(MENAFN- GlobeNewsWire - Nasdaq) Hydrogen Storage market Size Was Valued at USD 1.45 Billion in 2023, and is Projected to Reach USD 8.06 Billion by 2032, Growing at a CAGR of 21% From 2024-2032.
Scotland, Edinburgh, Dec. 16, 2024 (GLOBE NEWSWIRE) -- Rising demand from the chemical industry rising the demand of the Global Hydrogen Storage market. This demand is mainly from ammonia & Methanol. This drive of the market is further highlighted by a collaboration between Air Liquide and TotalEnergies to develop & produce renewable hydrogen at La Mède Refinery.
Introspective Market Research is excited to unveil its latest report, " Hydrogen Storage Market " This in-depth analysis shows that the global Hydrogen Storage market, valued at USD 1.45 billion in 2023, is poised for substantial growth, expected to hit USD 8.06 billion by 2032. This growth trajectory aligns with a strong CAGR of 21% during the forecast period from 2024 to 2032.
Hydrogen can be stored either in liquid form or as a gas. For Storing hydrogen gas, High-pressure tanks are highly required. Freezing conditions are often required for storing hydrogen liquid to avoid it turning back into a gas. Hydrogen can be stored in solid form or near its surface.
Hydrogen in liquid form can be frozen for preservation. Low levels of temperatures are required to keep the liquid hydrogen from turning back into a gas, which occurs at -252.8°C. Liquid hydrogen has a greater energy density than gaseous hydrogen, but it can be costly to raise it to the required temperatures.
Cryogenic liquid hydrogen storage tanks and facilities require insulation to prevent evaporation when heat is transferred through conduction, convection, or radiation. Despite these challenges, liquid hydrogen is sought after for applications requiring high levels of purity and is used in space travel.
Hydrogen can be stored in substances as well as being compressed into a gas or stored as a liquid. Three various materials can retain hydrogen: materials that rely on adsorption to store hydrogen externally, materials that rely on absorption to store hydrogen internally, and materials that utilize hydride storage, which involves a combination of solid and liquid materials.
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Increasing Need for Low-Emission Fuels
The main application of hydrogen gas is in oil refineries, where it is predominantly used for removing sulfur from fuels like gasoline and diesel used for transportation. The requirement for hydrogen is increasing greatly because of the rising consumption of sour and heavier crude oil worldwide. The rising need for hydrogen is causing more merchant sources to become available because of limitations in current production capacity.
The shift towards the use of low-emission fuels is rising. This results in the growing concern over environmental issues like severe change in the climate. Burning conventional fossil fuels like coal, oil, and natural gas emits large amounts of carbon dioxide (CO2) and other greenhouse gases into the environment. This is responsible for climate change which results in negative effects on the environment such as a rise in global temperatures, extreme weather changes, and higher sea levels.
The necessity for more environmentally friendly energy sources has increased due to the international attention on climate change and the need to lessen greenhouse gas emissions. Hydrogen, natural gas, and biofuels are seen as practical choices instead of traditional fossil fuels like coal and oil, which contribute significantly to CO2 emissions.
By depending heavily on one energy source, such as fossil fuels, the country can be vulnerable to any kind of disruptions in the supply chain and fluctuations in prices. Enhancing energy security requires diversification. Hydrogen is a clean fuel that provides a flexible and environmentally friendly energy choice, lessening dependence on fossil fuels and lowering the geopolitical risks associated with countries that have plentiful resources.
Government Policies and Strategies Encouraging Green Hydrogen Development
Different governmental measures are being implemented to promote hydrogen as a viable fuel option. The strategy for the advancement of green hydrogen was unveiled by the European Commission. The European Commission has given the go-ahead for the production of green hydrogen, generated by reforming H2 from natural gas and capturing carbon dioxide emissions using carbon capture and storage. During a pilot test in the Netherlands in 2020, Engie efficiently refueled its inaugural renewable hydrogen passenger train. Engie and Alstom are expected to work together to develop hydrogen-fueled trains in the Netherlands, with a planned introduction in 2024. With this achievement, the company will probably extend its product to more countries, where hydrogen trains can be introduced, generating a strong need for hydrogen energy and its storage.
Yet, the lack of efficient distribution channels for shipping hydrogen in developing nations is a significant barrier to the expansion of the market. Merchant distribution channels in developing regions like Africa and some parts of the Middle East are still waiting for growth. The lack of hydrogen distributors in these areas has had a significant impact on the growth of industries, leading to constraints on the packaging and distribution of industrial gases. The inconsistent and unpredictable availability of hydrogen greatly affects industries that rely on it, resulting in hindrances for multiple end-use industries.
