At 8.2% CAGR, Hydrogen Storage Market Size to hit USD 1098.8 Million by 2027, says Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

09 Dec, 2021, 12:00 GMT

LONDON, Dec. 9, 2021 /PRNewswire/ -- The Global Hydrogen Storage Market in terms of revenue was worth of USD 632.9 Million in 2020 and expected to reach USD 1098.8 Million by 2027, growing at a CAGR of 8.2% from 2021 to 2027. The global Hydrogen Storage market size is expected to grow at a substantial growth rate due to several driving factors.

Increasing investment in hydrogen storage among loads by small and major companies and rising adoption of hydrogen storage as a substitute for fossil fuels among different end-users are driving the growth of Global Hydrogen Storage Market

According to the International Energy Agency (IEA), the global demand for hydrogen in 2020 reached 90 Mt. Among this, 70 Mt used as pure hydrogen, and majority of it was used for conventional applications like industrial uses, and refining. Furthermore, the largest global manufacturer of passenger vehicles, Toyota has announced that it is betting on Hydrogen to take on electrical vehicle technology. The company along with several others is betting big on Hydrogen as the alternative fuel of the future.  In order to meet this major upcoming demand for hydrogen, close to 70 Mw of electrolysis capacity was installed in 2020, doubling the investment from the previous year, despite the looming coronavirus pandemic. The major promise of hydrogen as an alternative fuel, the key necessity of hydrogen storage for fuelling vehicles, and industry uses, and increased faith among investors in the hydrogen fuel as an alternative remain key drivers of growth for the hydrogen storage market.

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Hydrogen storage remains a key enabler of next-generation sustainability. On one hand, hydrogen is widely available in the environment, and can be produced from various feedstocks. Furthermore, hydrogen unlike electricity can be compressed in liquid and solid forms as per the need of end-use. Furthermore, hydrogen promises to provide storage capacities for sustainable energy generated from wind-power, electricity, solar, among others. This remains the key promise for its growing capacity for portable power, stationary power, and transportation. Issues like low ambient temperature for density resulting in low energy per unit volume still plague adoption. However, growing research, and investments, and similar issues in relation to various other alternative sources of energy are likely to propel growth for hydrogen storage regardless.

The key hydrogen storage statistics to look out for are the costs. The US department of Energy estimates that hydrogen flow of 10kg/hr for gas storage can cost USD0.9/kg and USD/KG for solids. However, in future scenarios, with economies of scale, this cost can decrease to USD 0.25/per kg for gas storage, and similarly for solid storage with 10,000 kg/hr storage requirements. The cost as hydrogen storage statistics remains key to development of various applications like renewable energy storage, in both, stationary and portable variety. The renewable energy is likely to suffer from seasonal paralysis in demand. On the other hand, high-costs of storage for seasons can be a major barrier in its key potential application like fuel for vehicles, and power supply.

Global hydrogen storage market report is segmented based on form of storage, type of storage, end-user and regional & country level. Based upon form of storage, hydrogen storage market is classified into physical form and material based form. Based upon type of storage, hydrogen storage market is classified into cylinder, merchant/bulk, onsite and on-board. Based upon end-user, hydrogen storage market is classified into chemical, oil refining, general industry, transportation and metal working.

Global Hydrogen Storage Market Segmentation:-

By Form of Storage:

  • Physical Form
  • Material based Form

By Type of Storage:

  • Cylinder
  • Merchant/bulk
  • Onsite
  • On-board

By End-User:

  • Chemical
  • Oil refining
  • General industry
  • Transportation
  • Metal working

Hydrogen storage Market: Key Players Analysis

The hydrogen storage market is a competitive, innovative, and fragmented landscape. The growing demand for hydrogen fuel cell storage, various advancements in its end-applications, and growing entry of global manufacturers like Toyota in the hydrogen space remain promising drivers of future growth. Key hydrogen statistics to watch out for remain the capacity of vehicles, the time for refueling, and costs. Various energy agencies around the world continue to estimate reasonable costs in order to achieve a promising commercial application of hydrogen-based fuel cells. Furthermore, hydrogen storage tank manufacturers continue to invest in new technologies to ramp up production of hydrogen to achieve economies of scale.

