Hydrogen Storage Market Size, Share and Growth Analysis
Hydrogen Storage Market Size and Growth Rate:
As per the latest reports published by Research Cosmos, Hydrogen Storage Market was valued at USD 3.6 billion in 2016 and projected to reach USD 5.4 billion by 2021 growing at a CAGR of 8.1% during the forecast period 2016 to 2021.
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Hydrogen Storage Market Growth Drivers and Restraints:
The growing need for consumption of electricity is the main driving factor for the market to grow as it hydrogen storage generates continuous electricity if the fuel is supplied appropriately. In addition, the rising demand from the transportation applications such as buses, trains, submarines, ships and boats is accelerating the growth of the market.
However, the cost for manufacturing of the storage tanks is little expensive, which is declining the growth of the market. The rising technical issues while loading high quantity of the hydrogen gas is remained as a challenging attribute for the developers in this market.
The wide opportunities for the hydrogen storage market lies in the developments of the equipments with the innovative techniques and also implementing hydrogen fuel application globally. The support from the government and also launching strict rules and regulations with the concern of environment safety is also set to surge the growth rate of the market.
Geographical Analysis of Hydrogen Storage Market:
Regionally, the hydrogen storage market is led by North America. The adoption of the advanced technology in introducing various techniques for storing the gas and also rise in the investments of the government is ascribed to bolster the demand of the market in this region. Asia Pacific is following North America in holding the highest shares of the market with the increase in the consumption rate of the fuels by vehicles. Europe and Middle East & Africa are eventually building the growth rate of this market.
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Key Market Players of Hydrogen Storage Market:
Panasonic, Toshiba, General Motors, H2ME, Air Liquide, Linde AG, Praxair Inc., INOXCVA, VRV S.p.A. and Hexagon Composites ASA are some key players in the hydrogen storage market.
Hydrogen Storage Market Segmentation:
By Storage:
- Physical Storage
- Liquid Hydrogen for Space Exploration
- Underground Hydrogen
- Chemical or Material
- Nanoconfinement
- Liquid Organic Hydrogen Carriers
By End User:
- Chemical Industry
- Oil Refining Industry
- Metal Processing Industry
- Transportation and Mobility Sector
By Application:
- Stationary Power
- Portable Power
- Transportation
By Region:
- North America
- South America
- Europe
- Asia Pacific
- Middle East and Africa
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