Global hydrogen storage market worth $426.4 million in 2015
As per the research, the global market for hydrogen storage is likely to grow from $477.7 million in 2016 to $991.7 million by 2026. With the increasing focus of key players to produce alternative renewable energy from fuel cells, hydrogen and oxygen, the market for hydrogen storage is expected to increase at a robust pace. Additionally, increasing consumption of hydrogen in various end-use sectors including power, energy, transportation, fueling stations, and electronics are expected to bolster the market for hydrogen storage during the forecast period.
Insights on market segments
As per the findings of research, the stationary power emanated the largest demand for hydrogen storage. Physical storage segment has been the largest revenue generator in the global hydrogen storage market.
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Asia-Pacific stands as the largest hydrogen storage market
Asia-Pacific accounted for the largest region in the global hydrogen storage market, where China contributed to the largest revenue. The U.S. was the major market in North America, whereas Germany contributed to the largest revenue in Europe region. Saudi Arabia was the major market in the Middle East and Africa region while Brazil dominated the South America market.
Growing demand for luxury vehicles bolsters market growth
The factors driving the growth of the hydrogen storage market include growing demand for low emission fuels, increasing consumption of ammonia and methanol worldwide and rising use of hydrogen storage tanks in transportation sector. The increasing demand for hydrogen-powered vehicles in North America and Europe is expected to have a positive impact on the growth of hydrogen storage market during the forecast period on account of easy availability of hydrogen filling infrastructure and stringent government regulations for the use of low emission generating vehicles.
Driven by growing need for energy supply in power and energy sectors and the increasing focus on generating energy from alternative energy sources including fuel cells, hydrogen and oxygen, the global hydrogen storage market is expected to witness significant growth during the forecast period.
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Top four players account for major market share
The research states that the global market for hydrogen storage is highly consolidated in nature, where four major players constitute for the largest share in the global market. Some of the key players in the global hydrogen storage market include Air Liquide SA, Linde AG, Praxair, Inc., Worthington Industries Inc., McPhy Energy S.A., HBank Technologies Inc., Hexagon Composites ASA, VRV S.p.A. and INOXCVA.
Contracts and agreements have been the major recent developments in the global market for energy storage. Praxair Inc., Worthington Industries Inc. and Linde AG are some of the companies that had signed new agreements for the development of hydrogen storage technologies across the globe.
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