Global Hydrogen Storage Market
The global hydrogen storage market is expected to witness a CAGR of 7.6% during the forecast period due to the increasing focus of key players to produce alternative renewable energy from fuel cells, hydrogen and oxygen.
The global hydrogen storage market is expected to witness a CAGR of 7.6% during the forecast period due to the increasing focus of key players to produce alternative renewable energy from fuel cells, hydrogen and oxygen.
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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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