The global Hydrogen Storage Market is expected to encompass technological disruption in the next 10 years. Decarbonization and sustainability are the critical areas of emphasis in the current scenario and the status quo is expected to be the same even going forward. The key stakeholders are heavily investing in research for incorporating recycling technologies for lowering carbon footprint on the whole. So, mitigation of emissions would be the cornerstone of chemical vertical in future.
Hydrogen Storage Market: Introduction
Hydrogen storage application techniques have an inherent importance with the fact that the technology’s successful implementation would mean the development of hydrogen fuel applications. Hydrogen storage is a technology, which is important from the perspective of the fruitful commercialization of vehicles using hydrogen as a fuel and their acceptance in the market. Hence, it is expected that the growing market of vehicles based on hydrogen fuel would drive demand in the hydrogen market. However, a key technical hurdle being faced is that loading adequate quantities of hydrogen aboard on various vehicle types, while conforming to all user needs (safety, cost, vehicle performance and ease of driving) without conceding passenger space or luggage space, has been a major challenge to be dealt with, as it could prove to be a restraint for the hydrogen storage market even in the future.
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Hydrogen Storage Market: Dynamics
There has been a rising global demand for the supply of energy, which could be met by hydrogen as a fuel. This in turn, would require the infrastructure to store hydrogen, thereby driving the hydrogen storage market. The trend to harvest alternative renewable energy from hydrogen in recent times coupled with the rising demand for energy generation and usage is expected to drive the hydrogen storage market.
In context to the North American region, in the U.S., the United States Department of Energy (US DOE) had set specific targets for respective market participants in the automotive industry to focus on research and development with an objective to boost successful technical research on hydrogen storage. To meet the relevant long-term objectives, the US DOE encouraged the scientific fraternity by establishing the “National Hydrogen Storage Project” in the U.S., which would focus on hydrogen storage as one of its priorities.
Hydrogen Storage Market: Segmentation
On the basis of storage type, the hydrogen storage market is segmented as follows:
- Physical based (compressed gas, cold/cryo compressed, liquid hydrogen)
- Material based (adsorbent, liquid organic, interstitial hydride, complex hydride, chemical hydrogen)
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Hydrogen Storage Market: Key Players
Examples of some of the market participants in the global hydrogen storage market are as follows:
- Linde
- Air Liquide Group
- Hydrocell
- Texaco Ovonic Hydrogen Systems L.L.C.
- Air Products
- Pragma Industries
- Hydrogenious Technologies
- Praxair, Inc.
- Worthington Industries, Inc.
- Luxfer Holdings Plc
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