Hydrogen Storage System Market: Current Analysis and Forecast (2023-2030)
Emphasis on Storage Type (Physical- Based, Material-Based); Application (Chemical, Oil Refining, Industrial, and Others); and Region/Country
Global Hydrogen Storage System Market is expected to grow at a significant rate of around 12.2% during the forecast period. The demand for hydrogen storage systems is increasing worldwide due to several factors such as the rising need for clean and renewable energy sources as governments and businesses aim to reduce greenhouse gas emissions and meet their climate objectives. Hydrogen storage systems play a crucial role in the hydrogen economy, which aims to produce, store, and distribute hydrogen as a clean and sustainable fuel. Additionally, the growing use of hydrogen fuel cell vehicles is another factor driving the demand for hydrogen storage systems. These vehicles require efficient and safe hydrogen storage systems to store the fuel needed for transportation. As more hydrogen fuel cell vehicles are introduced, the demand for hydrogen storage systems is expected to rise. Furthermore, advancements in hydrogen storage technologies, including the development of new materials and technologies that offer improved performance and lower costs, are also contributing to the increased demand for these systems. For example, Plug Power announced the development of C3V, a new hydrogen storage material with a high capacity and fast kinetics, in 2023.
Air Liquide, Linde plc, Praxair Technology, Inc., Worthington Industries, McPhy Energy S.A., Luxfer Holdings PLC, Hexagon Composites ASA, H Bank Technologies Inc., Inoxwind, and Cella Energy. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst storage type, physical based category to witness higher CAGR during the forecast period.”
Based on the storage type, the market is bifurcated into physical-based and material-based. Among them, material-based methods have the potential to be more cost-effective and energy-efficient than physical-based methods in the long run, as they can store more hydrogen per unit volume and weight. However, they require further research and development to overcome challenges such as stability, durability, and scalability.
“Amongst application, the oil-refining segment to hold a significant share in the market in 2020.”
The hydrogen storage system market is categorized into four segments: chemical, oil refining, industrial, and others, based on their application. The oil refining segment holds a major share in this market due to various reasons. Firstly, hydrogen is a sustainable and clean energy source that helps in reducing the carbon footprint of oil refineries. Secondly, government rules and regulations aimed at reducing greenhouse gas emissions are boosting the demand for hydrogen storage systems in oil refineries. Governments worldwide are promoting the use of renewable energy sources and encouraging the development of hydrogen technologies to combat climate change.
Hydrogen Storage System Market Report Coverage
“Europe to hold a significant share in the market.”
Europe has seen considerable growth in the Hydrogen Storage System market. As European Commission has proposed to produce 10 million tonnes of renewable hydrogen by 2030 and to import 10 million tonnes by 2030 which is the major factor driving the market demand for hydrogen storage systems.
Further, the increasing development of Hydrogen R&D facilities demonstrating a full value chain from production and storage to transportation and end-use is accelerating the market size of hydrogen storage systems
For instance: The European Marine Energy Centre (EMEC) operates a hydrogen R&D facility in which they are testing and demonstrating green hydrogen production and storage systems, as well as enabling the development of logistics solutions to transport hydrogen to other islands in the archipelago and the UK mainland for use in end applications across power, heat and transport.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Hydrogen Storage System market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Hydrogen Storage System Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Hydrogen Storage System market were the three major steps undertaken to create and analyze the adoption of Hydrogen Storage Systems in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Hydrogen Storage System market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Hydrogen Storage System market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Hydrogen Storage System market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as storage type and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Hydrogen Storage System market. Further, we conducted factor analysis using dependent and independent variables such as storage type and application of Hydrogen Storage System. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Hydrogen Storage System market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Hydrogen Storage System market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Hydrogen Storage System market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Hydrogen Storage System market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Hydrogen Storage System market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of storage type and application in the global Hydrogen Storage System market.
The main objective of the Global Hydrogen Storage System Market Study
The current & future market trends of the global Hydrogen Storage System market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Hydrogen Storage System market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of storage type and application.
- Define and analysis of the regulatory framework for the Hydrogen Storage System
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Hydrogen Storage System market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the Hydrogen Storage System market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
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