The global hydrogen storage market is projected to reach $991.7 million by 2026, growing at a CAGR of 7.6% during 2016 - 2026. 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.

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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.

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.

The hydrogen storage market possesses great investment potential during the forecast period on account of increasing advancements in the fuel cells and hydrogen technologies, and favorable government initiatives such as new funding opportunity (FOA) to increase the adoption of hydrogen storage technologies across the globe.

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The higher costs associated with the extraction and installation of hydrogen storage is expected to be a major challenge for the manufacturers dealing with hydrogen storage systems on a global front; however, the increase in government investments and the growing persistent advances in research and development (R&D) efforts are expected to reduce the negative impact on the market in the long run. This is expected to further spike the demand for hydrogen storage during the forecast period.

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.

Source : P&S Intelligence