Hydrogen Storage Market to be Worth $38.3 Billion by 2031 - Exclusive Report by Meticulous Research

REDDING, Calif., May 13, 2024 /PRNewswire/ -- According to a new market research report titled, 'Hydrogen Storage Market by Storage Solution (Tanks, Cylinders), Storage Type (Physical Storage, Material-based Storage), Application (Fuel Cell, Chemical Production, Manufacturing, Oil & Gas), and Geography—Global Forecast to 2031' the hydrogen storage market is projected to reach $38.3 billion by 2031, at a CAGR of 8.3% during the forecast period.

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Hydrogen storage refers to securely storing hydrogen in various states, including gas, liquid, and solid forms, for industrial applications. Hydrogen is a light and highly flammable gas requiring efficient and safe storage. Hydrogen storage methods include physical storage and material storage. Physical hydrogen storage utilizes cylinders, tanks, and portable containers tailored to specific applications. The stored hydrogen finds application in fuel cells, chemical production, manufacturing, oil & gas, and power generation.

The growth of this market is driven by the increasing use of hydrogen storage tanks for transportation and the growing adoption of hydrogen storage facilities as an energy source for power generation. However, the high capital costs of hydrogen storage facilities restrain the growth of this market.

Furthermore, the rising government support for hydrogen production and the increasing demand for hydrogen-based fuel cells for vehicles is expected to create market growth opportunities. However, the high flammability of hydrogen makes storage a major challenge for market players. The latest trends in the hydrogen storage market are the rising use of renewable energy sources for hydrogen production and the increasing use of hydrogen in oil refineries and chemical industries.

The hydrogen storage market is segmented by storage solution (tanks, cylinders, portable storage, and other storage solutions), storage type (physical storage [liquid, gas], material-based storage [adsorbent, metallic hydrides, complex hydrides, chemical hydrogen]), Application (fuel cell [fuel cell electric vehicles, power generation, boats and submarines, and aviation], chemical production, manufacturing, oil & gas, aerospace & defense, and other applications), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.