Global Hydrogen Storage Market

Global Hydrogen Storage Market is expected to reach US$ 9.51 Bn by 2026 at a CAGR of about 8 % during a forecast period.
The report segment of hydrogen store market based on storage form, storage type, application, and region. Based on storage form, the hydrogen store market can be classified into physical, material-based. On the basis of storage type, the hydrogen storage market can be divided into cylinder, merchant, on-site, & on-board. In terms of application, the hydrogen storage market can be segmented into chemicals, oil refining, industrial, transportation, metalworking. By region hydrogen storage market is segmented into North

America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Rising demand for hydrogen as cleaner fuel and the succeeding opportunities from hydrogen as a fuel to moderately fulfil energy needs in the forecast period are expected to drive the hydrogen storage market. The trend to fruitage alternative renewable energy from hydrogen is rising demand for energy generation and usage is estimated to drive the hydrogen storage market. Growing demand for transportation fuels and increasing urbanization is driving the hydrogen storage market. Production cost for the hydrogen storage is limiting the growth in hydrogen storage market.

Based on storage form, the hydrogen store market can be classified into physical, material-based. The physical storage form of hydrogen is sub segmented into compressed gas, cold compressed and liquid gas. Physical storage form is expected to drive the growth in hydrogen storage market owing to rising demand for physical storage in array of application such as transportation, oil refining, and chemicals industries.

On basis of storage type, the hydrogen storage market can be divided into cylinder, merchant, on-site, & on-board. Cylinder storage type segment is estimated to reach high grow rate in hydrogen storage market owing to its wide range of usage in array of verticals such as food, metal working and electronics industries.

In terms of application, the hydrogen storage market can be segmented into chemicals, oil refining, industrial, transportation, metal working. Transportation segment is expected to witness to grow at high level in hydrogen storage market owing to increasing demand for hydrogen powered fuel cell vehicles in Europe and North America. The requirement of hydrogen powered fuel cells in the transportations such as such as buses, forklifts, trains & trams are boosting the growth in hydrogen storage market.

In terms of region, hydrogen storage market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle East Africa. Asia-Pacific is expected to dominate the hydrogen storage market followed by Europe. Increasing demand for hydrogen storage owing to demand for ammonia and methanol by developing economies such as China, India are driving the growth in hydrogen storage market. Governments of Japan and South Korea publicised subsidies for manufacturing hydrogen powered fuel cell vehicles which helps to boost growth in hydrogen storage market in the Asia-Pacific region. Furthermore Europe is expected to reach high growth in hydrogen storage market owing to strong demand for hydrogen fueled electrical vehicle which is the solution for renewable energy from hydrogen.
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