Global Hydrogen Storage Market
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<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.
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