Global Hydrogen Storage Market Forecasted to Reach $7.7 Billion by 2028

BCC Research Study Highlights a 7.6% CAGR in the Hydrogen Storage Market from 2023 to 2028, Driven by Advances in Materials and Technologies

BOSTON, July 1, 2024 /PRNewswire/ -- The green energy transition is driving global decarbonization efforts, especially in hard-to-abate industries, boosting the importance of hydrogen and its low-carbon forms. This surge is set to propel the hydrogen storage materials market to $7.7 billion by 2028, favoring technology-intensive companies.

According to the latest BCC Research study, the demand for "Hydrogen Storage: Materials, Technologies and Global Markets" is expected to grow from $5.3 billion in 2023 to $7.7 billion by the end of 2028, at a compound annual growth rate (CAGR) of 7.6% from 2023 through 2028.

BCC Research defines hydrogen storage technologies as the various materials, storage media, and technologies used to store hydrogen for energy use. The global hydrogen storage market is segmented by storage type, end-user, and region. The report examines the competitive landscape, including a market share analysis of leading companies and their ESG (Environmental, Social, and Governance) (environmental, social, and governance) practices. It focuses on revenues generated from hydrogen storage services, excluding the costs of storage tanks, vessels, or containers. Additionally, it does not cover energy storage solutions like battery storage or companies providing consulting and training on hydrogen storage technologies.

The following factors drive the global market for hydrogen storage materials and technologies:

Increasing Use of Electrolyzers for Grid Stabilization: Electrolyzers convert excess electricity from renewable sources into hydrogen, storing it for later use when demand exceeds supply. This process helps stabilize the grid, supporting the integration of more renewable energy and enhancing hydrogen storage technologies.

Demand for Sustainable and Low-Emission Fuels: Hydrogen is a clean fuel with water vapor as its only byproduct. Its sustainable production, especially from renewable energy, makes it a preferred alternative to fossil fuels. The rising demand for low-emission fuels drives investment in hydrogen storage technologies.

Hydrogen Infrastructure Development: A robust hydrogen infrastructure, including production, storage, transportation, and refueling stations, is crucial for widespread adoption. Investments by governments and private companies are expanding this infrastructure, facilitating hydrogen use in transportation, industry, and power generation.

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Report Synopsis 

Key Interesting Facts About the global market for Hydrogen Storage Materials and technologies:

APAC Region Dominance:

Largest market contributor due to:

• Extensive automobile industry
• Focus on sustainable automotive fuels
• Investment in new industrial hydrogen applications
• Significant growth in chemicals and metal processing industries
• High demand for green hydrogen

Hydrogen Storage Market Characteristics:

• Competitive and technology-driven
• Top five players captured 50% of the market in 2022 (BCC analysis)
• Fragmented market structure
• Pure players supply products to large companies for end-to-end supply chain solutions

Carbon Emissions Reduction:

• Carbon credits gaining traction globally
• In 2022, ETS and carbon taxes generated $95 billion in revenue
• ETS accounted for approximately 69% of this revenue

The global market for hydrogen storage materials and technologies report includes in-depth data and analysis addressing the following important queries:

1. What is the projected market size and growth rate of the market?
   The market is projected to grow from $5.0 billion in 2022 to $7.7 billion by 2028 at a CAGR of 7.6% during the forecast period. By volume, the market is expected to reach 3.1 MMT by growing at a CAGR of 12.1%.
2. What are the key factors driving the growth of the market?
   Increasing demand for sustainable and low-emission fuels, developing hydrogen infrastructure across nations, and developing lightweight storage tanks are key factors driving the market.
3. What segments are covered in the market?
   The segments covered in the market are end-user and storage type. The end-user segment includes chemicals, oil refining, metal processing, transportation, etc. The storage type segmentation includes physical storage and chemical or material-based storage.
4. Which end-use segment will dominate the market by the end of 2028?
   The chemical industry segment will dominate the market by the end of 2028.
5. Which storage type segment will dominate the market by the end of 2028?
   The physical storage segment will dominate the market by the end of 2028.
6. Which region will dominate the market by the end of 2028?
   The market has been classified into five regions, namely Asia-Pacific, North America, Europe, MEA, and South America. Asia-Pacific holds the highest market share due to the growing demand for hydrogen from leading end-use industries such as oil refineries, ammonia, and transportation. Also, the increasing GHG emissions in countries such as China and India are accelerating the demand for clean fuel technologies, which is further generating the demand for efficient hydrogen storage solutions.

Some of the Key Market Players Are:

•  AD-VENTA
• AIR LIQUIDE
• CHART INDUSTRIES
• CRYOLOR
• HBANK TECHNOLOGIES INC.
• HEXAGON COMPOSITES ASA
• INOX INDIA LTD.
• LINDE PLC
• LUXFER HOLDINGS PLC
• MCPHY ENERGY S.A.
• WORTHINGTON ENTERPRISES

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