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How does Hydrogen Storage Play a Crucial Role in Reduction of the Global Transportation Emissions?
Hydrogen is considered a sustainable energy carrier because the only waste product produced when it is applied in fuel cells or combustion engines is water vapor. This makes it a compelling choice for cutting down on greenhouse gas emissions in the transportation industry, a significant source of worldwide emissions.
Hydrogen possesses a high energy density, allowing it to store a significant amount of energy in a compact volume or mass. This is essential for purposes such as extended-distance electric vehicles (EVs) and large-scale transportation, where limitations in both space and weight hold substantial importance.
The logistics and transportation sectors contribute heavily to carbon emissions while the world faces the pressing task of reducing greenhouse gas emissions and addressing climate change. As a clean and sustainable energy source for transportation, hydrogen is gaining more and more attention. This offers a potential solution to this issue. Storing hydrogen is a key element in the utilization of hydrogen as it is necessary to make this promising energy source feasible for various applications.
What are the Challenges Faced in the Hydrogen Storage Market?
A lack of hydrogen refueling infrastructure in advanced economies is a significant obstacle to market expansion. Hydrogen-fueled cars come with a bar tank having a capacity of 700 which allows them to travel up to 300 miles on a single charge. Filling a vehicle at a station requires nearly 3 minutes, with 5 kg of hydrogen costing USD 12 per kg.
This results in a range of 300-450 miles. However, the technology for hydrogen cars is available already, there is currently a lack of infrastructure required to refill the tanks. There are about 64,600 fuel stations in India. Over 87% of them are operated by government-owned companies like HPCL, BPCL, etc. The market growth of fuel cell vehicles is being restricted by the expensive construction of fueling stations (around USD 1-2 million), investors' lack of confidence in the hydrogen cars market growth, and the high price of cars (between USD 50,000 and USD 70,000).
Nevertheless, developed nations like the UK, the US, Germany, and France intend to gradually raise the quantity of fueling stations throughout Europe, while also reducing operating costs and boosting profit margins.
Key Manufacturers
Market key players and organizations within a specific industry or market that significantly influence its dynamics. Identifying these key players is essential for understanding competitive positioning, market trends, and strategic opportunities.
Air Liquide (France) Linde plc (Ireland) Praxair Technology Inc. (U.S.) Worthington Industries (U.S.) McPhy Energy S.A. (France) Luxfer Holdings PLC (U.K.) Hexagon Composites ASA (Norway) H Bank Technologies Inc. (Taiwan) Inoxwind (India) VRV S.r.L. (Italy) Cella Energy (U.K.) American Elements (U.S.) Sigma-Aldrich Co. (US) Hanwha Solutions/Chemical Corporation (South Korea) Eutectix (U.S.) Pragma Industries (France) Ilika (U.K.) Fosroc, Inc. (India) Chart Industries (US) Inoxcva (India) and Other Major Players.
In November 2024, TotalEnergies and Air Liquide collaborated for Renewable Hydrogen at La Mède Refinery. This collaboration is to produce renewable hydrogen at its La Mède biorefinery in southeast France. This $158.34 million (€150 million) project, is expected to originate in the year 2028. This collaboration aimed to decarbonize hydrogen used in European refineries, supporting the production of biodiesel and sustainable aviation fuel (SAF). This initiative complemented TotalEnergies' Masshylia green hydrogen project with ENGIE, set to deploy its first 20 MW electrolyzer in 2029.
In January 2023 , Hexagon Purus announced the opening of a new manufacturing facility for hydrogen cylinders in Maryland, USA. The demand for zero-emission mobility & infrastructure is growing as the world is becoming ever more committed to battling climate change. The purpose is to help drive energy transformation through zero-emission energy storage solutions for hydrogen Type 4 composite cylinders.
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Key Segments of Market Report
By Storage Form:
During the projected timeframe, a physical segment is anticipated to have a strong presence in the market. Compression and liquefaction techniques provide greater energy density than alternative methods like chemical or solid-state storage for hydrogen. This indicates that a smaller volume can now hold more hydrogen, which is ideal for situations with limited space like storing hydrogen in vehicles.
