Solid State Hydrogen Storage Solution Market Size to Grow USD 423.9 Million by 2030 at a CAGR of 31.6% | Valuates Reports
BANGALORE, India, June 21, 2024 /PRNewswire/ -- Solid State Hydrogen Storage Solution Market is Segmented by Type (Physical Adsorption Hydrogen Storage, Chemical Hydride Hydrogen Storage), by Application (Power Battery, Transportation, Others): Global Opportunity Analysis and Industry Forecast, 2024-2030.
The global Solid State Hydrogen Storage Solution market was valued at USD 65 million in 2023 and is anticipated to reach USD 423.9 million by 2030, witnessing a CAGR of 31.6% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Solid State Hydrogen Storage Solution Market:
The market for solid-state hydrogen storage solutions is rising quickly because there is an increasing need for safe and effective hydrogen storage solutions for a range of uses, such as industrial operations, transportation, and renewable energy. The use of solid-state storage systems has several benefits over more conventional techniques, including reduced pressure for storing hydrogen, increased energy density, and enhanced safety. These advantages are essential for hydrogen's acceptance as a clean energy source, particularly for fuel cell automobiles and renewable energy projects. Investments in solid-state hydrogen storage technologies are rising as the need for sustainable energy solutions grows on a worldwide scale. This is propelling industry expansion and encouraging innovation in materials and storage methods.
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TRENDS INFLUENCING THE GROWTH OF THE SOLID STATE HYDROGEN STORAGE SOLUTION MARKET
The market for solid-state hydrogen storage solutions is expanding due to the availability of chemical hydride hydrogen storage, which is a convenient, secure, and effective way to store hydrogen under ambient circumstances. This is especially true for applications involving transportation. With the use of chemical substances like metal hydrides, this technique offers a high-density hydrogen storage choice by releasing hydrogen gas when it reacts with water or breaks down thermally. These qualities fit the needs of the transportation industry very well, since fuel cell vehicles need portable and dependable hydrogen storage options. Therefore, the growing use of hydrogen in transportation as a clean energy source is encouraging the advancement and commercialization of solid-state hydrogen storage technologies, increasing their marketability and scalability.
The market for solid-state hydrogen storage solutions is expanding due to physical adsorption hydrogen storage, which makes use of cutting-edge materials including carbon-based nanomaterials and metal-organic frameworks (MOFs). These materials offer a high storage capacity in a compact shape because they can absorb significant amounts of hydrogen at low temperatures and moderate pressures. Applications like fuel cell vehicles that need for efficient and lightweight hydrogen storage will find this technology very appealing. Innovation and the use of physical adsorption techniques are propelling advances and investments in the solid-state hydrogen storage market as the need for clean and sustainable energy solutions grows.
The solid-state hydrogen storage solution market is expanding as a result of increased demand for power batteries, especially for electric and hybrid cars. The limits of conventional batteries in terms of energy density and charge durations underscore the need for supplementary energy storage solutions as the car industry shifts to greener technology. Solid-state hydrogen storage is a desirable addition or substitute for conventional batteries since it provides faster refueling and higher energy densities. As industries work to incorporate adaptable and efficient energy storage systems to fulfill a variety of power demands, this synergy is stimulating research and development in solid-state hydrogen storage technology.
The market for solid-state hydrogen storage solutions is significantly influenced by environmental sustainability. There is a deliberate attempt to switch from fossil fuels to greener energy sources as public awareness of climate change and the negative effects of greenhouse gas emissions grows. For many energy applications, hydrogen presents an emission-free option, especially when derived from renewable resources. Transportation, industry, and domestic energy sectors can all benefit from the broad adoption of solid-state hydrogen storage systems like metal hydrides and chemical hydrides, which offer a safe and effective way to store hydrogen. These solutions support the objectives of global sustainability by lowering the carbon footprint. To encourage the use of hydrogen, governments and international organizations are enacting strict rules and providing incentives, which is further propelling the market's growth.
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SOLID STATE HYDROGEN STORAGE SOLUTION MARKET SHARE ANALYSIS
NPROXX, H2GO Power, Shanghai Hyfun Energy Technology, GKN Hydrogen, Whole Win (Beijing) New Energy Technology, and other prominent global players in the Solid State Hydrogen Storage Solution market. Nearly 40% of all manufacturers worldwide are in the top five.
With a market share of about 40%, Asia-Pacific is the largest market for solid state hydrogen storage solutions, followed by North America and Europe.
Key Players:
- Shanghai Hyfun Energy Technology
- GKN Hydrogen
- Grz Technologies
- LAVO
- McPhy
- H2GO Power
- Whole Win (Beijing) New Energy Technology
- General Research Institute for Nonferrous Metals
- Hystorsys
- Plasma Kinetics
- AE&M
- NPROXX
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