LONDON, Jan. 11, 2017 /PRNewswire/ -- "Increase in consumption of transportation fuels to drive the hydrogen storage market"
The hydrogen storage market was valued at USD 415.8 million in 2015 and is projected to reach USD 969.6 million by 2026, registering a CAGR of 8.1% between 2016 and 2026. The market is largely driven by the transportation application in regions such as Europe and North America. In addition, the rising awareness and use of cleaner, carbon free, and low emission fuels are fueling the demand of hydrogen storage. However, the sales of fuel cells may decrease due to the limited availability of hydrogen refilling infrastructure in developing and some parts of developed economies, which will hamper the hydrogen storage market growth.
"Transportation industry is the fastest-growing application segment of the hydrogen storage market"
Rise in demand for hydrogen powered cars in North America and Europe driven by the availability of hydrogen filling infrastructure, and stringent regulations on the use of low emission generating vehicles are driving the growth of the hydrogen storage market. Rise in applications of fuels cells in other means of transportation, such as buses, ships & boats, unmanned vehicles, and bicycles is also increasing the demand for hydrogen storage.
"Asia-Pacific to dominate the hydrogen storage market during the forecast period"
China is the largest market for hydrogen storage, globally. The primary drivers for the forecasted growth of the Asia-Pacific market are increase in consumption of gasoline and diesel in developing countries, such as Indonesia, Malaysia, and India among others; use of methanol (made from hydrogen) in gasoline; stringent emission regulations in South Korea and Japan; and rise in demand of ammonia for manufacturing fertilizers in China, India, and other South East Asian countries.
In the process of determining and verifying the market size for the several segments and subsegments gathered through secondary research, extensive primary interviews were conducted as follows:
- By Company Type: Tier 1 (60%), Tier 2 (25%), and Tier 3 (15%).
- By Designation: C-level (25%), Director Level (55%), and Others (20%).
- By Region: North America (15%), Europe (35%), Asia-Pacific (25%), Middle East & Africa (15%), and Latin America (10%)
Various key players profiled in the report include Air Liquide (France), Linde AG (Germany), Praxair, Inc. (U.S.), Worthington Industries, Inc. (U.S.), Luxfer Holdings Plc (U.K.), McPhy Energy S.A. (France), HBank Technologies Inc. (Taiwan), INOXCVA (India), VRV S.p.A. (Italy), and Hexagon Composites ASA (Norway)
This report covers the hydrogen storage market, in terms value, and forecasts the market size till 2026. The report includes the market segmentation based on form of storage, type of storage, end-use application, and region. It also provides company profiles and competitive strategies adopted by the key market players in the global hydrogen storage market.
Reasons to buy this report:
This research report is focused on various levels of analysis—industry trends, market share analysis of key players, supply chain analysis, and company profiles, which together comprise and discuss the overall views on the competitive landscape; emerging and high-growth segments of the hydrogen storage market; high-growth regions; and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on top manufacturers of hydrogen storage market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the hydrogen storage market
- Market Development: Comprehensive information about lucrative emerging markets – the report analyzes the market for hydrogen storage
- Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the global hydrogen storage market
Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of the leading players in the hydrogen storage market.
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