Hydrogen
Storage Market worth $6.3 billion by 2030

The report "Hydrogen
Storage Market by Storage Form
(Physical, Material-Based), Storage Type (Cylinder, Merchant, On-Site,
On-board), Application (Chemicals, Oil Refineries, Industrial, Automotive &
Transportation, Metalworking), Region - Forecast to 2030", size is projected to grow from USD 1.5 billion in
2023 to USD 6.3 billion by 2030, at a CAGR of 21.5% during the forecast period.
The hydrogen storage market is growing due to the rise in the demand for fuel
cell across various industries, and stringent government regulations globally.

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Browse in-depth TOC on "Hydrogen Storage Market"

281 - Tables

54 - Figures

252 – Pages

Gas form accounts the highest market share in terms of
value and volume in 2022.

The gas form dominated the market in 2022 and is expected to hold its
position during the forecast period. In the gas form, hydrogen is compressed
into large tanks without liquefying it. This is generally preferred if gaseous
supply is more economical. This technology enables the automakers to store
enough hydrogen to allow a car that runs on a fuel cell battery to cover
500–600 km between fill-ups.

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Merchant/Bulk accounts for the second-highest market
share of the physical hydrogen storage market in 2022.

Bulk physical hydrogen storage tanks have applications in
oil refineries, steel industries and more. Asia Pacific and North America have
dominated the bulk physical hydrogen cylinder markets. The governments in some
Asia Pacific countries are focusing on reducing greenhouse gases and adopting
hydrogen as a fuel. For Instance, Japan aims to become a hydrogen society by
2050, whereas South Korea plans to build 310 hydrogen refueling stations by
2025. North America has manufacturing facilities like electronics
manufacturing, transportation, and steel manufacturing; therefore, the demand
for bulk physical hydrogen storage system is growing to support these
industries. The demand for merchant physical hydrogen storage is expected to
grow significantly due to the insufficiency of captive hydrogen in the existing
oil refineries.

Oil refineries segment to be the second-largest
application in the global physical hydrogen storage market in terms of value
and volume in 2022.

Hydrogen gas is used for desulfurizing transportation
fuels such as gasoline and diesel and reforming fuels derived from heavier
distillates of crude oil refining. Furthermore, it is used in oil sand
processing, gas-to-liquid, and coal gasification projects. The governments of
developed and some developing countries have fixed regulations regarding using
cleaner fuels to curb CO2 emissions, requiring hydrogen for desulfurization,
which is expected to fuel the market growth.

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Europe is witnessing exceptional growth during the
forecast period in the physical hydrogen storage market.

In 2022, Europe held a share of 13.2% in the global
physical hydrogen storage market. The primary drivers of physical hydrogen
storage market in this region are the goal of reducing EU2 carbon emissions by
55% by 2030 compared to 1990 levels, rapid adoption of fuel cells due to an
increasing number of fuel cell projects and government initiatives for their
implementation. Further, the presence of prominent hydrogen storage tank
manufacturers in the region are NPROXX, Plastic Omnium, Worthington Industries,
and Air Liquide driving the hydrogen storage market.

The major players in hydrogen storage market are Air
Liquide (France), Worthington Industries, Inc. (US), Luxfer Holdings PLC (UK),
Linde plc (Germany), Chart Industries (US), HBank Technologies Inc. (Taiwan),
Pragma Industries (France), Croyolor (France), INOXCVA (India), Hexagon
Composites ASA (Norway), and others.

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