Hydrogen Storage Market to Reach $8.6 Billion, Globally, by 2032 at 12.7% CAGR: Allied Market Research

The global hydrogen storage market is driven by an increase in demand for low-emission fuel. The vision of a hydrogen-powered future comes closer to reality as investments pour into research, infrastructure, and technology development. In essence, the escalating demand for hydrogen underscores its potential in reshaping the global energy landscape, marrying sustainability with efficiency in the pursuit of a greener future.

WILMINGTON, Del., Dec. 6, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Hydrogen Storage Market By Types (Cylinder, Merchant/Bulk, On-Site, On-Board), By Storage (Material, Physical), By End-Use Industry (Chemical, Oil Refineries, Automotive And Transportation, Metalworking, Others): Global Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, the hydrogen storage market was valued at $2.8 billion in 2022 and is estimated to reach $8.6 billion by 2032, exhibiting a CAGR of 12.7% from 2023 to 2032.

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Prime determinants of growth

The global hydrogen storage market is driven by robust demand from various end use sectors. Hydrogen is indispensable in the oil refining industry, particularly in hydrocracking and desulfurization processes. Refineries have increased their consumption of hydrogen to produce ultra-low sulfur diesel as regulations have tightened globally on the sulfur content in fuels. The production of ammonia through the Haber-Bosch process is one of the largest consumers of hydrogen. Ammonia, a primary component for fertilizers, is critical for global agriculture. The need for ammonia and, by extension, hydrogen, also surges as the global population grows and the demand for food rises. Hydrogen is a key ingredient in producing methanol, which serves as a foundational chemical for various products, from plastics to paints.

Traditional steelmaking processes involve coal, releasing vast amounts of CO2. Companies have now explored hydrogen-based steel production methods, where hydrogen replaces coking coal, leading to water vapor instead of CO2 emissions. Such initiatives, though in nascent stages, could dramatically elevate hydrogen demand in the future. The drive toward a more sustainable energy future has positioned hydrogen as a critical element in the energy transition. Hydrogen storage, given its vital role in the wider deployment of hydrogen, has seen increased attention not just from the private sector, but also from governmental bodies globally. Governments, especially in regions such as Europe, North America, and parts of Asia, have been allocating funds toward research on advanced hydrogen storage methods. From high-capacity metal hydrides to innovative sorption techniques, public funds drive innovation in this sector. However, high storage costs may restrain the growth of the hydrogen storage market.

Report coverage & details:

The cylinder segment to maintain its lead position during the forecast period.

On the basis of type, the cylinder segment accounted for the largest share in 2022, contributing to three-seventh of the global hydrogen storage market revenue. The growth in interest in green energy solutions has led to a surge in demand for cylinder hydrogen storage, a method viewed by many as a vital component in the transition to a more sustainable energy future. Hydrogen, often hailed as the fuel of the future, finds itself in the spotlight due to its high energy content and clean-burning properties, producing only water as a byproduct with the world aggressively moving away from fossil fuels. Consequently, effective storage and transport mechanisms for hydrogen have become increasingly crucial, with compressed hydrogen cylinders emerging as a prevalent choice for several reasons.

First, they offer a degree of portability unparalleled by many other storage methods, allowing for easy transport and exchange, and facilitating its distribution across diverse sectors and locations. Furthermore, the technology underpinning this form of storage is mature and proven, having been employed in various capacities over the years, thus offering reliability and a degree of familiarity that new technologies may lack.  Moreover, the versatility of cylinder storage, adaptable to a multitude of applications ranging from vehicular fueling to backup power sources, makes it an attractive choice for businesses and governments alike. Concurrently, there is an industry-wide push for regularizing safety protocols, ensuring that as cylinder usage grows, so does the commitment to safe handling, storage, and transportation.

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The physical segment to maintain its lead position during the forecast period.

