Global Hydrogen Storage Market Size To Exceed USD 16.98 Billion By 2035 | CAGR Of 21.86%
Category: Information & TechnologyGlobal Hydrogen Storage Market Size to Exceed USD 16.98 Billion by 2035
According to a research report published by Spherical Insights & Consulting, The Global Hydrogen Storage Market Size is Expected to Grow from USD 1.93 Billion in 2024 to USD 16.98 Billion by 2035, at a CAGR of 21.86% during the Forecast Period 2025-2035.
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Browse key industry insights spread across 248 pages with 120 Market data tables and figures & charts from the report on the “Global Hydrogen Storage Market Size, Share, and COVID-19 Impact Analysis, By Storage Form (Physical and Material-Based), By Storage Type (Cylinder, Merchant, On-Site, and On-board), By Application (Chemicals, Oil Refineries, Industrial, Automotive & Transportation, and Metalworking), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2025 – 2035.” Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/hydrogen-storage-market
The Hydrogen Storage Market Size refers to the methods and equipment for holding hydrogen for a range of applications, particularly in fuel cell systems for stationary power, transportation, and portable electronics. Despite having the most energy per mass of any fuel, hydrogen has a low energy per unit volume because of its low ambient temperature density, making effective storage a significant technical challenge. The market growth is driven by the growing number of automobiles powered by hydrogen, and industrial decarbonization efforts are driving the high demand for hydrogen storage systems. Compression storage is crucial for cars that require high-pressure hydrogen for a longer range. The industrial category is anticipated to hold a dominant market share through 2035 due to the extensive usage of hydrogen in the chemicals, refining, and expanding green energy sectors. Hydrogen is increasingly being used to store renewable energy and decarbonize the steel industry. However, the market growth is hindered by the widespread use of hydrogen and rapid expansion.
The physical segment dominated the market in 2024 and is projected to grow at a substantial CAGR during the forecast period.
Based on the storage form, the hydrogen storage market is classified into physical and material-based. Among these, the physical segment dominated the market in 2024 and is projected to grow at a substantial CAGR during the forecast period. The growth is driven by the scientific advancement and commercial viability of physical storage methods such as compressed gas storage and liquid hydrogen storage. These methods are widely used in applications like industrial processes, fuel cell vehicles, and hydrogen filling stations.
The cylinder segment accounted for the largest share in 2024 and is anticipated to grow at the fastest CAGR during the forecast period.
Based on the storage type, the hydrogen storage market is segmented into cylinder, merchant, on-site, and on-board. Among these, the cylinder segment accounted for the largest share in 2024 and is anticipated to grow at the fastest CAGR during the forecast period. The segmental growth is due to the hydrogen cylinders are essential for industries that require small but dependable hydrogen supplies. Applications in electronics, metalworking, and food processing have led to a steady increase in demand for cylinder-based storage. These businesses benefit from hydrogens unique chemical and physical properties. Because of this, the market for hydrogen cylinders as a reliable and flexible storage solution continues to grow.
The automotive and transportation segment accounted for the largest share in 2024 and is anticipated to grow at the fastest CAGR during the forecast period.
Based on the application, the hydrogen storage market is categorized into chemicals, oil refineries, industrial, automotive & transportation, and metalworking. Among these, the automotive and transportation segment accounted for the largest share in 2024 and is anticipated to grow at the fastest CAGR during the forecast period. The segmental growth is due to the rising demand for emission-free automobiles. Strict CO2 regulations in North America and Europe are hastening the switch to hydrogen fuel cell automobiles. Innovations from major automakers like Hyundai, Toyota, and Honda are increasing adoption. This rise is driving the need for advanced hydrogen storage tanks. Manufacturers of high-performance carbon fiber tanks are essential to meeting this growing market need.
North America is expected to hold the majority share of the global hydrogen storage market during the projected timeframe.
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North America is expected to hold the majority share of the global hydrogen storage market during the projected timeframe. The region in which the US is a key contributor to the expansion of the regional industry is due to its robust government commitments to clean energy and hydrogen development. Due to aggressive DOE targets and major projects in hydrogen production, distribution, and storage, there is a growing need for better storage solutions. Infrastructure investments in hydrogen by the public and commercial sectors are driving the markets expansion. This collaborative initiative is fostering a robust hydrogen economy in the region.
Asia Pacific is anticipated to grow at the fastest pace in the global hydrogen storage market during the forecast period. The strong government backing for the advancement of fuel cells and hydrogen, Asia Pacific is emerging as a key region for the uptake of green technology. Among the countries investing heavily in fuel cell projects and hydrogen policy are China, India, Malaysia, South Korea, Japan, and others. These national initiatives and pilot programs aim to reduce GHG emissions and accelerate the transition to sustainable energy. This regional commitment is anticipated to lead to a huge boom in the hydrogen economy.
Major vendors in the global hydrogen storage market are Air Liquide, Croyolor, Worthington Industries, Inc., Pragma Industries, Linde plc, HBank Technologies Inc., Luxfer Holdings PLC, INOXCVA, Hexagon Composites ASA, Chart Industries, Engie, Cummins Inc., Air Products Inc., Iwatani Corp., ITM Power, and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Key Recent Development
- In March 2024, Air Products Inc., a global leader in industrial gases, announced the successful building of a new hydrogen storage facility in the United States, intending to accelerate the adoption of clean energy solutions. This cutting-edge facility, which employs advanced cryogenic storage technology, is designed to address the growing need for hydrogen in a wide range of industries, including transportation and power generation.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the hydrogen storage market based on the below-mentioned segments:
Global Hydrogen Storage Market, By Storage Form
- Physical
- Material-Based
Global Hydrogen Storage Market, By Storage Type
- Cylinder
- Merchant
- On-Site
- On-board
Global Hydrogen Storage Market, By Application
- Chemicals
- Oil Refineries
- Industrial
- Automotive & Transportation
- Metalworking
Global Hydrogen Storage Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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