According to the Market Statsville Group (MSG), the global hydrogen storage market size is expected to grow around USD 1,425.3 million by 2033, at a CAGR of 6.8% from 2023 to 2033.

Hydrogen storage is a major enabling technology for developing hydrogen and fuel cell technologies in applications such as portable power, fixed power, and transportation. Although hydrogen has the highest energy density per mass of any fuel, it has the lowest energy density per unit volume due to its low ambient temperature density, necessitating the innovation of new storage technologies with higher energy density. Global demand for transportation fuels, a general decline in crude quality, rising oil consumption, strict environmental regulations and standards for producing cleaner fuels, and the development of new uses like hydrogen-powered fuel cells for transportation applications are the main factors driving the market for hydrogen storage.

Numerous industrial processes employ hydrogen, including the production of glass, fertilizer, refined metals, and chemicals. Due to environmental legislation and consumer preferences, these businesses urgently need to reduce their carbon footprints. The capacity of conventional fossil fuel-fired melting systems has reached its limit, making it difficult to comply with strict CO2, NOx, and SOx emission standards. For instance, fulfilling targets in the glass industry is getting harder, even with the use of sophisticated and expensive add-on technology. Therefore, it seems that using alternative fuels, such as hydrogen heating, is the most doable and practical course of action. This might be achieved by switching to an all-electric process or combining electrical furnace boosting with a hybrid melting system.

Scope of the Global Hydrogen Storage Market

The study categorizes the hydrogen storage market based on type of storage, form of storage, and end-use at the regional and global levels.

By Type of Storage Outlook (Sales, USD Million, 2019-2033)

• Cylinder
• Merchant/bulk
• Onsite
• On-board    

By Form of Storage Outlook (Sales, USD Million, 2019-2033)

• Physical Form
• Material based Form

By End-Use Outlook (Sales, USD Million, 2019-2033)

• Chemical
• Oil refining
• General Industry
• Transportation
• Metal Working
• Others

By Region Outlook (Sales, USD Million, 2019-2033)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

Oil Refining segment accounts for the largest market share during the forecast period by End-Use

Based on end-use, the market is bifurcated into chemicals, oil refining, industrial, transportation, metal working and others. Oil refining is accounted for the highest market share in 2022. Ammonia synthesis and oil refining are the two main uses of hydrogen. However, some hydrogen is produced as a byproduct of refining in refineries, this byproduct hydrogen is typically not enough to meet all of the hydrogen needs of the refinery. As a result, it is frequently necessary to produce hydrogen locally using naphtha reforming or natural gas. Natural gas reforming plants are frequently built on-site to meet the refinery's long-term hydrogen needs.

Asia Pacific is projected to account for the largest market share, by Region

Based on the regions, the global hydrogen storage market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Asia Pacific will dominate the global hydrogen storage market in 2022. The significant need for ammonia and methanol from growing nations like China, India, and Malaysia is the primary driver of the region's rising demand for hydrogen storage. Furthermore, China's strict rules on oil refineries producing greener fuels are anticipated to increase demand for hydrogen storage even further. Additionally, the governments of Japan and South Korea have promised subsidies for the production of fuel cell vehicles powered by hydrogen as well as financial assistance for the construction of hydrogen infrastructure, both of which will increase demand.

Key Market Players in the Global Hydrogen Storage Market

The global hydrogen storage market is fiercely competitive, and major market participants are using a variety of tactics to get an advantage over rivals, including product development, alliances, partnerships, acquisitions, and growth. The majority of market businesses concentrate on growing operations globally, improving their capabilities, and cultivating solid partner relationships.

Major players in the global hydrogen storage market are:

• Air Liquide
• Linde AG
• Praxair Inc.
• Worthington Industries Inc.
• Luxfer Holdings PLC
• Mcphy Energy S.A.
• Hexagon Composites ASA
• Hbank Technologies Inc.
• Inoxcva
• VRV S.P.A

Key Issues Addressed

• What is the market size by various segmentation of the hydrogen storage by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's 5 forces of the hydrogen storage market?
• What are the key opportunities and trends for manufacturers involved in the hydrogen storage supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of hydrogen storage in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.