On the basis of storage, the physical segment accounted for the largest share in 2022, contributing to more than five-seventh of the global hydrogen storage market revenue. Hydrogen is poised to play a significant role in a diverse array of sectors, from transportation to power generation with its potential to be a clean, versatile energy carrier. As such, effective, efficient, and scalable storage solutions are crucial for the broader integration of hydrogen into our energy systems. Compressed hydrogen storage, one of the primary physical methods, leverages mature technology, with tanks designed to handle pressures up to 700 bar. It is the go-to choose for many hydrogen-powered vehicles, with research focusing on developing lighter and stronger composite materials to increase the energy-to-weight ratio of storage systems.

However, cryogenic or liquid hydrogen storage has gained traction with an ever-growing demand for longer operational durations, especially in sectors such as aviation and shipping. Storing hydrogen in its liquid state achieves a higher volumetric energy density, which can potentially lead to extended ranges. The growth in demand has increased investments in infrastructure, R&D, aiming to optimize storage capacities, reduce costs, and enhance safety protocols. The demand for scalable physical storage solutions is expected to undoubtedly intensify as industries shift toward hydrogen-fueled operations, ensuring that these solutions evolve in tandem with demand is projected to be pivotal in solidifying the place of hydrogen in the future energy landscape.

The chemical segment to maintain its lead position during the forecast period.

On the basis of end-use industry, the chemical segment accounted for the largest share in 2022, contributing to more than three-eighths of the global hydrogen storage market revenue. The global chemical industry, central to numerous facets of the modern economy, has experienced an unprecedented uptick in the demand for hydrogen storage. The role of hydrogen as both a reactant and a potential energy vector becomes more pronounced as the sector expands and adapts to evolving technological and environmental paradigms. Key processes such as hydrocracking, ammonia synthesis, methanol production, and desulfurization rely heavily on a steady hydrogen supply. The growth in these areas, combined with an industry-wide transition toward greener practices, has resulted in a pressing need for efficient and scalable hydrogen storage solutions.

Simultaneously, there is a pivot toward 'green' hydrogen produced using renewable energy sources as sustainability and carbon-neutral goals become more central to industry practices. This shift not only underscores the importance of hydrogen but also poses new challenges and opportunities in its storage. The traditional methods, which predominantly involve high-pressure gas storage and cryogenic liquid storage, are being evaluated in tandem with emerging solutions to accommodate the surge in demand.

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Asia-Pacific to maintain its dominance by 2032

On the basis of region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than three-seventh of the global hydrogen storage market, and is projected to register the highest CAGR of 14.2% during the forecast period. Asia-Pacific region, a robust confluence of policy directives, industrial growth, and technological advancements has propelled a pronounced growth in the demand for hydrogen storage solutions. Japan has positioned itself as a front-runner in the global hydrogen economy. Their strategy lays out plans for the importation, storage, and utilization of hydrogen as a primary energy source. Many sectors, from steel production to petrochemicals, have explored hydrogen as an alternative fuel with the growth in emphasis on decarbonizing heavy industries. This drives the need for large-scale, reliable hydrogen storage solutions.

The introduction of hydrogen fuel cell vehicles (FCVs) in the region, especially in countries such as Japan and South Korea, has driven the need for hydrogen refueling stations, which, in turn, require efficient storage solutions. The Asia-Pacific region, with its combination of policy support, technological innovation, and market potential, is poised to be a major hub for the growth of the hydrogen economy and its associated storage needs in the coming years.

Leading Market Players: -

• AIR LIQUIDE
• LINDE PLC
• WORTHINGTON INDUSTRIES INC.
• LUXFER HOLDINGS PLC
• HEXAGON COMPOSITES ASA
• CHART INDUSTRIES, INC.
• INOXCVA
• HBANK TECHNOLOGIES INC.
• PRAGMA INDUSTRIES
• STEELHEAD COMPOSITES, INC.

The report provides a detailed analysis of these key players in the global hydrogen storage market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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