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.
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
<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.
Change language