Hydrogen Storage Market Size - Global Industry, Share, Analysis, Trends and Forecast 2023 - 2032

The Hydrogen Storage Market Size accounted for USD 2.6 Billion in 2022 and is estimated to achieve a market size of USD 10.9 Billion by 2032 growing at a CAGR of 15.6 % from 2023 to 2032.

Hydrogen Storage Market Highlights

• Global hydrogen storage market revenue is poised to garner USD 10.9 billion by 2032 with a CAGR of 15.6 % from 2023 to 2032
• Asia Pacific hydrogen storage market value occupied around USD 1.8 billion in 2022
• Asia-Pacific hydrogen storage market growth will record a CAGR of more than 17% from 2023 to 2032
• Among application, industrial sub-segment generated USD 1.05 billion revenue in 2022
• Based on storage form, physical form sub-segment generated around 70% market share in 2022
• Increasing adoption of solid-state hydrogen storage technologies is a hydrogen storage market trend

Hydrogen storage is critical for developing hydrogen and fuel cell technologies for use in power plants, transportation, and portable electronics. Hydrogen may be kept in two forms: as a gas in high-pressure tanks and as a liquid at extremely low temperatures. keeping it as a gas demands robust tanks under high pressure, but keeping it as a liquid necessitates extremely cold conditions since hydrogen transforms into a liquid at extremely low temperatures. Furthermore, there are techniques for storing hydrogen on or within solid objects, such as clinging to surfaces or being absorbed into them. Various hydrogen-related technologies have been developed to better understand how hydrogen is formed and released from storage materials. For example, in 2015, the Hydrogen and Fuel Cell Technologies Office (HFTO) launched a research initiative named HyMARC. The primary purpose of HyMARC is to perform fundamental research to better understand how materials interact with hydrogen.

Global Hydrogen Storage Market Dynamics

Market Drivers

• Increasing demand for environmentally friendly fuels with reduced emissions
• Rising use of hydrogen in various industries
• Government strategic goals to establish cost-effective and energy-efficient hydrogen stations nationwide

Market Restraints

• Lack of widespread hydrogen refueling stations in developed countries
• High cost
• Limited availability

Market Opportunities

• Exploring creative uses for fuel cells in various applications
• Increasing interest in fuel cell electric vehicles
• Rising demand for hydrogen storage in the chemical industry

Hydrogen Storage Market Report Coverage

Hydrogen Storage Market Insights

The growing usage of hydrogen in a variety of sectors is boosting demand for hydrogen storage systems. For example, hydrogen is used in industries, as rocket fuel, and to power automobiles via fuel cells. Some natural gas power plant owners are considering using hydrogen alongside or instead of natural gas. Furthermore, hydrogen has the capacity to efficiently store energy for power generation.

Hydrogen has been acknowledged as an alternative fuel for cars since the Energy Policy Act of 1992. However, the high cost of fuel cells and the shortage of hydrogen recharging facilities have slowed the broad adoption of hydrogen-powered vehicles. The manufacture of such cars is limited due to potential purchasers' reluctance in the absence of easy access to hydrogen-filling facilities. Companies, on the other hand, are hesitant to invest in new filling stations until there is a large client base of hydrogen-powered cars. This creates a loop in which the scarcity of refueling infrastructure and automobiles inherently stifles market expansion.

However, as interest in fuel cell electric vehicles grows, possibilities emerge. For example, by the end of December 2022, the United States had 205 operational fuel cell electric power generators spread over 147 sites, with a total nameplate electric output capacity of around 350 megawatts (MW). The capabilities vary, with the largest single-fuel cell, the Bridgeport Fuel Cell in Connecticut, having about 17 MW and the California Institute of Technology having 10 fuel cells, each with a capacity of 0.1 MW.

Hydrogen Storage Market Segmentation

The worldwide market for hydrogen storage is segmented into type, application, storage form, and geography.

Hydrogen Storage Types

• Cylinder
• On-Board
• Merchant/Bulk
• Onsite

According to the hydrogen storage market segmentation, it is divided into cylinder, on-board, merchant/bulk, and onsite segments. Among these, the cylinder segment dominates the hydrogen storage market. High-pressure gases, such as compressed gas, are typically stored in specialized cylinders or pressure vessels. Conversely, liquid hydrogen is commonly stored in cylindrical tanks designed to withstand vacuum insulation, operating at relatively low pressures.

In the United States, the storage of hydrogen in flammable gas cylinders involves a specific outlet connection, known as CGA 350, featuring a left-handed thread. The safety pressure relief mechanism on a hydrogen cylinder includes a rupture disc with a fused outlet, ensuring safety. Therefore, due to these safety features, the cylinder segment continues to dominate the hydrogen storage market. Furthermore, cylinders required for hydrogen storage find diverse applications in metalworking, electronics, and food industries. Overall, due to these diverse applications, the cylinder segment maintains its dominance in the hydrogen storage market.

Hydrogen Storage Applications

• Residential
• Commercial
• Industrial

The hydrogen storage market is segmented By Application, which includes residential, commercial, and industrial sectors. In the upcoming year, industrial applications will dominate the hydrogen storage industry. Hydrogen energy is quickly gaining popularity as an ecologically benign and sustainable energy source. Hydrogen energy is rapidly being used in different industries, including ammonia manufacture, rocket fuel, and a variety of other uses.

For example, liquid ammonia can store more hydrogen in a given volume (121 kg-H2/m3), but liquid hydrogen can store less (70.8 kg-H2/m). This distinction emphasizes the flexibility and effectiveness of hydrogen storage techniques, which adapt to a wide range of industrial requirements.

Hydrogen Storage Forms

• Material Based
• Physical Form

The hydrogen storage industry is divided into two segments depending on storage type: material-based and physical form. During the projected year, the physical form segment will dominate the hydrogen storage market. Hydrogen may be stored in a variety of physical forms, including supercritical fluid, gas, molecular inclusions, and adsorbate. These approaches are widely employed in transportation applications. Furthermore, hydrogen storage can be in the form of either gas or liquid. Gas storage necessitates high-pressure tanks, which generally range from 350 to 700 bar (5,000 to 10,000 psi). Liquid storage, on the other hand, requires extremely low temperatures, as hydrogen boils at -252.8°C at 1 atmospheric pressure. Alternatively, hydrogen can be held by adsorbing to solid surfaces or being absorbed into solid materials.

Hydrogen Storage Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)

Hydrogen Storage Market Regional Analysis

Based on regional analysis, the hydrogen storage market is divided into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The Asia Pacific region will lead the market throughout the predicted year. In 2009, South Korea and Japan increased their investments in fuel cell adoption to acknowledge micro CHP devices. Korea published its Hydrogen Economy Roadmap in January 2019, aiming to manufacture 6.2 million fuel cell electric cars and create at least 1200 refilling stations by 2040. The plan also involves deploying at least 35 hydrogen buses in 2019, with the objective of increasing to 2000 by 2022 and 41000 by 2040. Furthermore, Malaysia and India have expressed an interest in fuel cells. Additionally, China intends to launch a pilot program to demonstrate FCEVs across the country.

Hydrogen Storage Market Players

Some of the top hydrogen storage companies offered in our report include Abengoa, Air Liquide Energies, Air Products & Chemicals, Inc., Hexagon Purus, Hydrogenious LOHC Technologies, Iberdrola, S.A., Linde plc, MAN Energy Solutions, NPROXX, and Siemens AG.