About Hydrogen Storage
Hydrogen is available in the form of pure water or gas which is a cleaner and zero-emission source of energy. Hydrogen is accepted as best alternative for vehicle fuel and also promoted by the government so as to reduce harmful effects of emission of vehicles. Hydrogen storage is an essential technology for the advancement of hydrogen usage as an alternate of other energy sources. Increasing demand for power consumption on account of rapid urbanization and industrialization is anticipated to drive hydrogen storage in forth coming years. Favorable government initiatives such as new funding opportunity (FOA) to increase the adoption of hydrogen storage technologies across the globe is one more plus point for this market.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The market players are adopting many strategies so as to attract the audience and to gain highest market share, these strategies can be listed as maintaining product uniqueness, offering attractive discounts, mergers with related organizations, alliances with different companies to increase sales area globally and others. Analyst at AMA Research estimates that United states and European Manufacturers will contribute the maximum growth to Global Hydrogen Storage market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Air Liquide (France), Linde AG (Germany), Praxair Inc (United States), Worthington Industries Inc (United States), Luxfer Holdings Plc (United Kingdom), Panasonic (Japan), Toshiba (Japan), General Motors (United States), H2ME (Sweden), Hexagon Composites ASA (Norway) and INOXCVA (India) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are McPhy Energy S.A. (France), HBank Technologies Inc (China) and VRV S.P.A. (United States).
Segmentation Overview
AMA Research has segmented the market of Global Hydrogen Storage market by Type (Physical-Based and Material-Based), Application (Chemicals, Metal Working, Transportation and Oil Refining) and Region.
On the basis of geography, the market of Hydrogen Storage has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Type of Storage, the sub-segment i.e. Cylinder will boost the Hydrogen Storage market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing funds and promotion activities carried by regulatory body
Market Growth Drivers:
Growing demand for hydrogen powered vehicles and Favorable government regulations for producing fuel alternatives
Challenges:
Low Volumetric Density
Restraints:
High production cost
Opportunities:
Growing adaptability of low emission fuels, Increasing need of high energy and power supply due to rising population and Available financial incentives on purchase of eco-friendly vehicle
Market Leaders and their expansionary development strategies
In April 2022, Hyliion Holdings Corp., a leader in electrified powertrain solutions for Class 8 semi-trucks, announced today it has entered into a definitive agreement to acquire a new hydrogen and fuel agnostic capable generator (“KARNO”) from GE Additive – part of GE (NYSE: GE) – a world leader in metal additive technologies and manufacturing.
In April 2023, Provaris Energy has launched a gaseous hydrogen floating storage concept called H2Leo that has been granted Approval in Principal by ABS. The floating storage solution is suitable for various hydrogen supply chains and applications, including bunkering for the maritime sector, intermittent/buffer storage for green hydrogen production, and long-duration storage for excess renewable energy.
Key Target Audience
Manufacturers, Traders, distributors, and suppliers of hydrogen storage, Industry associations, Hydrogen production companies, Governments and investment communities and Research organizations and associations
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.