Global Hydrogen Storage Market
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<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.
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