Latest News- Hydrogen Storage Market: Physical is expected to lead the Type segment during 2024-2028

The Hydrogen Storage Market is being driven by Increased usage of hydrogen storage tanks in transportation application

The Hydrogen Storage Market is expected to grow at a CAGR of 5.6% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4350.2 million. In the global energy landscape, hydrogen is increasingly being recognized as a promising new energy source beyond its traditional role as an industrial feedstock for ammonia, methanol, and petroleum refining. Energy-deficient developed countries like Japan and South Korea, as well as China, are focusing on hydrogen or hydrogen carriers such as ammonia and methylcyclohexane to address long-term energy security concerns. China, in particular, is actively constructing hydrogen infrastructure and renewable energy sources to meet its sustainability objectives and growing energy demand. The strategic pursuit of alternative energy sources in South Korea, Japan, China, and Europe shares common goals, including high efficiency, stability, low carbon emissions, affordability, and large-scale production. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Physical
  • Material-based
• Application
  • Chemicals
  • Oil refining
  • Industrial
  • Others
• Geography
  • APAC
    • China
    • Japan
  • North America
    • US
  • Europe
    • Germany
    • UK
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increased usage of hydrogen storage tanks in transportation application
• Growing demand for fertilizers
• Growth in global refining capacity

However, the market also witnesses some limitations, which are as follows:

• Limited availability of hydrogen refueling infrastructure
• High cost of operations and capital-intensive business
• Stringent regulations associated with chemical storage and warehousing

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Market Scope in Hydrogen Storage Market Research Report

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Research Analysis Overview

The Hydrogen gas industry encompasses various storage solutions such as metal hydrides, solid state, and material-based storage, including intermetallic hydrides. These technologies find applications in oil refineries, industrial segment, and transportation, contributing to Energy Conservation and decarbonization. Hydrogen technologies also support Renewable Energy Sources, with renewable hydrogen storage systems ensuring Grid security. Low emission hydrogen is utilized in Power grids, while compressed hydrogen gas and liquid hydrogen are essential for transportation applications.

Market Research Overview

The hydrogen storage market encompasses businesses specializing in the production and utilization of hydrogen gas, primarily through metal hydride technology, including solid storage solutions and intermetallic hydrides. Key industries driving demand include oil refineries and transportation applications. Market expansion will be fueled by merchant sourcing, stringent environmental regulations, engine manufacturer specifications, and the shift towards hydrogen-powered vehicles to reduce carbon emissions. These factors collectively contribute to the significant growth potential of this sector within the global specialty chemicals industry.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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