Hydrogen Storage Market Estimated to Experience a Hike in Growth by 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.
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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.
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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.
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.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
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