major market in North America, whereas Germany contributed to the<br />
largest revenue in Europe region. Saudi Arabia was the major market in the<br />
Middle East and Africa region while Brazil dominated the South America<br />
market.
<strong>Global</strong> <strong>Hydrogen</strong> <strong>Storage</strong> <strong>Market</strong><br />
Growing demand for luxury vehicles bolsters market<br />
growth<br />
The factors driving the growth of the hydrogen storage market include growing demand<br />
for low emission fuels, increasing consumption of ammonia and methanol worldwide<br />
and rising use of hydrogen storage tanks in transportation sector. The increasing demand<br />
for hydrogen-powered vehicles in North America and Europe is expected to have a<br />
positive impact on the growth of hydrogen storage market during the forecast period on<br />
account of easy availability of hydrogen filling infrastructure and stringent government<br />
regulations for the use of low emission generating vehicles.<br />
Driven by growing need for energy supply in power and energy sectors and the<br />
increasing focus on generating energy from alternative energy sources including fuel<br />
cells, hydrogen and oxygen, the global hydrogen storage market is expected to witness<br />
significant growth during the forecast period.<br />
The hydrogen storage market possesses great investment potential during the forecast<br />
period on account of increasing advancements in the fuel cells and hydrogen<br />
technologies, and favorable government initiatives such as new funding opportunity<br />
(FOA) to increase the adoption of hydrogen storage technologies across the globe.
<strong>Global</strong> <strong>Hydrogen</strong> <strong>Storage</strong> <strong>Market</strong><br />
The higher costs associated with the extraction and installation of hydrogen storage is<br />
expected to be a major challenge for the manufacturers dealing with hydrogen storage<br />
systems on a global front; however, the increase in government investments and the<br />
growing persistent advances in research and development (R&D) efforts are expected to<br />
reduce the negative impact on the market in the long run. This is expected to further<br />
spike the demand for hydrogen storage during the forecast period.<br />
Increasing government initiatives for promoting the use of hydrogen storage<br />
technologies provides opportunity for the global hydrogen storage market. North<br />
America and Europe are focusing on manufacturing zero-emission hydrogen vehicles for<br />
which countries such as the U.S. and the U.K. have released government funds and<br />
launched programs to encourage more businesses/companies to switch towards<br />
hydrogen-fueled vehicles. For instance, in 2016, the U.K. government had invested<br />
USD2.21 million to bring up an additional 100 hydrogen fuel cell cars and vans in the<br />
next few years. This would create growth opportunities for global hydrogen storage<br />
market during the forecast period.
<strong>Global</strong> <strong>Hydrogen</strong> <strong>Storage</strong> <strong>Market</strong><br />
Top four players account for major market share<br />
The research states that the global market for hydrogen storage is highly consolidated in<br />
nature, where four major players constitute for the largest share in the global market.<br />
Some of the key players in the global hydrogen storage market include Air Liquide SA,<br />
Linde AG, Praxair, Inc., Worthington Industries Inc., McPhy Energy S.A., HBank<br />
Technologies Inc., Hexagon Composites ASA, VRV S.p.A. and INOXCVA.<br />
Contracts and agreements have been the major recent developments in the global<br />
market for energy storage. Praxair Inc., Worthington Industries Inc. and Linde AG are<br />
some of the companies that had signed new agreements for the development of<br />
hydrogen storage technologies across the globe.
<strong>Global</strong> <strong>Hydrogen</strong> <strong>Storage</strong> <strong>Market</strong><br />
Download report sample at:<br />
https://www.psmarketresearch.com/market-analysis/hydrogenstorage-market/report-sample
GET IN TOUCH<br />
THANK YOU!<br />
For information regarding permissions and other queries<br />
Kindly write to:<br />
enquiry@psmarketresearch.com<br />
US/Canada Toll-Free: 1-888-778-7886<br />
www.psmarketresearch.com