Global Hydrogen Storage Market

Global Hydrogen Storage Market to
Reach $991.7 Million by 2026
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Global Hydrogen Storage Market
According to a new market research report “Global Hydrogen Storage Market
Size, Share, Development, Growth and Demand Forecast to 2026 - Industry
Insights by Form of Storage (Physical, Material-based), by Type of Storage
(Cylinder, Merchant/Bulk, On-Board, On-Site) by Application (Stationary Power,
Portable Power and Transportation)” published by P&S Market Research, the
global hydrogen storage market is projected to reach $991.7 million by 2026,
growing at a CAGR of 7.6% during 2016 - 2026.
Browse Report Description at: https://www.psmarketresearch.com/marketanalysis/hydrogen-storage-market

Global Hydrogen Storage Market
Global hydrogen storage market worth $426.4
million in 2015
As per the research, the global market for hydrogen storage is likely to grow
from $477.7 million in 2016 to $991.7 million by 2026. With the increasing
focus of key players to produce alternative renewable energy from fuel
cells, hydrogen and oxygen, the market for hydrogen storage is expected to
increase at a robust pace. Additionally, increasing consumption of hydrogen
in various end-use sectors including power, energy, transportation, fueling
stations, and electronics are expected to bolster the market for hydrogen
storage during the forecast period.

Global Hydrogen Storage Market
Insights on market segments
As per the findings of research, the stationary power emanated the largest
demand for hydrogen storage. Physical storage segment has been the
largest revenue generator in the global hydrogen storage market.

Global Hydrogen Storage Market
Asia-Pacific stands as the largest hydrogen storage
market
Asia-Pacific accounted for the largest region in the global hydrogen storage
market, where China contributed to the largest revenue. The U.S. was the
major market in North America, whereas Germany contributed to the
largest revenue in Europe region. Saudi Arabia was the major market in the
Middle East and Africa region while Brazil dominated the South America
market.

Global Hydrogen Storage Market
Growing demand for luxury vehicles bolsters market
growth
The factors driving the growth of the hydrogen storage market include growing demand
for low emission fuels, increasing consumption of ammonia and methanol worldwide
and rising use of hydrogen storage tanks in transportation sector. The increasing demand
for hydrogen-powered vehicles in North America and Europe is expected to have a
positive impact on the growth of hydrogen storage market during the forecast period on
account of easy availability of hydrogen filling infrastructure and stringent government
regulations for the use of low emission generating vehicles.
Driven by growing need for energy supply in power and energy sectors and the
increasing focus on generating energy from alternative energy sources including fuel
cells, hydrogen and oxygen, the global hydrogen storage market is expected to witness
significant growth during the forecast period.
The hydrogen storage market possesses great investment potential during the forecast
period on account of increasing advancements in the fuel cells and hydrogen
technologies, and favorable government initiatives such as new funding opportunity
(FOA) to increase the adoption of hydrogen storage technologies across the globe.

Global Hydrogen Storage Market
The higher costs associated with the extraction and installation of hydrogen storage is
expected to be a major challenge for the manufacturers dealing with hydrogen storage
systems on a global front; however, the increase in government investments and the
growing persistent advances in research and development (R&D) efforts are expected to
reduce the negative impact on the market in the long run. This is expected to further
spike the demand for hydrogen storage during the forecast period.
Increasing government initiatives for promoting the use of hydrogen storage
technologies provides opportunity for the global hydrogen storage market. North
America and Europe are focusing on manufacturing zero-emission hydrogen vehicles for
which countries such as the U.S. and the U.K. have released government funds and
launched programs to encourage more businesses/companies to switch towards
hydrogen-fueled vehicles. For instance, in 2016, the U.K. government had invested
USD2.21 million to bring up an additional 100 hydrogen fuel cell cars and vans in the
next few years. This would create growth opportunities for global hydrogen storage
market during the forecast period.

Global Hydrogen Storage Market
Top four players account for major market share
The research states that the global market for hydrogen storage is highly consolidated in
nature, where four major players constitute for the largest share in the global market.
Some of the key players in the global hydrogen storage market include Air Liquide SA,
Linde AG, Praxair, Inc., Worthington Industries Inc., McPhy Energy S.A., HBank
Technologies Inc., Hexagon Composites ASA, VRV S.p.A. and INOXCVA.
Contracts and agreements have been the major recent developments in the global
market for energy storage. Praxair Inc., Worthington Industries Inc. and Linde AG are
some of the companies that had signed new agreements for the development of
hydrogen storage technologies across the globe.

Global Hydrogen Storage Market
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