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Global market research institute Markets and Markets has released a report that the global hydrogen storage market is expected to grow from $13.
7 billion in 2019 to $18.
2 billion by 2024, with a compound annual growth rate of 5.
8%
during the forecast period.
Increasing demand for hydrogen in the chemical industry, hydrogen market in stationary and portable power sources is driving the growth of
the global industry.
The report predicts that the natural gas industry is expected to lead the global hydrogen energy storage market as there are multiple cost-effective ways to store
hydrogen as a gas through compression.
Therefore, through storage technology, compressed gas is expected to occupy a significant share
of the hydrogen energy storage market.
Compressed hydrogen can be stored using a variety of storage tanks, such as low-pressure storage tanks, pressurized storage tanks, and underground storage tanks
.
In an underground environment, hydrogen is injected into underground salt caverns and compressed
in them.
Compressed hydrogen storage is the simplest solution because only compressor and pressure vessel equipment are required to store it, which is the reason for its growing demand in the
global hydrogen energy storage market.
Utilities are the major end-users of hydrogen energy storage and are expected to dominate the global market throughout the
forecast period.
The hydrogen energy storage market has been segmented into industrial, commercial, and utility
based on end-user.
Utilities are expected to grow the fastest as demand for power generation grows, and the use of renewable energy is likely to generate demand
for hydrogen storage in the utility sector.
From the perspective of regional market, North America is expected to dominate the global hydrogen storage market
.
Increasing use of hydrogen in refineries and chemical industry and growing demand for hydrogen-powered fuel cells are the major factors
driving the growth of the hydrogen energy storage market in North America.
Moreover, the growth of the region is also attributed to the increase in fuel cell applications, strict regulations regarding emission control, and use of clean fuels
.
Global market research institute Markets and Markets has released a report that the global hydrogen storage market is expected to grow from $13.
7 billion in 2019 to $18.
2 billion by 2024, with a compound annual growth rate of 5.
8%
during the forecast period.
Increasing demand for hydrogen in the chemical industry, hydrogen market in stationary and portable power sources is driving the growth of
the global industry.
The report predicts that the natural gas industry is expected to lead the global hydrogen energy storage market as there are multiple cost-effective ways to store
hydrogen as a gas through compression.
Therefore, through storage technology, compressed gas is expected to occupy a significant share
of the hydrogen energy storage market.
Compressed hydrogen can be stored using a variety of storage tanks, such as low-pressure storage tanks, pressurized storage tanks, and underground storage tanks
.
In an underground environment, hydrogen is injected into underground salt caverns and compressed
in them.
Compressed hydrogen storage is the simplest solution because only compressor and pressure vessel equipment are required to store it, which is the reason for its growing demand in the
global hydrogen energy storage market.
Utilities are the major end-users of hydrogen energy storage and are expected to dominate the global market throughout the
forecast period.
The hydrogen energy storage market has been segmented into industrial, commercial, and utility
based on end-user.
Utilities are expected to grow the fastest as demand for power generation grows, and the use of renewable energy is likely to generate demand
for hydrogen storage in the utility sector.
From the perspective of regional market, North America is expected to dominate the global hydrogen storage market
.
Increasing use of hydrogen in refineries and chemical industry and growing demand for hydrogen-powered fuel cells are the major factors
driving the growth of the hydrogen energy storage market in North America.
Moreover, the growth of the region is also attributed to the increase in fuel cell applications, strict regulations regarding emission control, and use of clean fuels
.
