Hydrogen Storage Market - Global Industry Analysis, Size, Share, Growth 2025
The
worldwide rise in energy consumption along with the increase in demand
for primary energy sources, primarily crude oil and natural gas, is
causing depletion of these naturally occurring and limited sources
rapidly. The consumption of these sources hampers the environment and
causes pollution, which is adversely affecting the flora and fauna on
the planet. The global warming effect caused by greenhouse gases emitted
from the consumption of these fossil fuels is also a major concern for
the world. Thus, energy security and environmental protection are two of the major worldwide concerns today.
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Today
world is compelled to shift towards alternate energy sources such as
solar, wind, hydro, and other carbon-neutral technologies. Hydrogen has
been recognized and accepted as an alternative source of energy.
Hydrogen is the third most common element present on the earth,
generally as a part of chemical compounds. Hydrogen is a cleaner and
zero-emission source of energy. Its byproduct is pure water. Currently,
natural gas accounts for a major share of the global hydrogen production
followed by oil, coal, and electrolyzed water.
However,
hydrogen storage is an essential technology for the advancement of
hydrogen usage as an alternate energy source. Hydrogen contains the
maximum energy per mass among all fuels. However, its low ambient
temperature density generates low energy per unit volume. This
necessitates the development of storage methods that have potential for
high energy density.
Based
on type, the hydrogen storage market can be segmented into
physical-based storage and material-based storage. Hydrogen can be
stored as either a liquid or a gas in physical-based storage. Hydrogen
storage in the gaseous form requires high-pressure storage tanks with
350–700 bar tank pressure. Storing hydrogen in the liquid form requires
cryogenic temperatures, as the boiling point of hydrogen is −252.8°C at 1
atmospheric pressure. The material-based hydrogen storage is based on
metal hydrides, chemical hydrogen storage materials, and sorbent
materials. Metal hydrides are denoted as MHx. They are the most
technologically relevant hydrogen storage materials, as they can be
easily employed in a varied range of applications such as heat pumps,
thermal storages, and for neutron moderation. The chemical hydrogen
storage materials are generally the compounds with high density of
covalent-bond hydrogen in them either in a solid or liquid form. The
sorbent materials store hydrogen by adsorption of hydrogen.
Based
on application, the hydrogen storage market can be classified into
stationary power, portable power, and transportation. The stationary
power segment comprises power generation, thermal systems, and energy
systems. The portable power segment consists of fuel cells for off-road
usage, consumer electronic devices, and auxiliary power generation. The
transportation segment includes usage of fuel cells in the
transportation sector.
Based
on region, the hydrogen storage market can be divided into North
America, Latin America, Middle East & Africa, Europe, and Asia
Pacific. Asia Pacific is expected to dominate the global hydrogen
storage market, expanding at a significant rate during the forecast
period. The developing markets in China and India is the key reason for
the dominance of Asia Pacific over the global market. The market in
North America is expected to follow Asia Pacific, expanding at a
moderate pace during the forecast period. Europe, Latin America, and
Middle East & Africa are expected to follow North America during the
forecast period.
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Some
of the key players in the global hydrogen storage market are H Bank
Technology Inc., Air Liquide, Hexagon Composites ASA, The Linde Group,
Cella Energy Limited, Praxair Technology, Inc., VRV S.P.A, Pragma
Industries, Eutectix LLC, and McPhy Energy S.A.
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