Hydrogen Storage Market Analysis, Overview, Growth, Demand and Forecast Report by 2025 “The factors that propel the growth of the hydrogen storage market include surge in the consumption of oil across the globe, increase in the demand for transportation fuels, decline of global crude oil quality, and strict environmental standards for the production of cleaner fuels.”
Global Hydrogen Storage Market is anticipated to reach USD 6.47 billion by 2025. Hydrogen storage is a key technology for the development of fuel and hydrogen cell technologies in applications comprising portable power, transportation, and stationary power. The factors that propel the growth of the hydrogen storage market include surge in the consumption of oil across the globe, increase in the demand for transportation fuels, decline of global crude oil quality, and strict environmental standards for the production of cleaner fuels. On the other hand, there are factors that may hamper the growth of the market including restricted accessibility of hydrogen refilling infrastructure in the emerging economies. Hydrogen storage industry is anticipated to grow at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe. The important trend observed in the hydrogen storage industry is increasing focus on R&D for the growth of hydrogen storage technology. In recent times, the U.S., India, and England have been progressively focusing on R&D activities that could support the technological improvements in hydrogen and fuel cell technologies. The market of hydrogen storage may be explored by form of storage, type of storage, application, and geography. The market may be explored by form of storage as Material-based and Physical. The “Physical” segment led the hydrogen storage market in 2016 and is anticipated to maintain its dominance by 2025. The key factor that may attributed to the growth of market includes high demand across various applications. Based on type of storage, the market may be classified as On-board, Merchant/bulk, Cylinder, and On-site. The “Cylinder” segment led the hydrogen storage industry in 2016 and is anticipated to maintain its dominance by 2025. The key factor that may attributed to the growth of market includes increase in demand for end-use applications, such as food, electronics industries and metal working.
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