Solid and liquid hydrogen storage systems are frequently perceived as safer compared to gaseous storage alternatives. Storing hydrogen in liquid form or solid materials minimizes the possibility of leaks or accidental emissions, which is vital for maintaining the safety of hydrogen-powered technologies. Having an improved safety profile is especially crucial for hydrogen-fueled vehicles and infrastructure.
By Storage Type:
The market is primarily controlled by the cylinder segment. The storage of hydrogen is intricate, and various methods are appropriate for various uses. Cylinders can enhance other storage methods such as liquid hydrogen or solid-state storage by providing versatility in terms of capacity and refueling options. Cylinders are a widely accepted and straightforward way to contain compressed gases. Hydrogen cylinders can be created to comply with rigorous safety regulations, making them a feasible choice for storing hydrogen in a small and portable manner.
Hydrogen gas is blended with argon for TAG welding in the metalworking field. Hydrogen gas is utilized in electronics for lithography, purging, and generator cooling processes.
By Region:
The Asia Pacific (APAC) region dominates the hydrogen storage market. This dominance is because of the decarbonization objectives and the lookout for cleaner energy sources.
APAC has plentiful renewable energy sources like solar and wind. This plays a vital role in the production of green hydrogen. By applying electrolysis, sustainable and carbon-neutral energy can be produced by splitting water into hydrogen and oxygen using electricity from renewable sources. For example, Australia is using its large solar and wind resources to establish itself as a leading hydrogen export center, while Japan and South Korea are prioritizing the incorporation of hydrogen into their own energy systems and industrial operations. The massive investments in sustainable energy infrastructure in the area have sped up the implementation of technologies for producing green hydrogen.
India, Japan, South Korea, China, and Australia have decided to reduce their carbon emissions to protect the environment and set hydrogen as a main part of their energy shift plans. Hydrogen is an optimal choice for meeting the sustainability goals of these countries because of its flexibility as a green energy carrier, along with its capacity to be generated from renewable sources. Asia Pacific's dominance in the global hydrogen storage market is emphasized by its proactive measures to support hydrogen-related industries.
The infrastructure needed to sustain a strong hydrogen economy is quickly being developed in the APAC region as well. Hydrogen fueling stations are being built in key urban areas to support the integration of hydrogen fuel cell vehicles, a vital move in decreasing transportation emissions. Ports are being improved to facilitate the import and export of hydrogen, guaranteeing smooth trade and supply chain activities. Additionally, the establishment of hydrogen pipelines and extensive storage facilities is establishing a strong network to fulfill increasing needs from different industries such as transportation, electricity production, and manufacturing. These developments demonstrate APAC's dedication to positioning itself as a worldwide leader.
APAC's market dominance is strengthened by strong government policies and partnerships with private enterprises, in addition to production and infrastructure growth. In Japan, South Korea, and China, governments are offering incentives and subsidies to speed up the use of hydrogen, with public-private partnerships driving research and development efforts. These collaborative endeavors are not just progressing hydrogen storage technologies but also guaranteeing that the area stays ahead in the worldwide hydrogen revolution. APAC's comprehensive strategy in promoting a sustainable hydrogen ecosystem cements its status as a leading player in the hydrogen storage market.
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Comprehensive Offerings:
Historical Market Size and Competitive Analysis (2017–2023): Detailed assessment of market size and competitive landscape over the past years. Historical Pricing Trends and Regional Price Curve (2017–2023): Analysis of historical pricing data and price trends across different regions. Market Size, Share, and Forecast by Segment (2024–2032): Projections and detailed insights into market size, share, and future growth by segment. Market Dynamics: In-depth analysis of growth drivers, restraints, opportunities, and key trends, with a focus on regional variations. Market Trend Analysis: Evaluation of emerging trends that are shaping the market landscape. Import and Export Analysis: Examination of trade patterns and their impact on market dynamics. Market Segmentation: Comprehensive analysis of market segments and sub-segments, with a regional breakdown. Competitive Landscape: Strategic profiles of key players across regions, including competitive benchmarking. PESTLE Analysis: Evaluation of the market through Political, Economic, Social, Technological, Legal, and Environmental factors. PORTER's Five Forces Analysis: Assessment of competitive forces influencing the market. Industry Value Chain Analysis: Examination of the value chain to identify key stages and contributors. Legal and Regulatory Environment by Region: Analysis of the legal landscape and its implications for business operations. Strategic Opportunities and SWOT Analysis: Identification of lucrative business opportunities, coupled with a SWOT analysis. Conclusion and Strategic Recommendations: Final insights and actionable recommendations for stakeholders.
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