Some key hydrogen storage companies are,

  • Linde AG
  • HBank Technology Inc.
  • Praxair Inc
  • VRV S.p.A.
  • INOXCVA,.
  • Luxfer Holdings PLC
  • Air Liquide,
  • Air Products and Chemicals,
  • Cummins Inc.,
  • FuelCell Energy,
  • Hexagon Composites ASA,
  • ITM Power,
  • LINDE PLC,
  • Nel Hydrogen,
  • Plug Power,
  • Worthington Industries
  • among others

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Hydrogen Storage Companies: Key Developments

News-Air Liquide and Faurecia Ink Liquid Hydrogen Deal: On October 12th, 2021; Air Liquide & Faurecia had consented to a joint improvement agreement to plan and develop on-board fluid hydrogen storage systems for the automotive business. This joint venture between the companies will speed up the deployment of zero-emission heavy-duty mobility. The French provider keeps up with liquid hydrogen storage for energy component vehicles plays a critical part to speed up the progress towards carbon neutrality. With the innovation, the quantity of hydrogen stored is double that of gaseous hydrogen. As a result, heavy duty trucks working on liquid hydrogen have double the autonomy of those working on gaseous hydrogen and advantage from a short refueling time.

Bosch announced in November 2021 that it plans to invest 1 billion Euros to expand its hydrogen-based fuel cell technology between 2021-2024. The company noted that it has identified hydrogen as the megatrend in the future of power in the COP26 summit. Furthermore, it estimates that green hydrogen will be worth more than 34 billion euros in the European Union by 2030. The company plans to develop hydrogen cells for both stationary and portable fuel-cell technology carrying electricity for electrical vehicles. Bosch with its new investment is likely to become a key player among hydrogen storage companies in the near future. 

In November 2021, DHL, the world's leading courier service announced that it is testing hydrogen-fuel trucks for long hauls across Europe. The company along with major tech giants like Apple has piloted heavy-duty vehicles with hydrogen storage capacities, between Netherlands, and Belgium. The company estimates that new deliveries can save upto 350 tons of CO2 with the addition of hydrogen-fuelled trucks.

Hydrogen Storage Tank Manufacturers remain on their toes as investments for research, and promising commercial applications for hydrogen open up.  On November 10, 2021, Huadi International Group, a key manufacturer of industrial steel pipes announced that it entered into a partnership with Zhejian Lanneng Gas Equipment Limited. The partnership aims at jointly developing and producing high-pressure hydrogen storage tank stainless steel pipes. The press release issued noted that hydrogen powered vehicles promise better endurance, and replenishment capacities as compared to fuel vehicles. The growing collaboration to make advancement remains a defining driver of growth for hydrogen storage tank manufacturers.

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Hydrogen storage Market: Regional Analysis

According to the IEA, Oil refining in 2020 accounted for largest end-consumer of hydrogen, amounting to a total use nearly 40 Mt. This is end-use is likely to continue over short, and medium term, and so is the onsite methane-based process of production. This production technique represents a major challenge for hydrogen storage companies low-carbon hydrogen remains an economic barrier, as compared to unabated fossil-based hydrogen. For companies like Bosch, which see Hydrogen as the future of power, investing in ramping up production of low-carbon hydrogen remains key for future growth. The scaling-up this supply is critical for ramping up hydrogen demand for new applications like portable power, stationary power, fuel-cells, and more. The industrial hydrogen storage tank manufacturers also need to watch out this space, as growing pressure to produce hydrogen for various end-applications, and conventional limitations of productions are key to growth. Some initiatives around the world including North West Refinery in Canada, Shell Project in Netherlands to capture CO2 from heavy-residue gasification units remain a promising path to cost-effective production of hydrogen in the near future. Similar plants are increasingly coming in various regions including two major plants in China, two projects in Germany, and various other opportunities in new regions remain promising driver of growth in the hydrogen storage market.

North America

  • U.S, Canada

Europe

  • Germany, France,U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

  • South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC,

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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