Hydrogen Storage Market to be Worth $38.3 Billion by 2031 - Exclusive Report by Meticulous Research - Seite 2

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Based on storage solution, in 2024, the cylinders segment is expected to account for the largest share of 65% of hydrogen storage market. The large market share of this segment is attributed to the high-pressure storage capacity and cost-effectiveness of cylinders and the rising demand for zero-emission mobility solutions and associated infrastructure. However, the portable storage segment is projected to register the highest CAGR during the forecast period due to the increasing need to transport hydrogen transportation across diverse locations and applications, particularly in areas lacking extensive pipeline infrastructure.

Based on storage type, in 2024, the physical storage segment is expected to account for the largest share of the hydrogen storage market. The large market share of this segment is attributed to the advantages provided by physical storage, including high energy density, the benefit of leveraging existing infrastructure for transportation and storage, and quick refueling times. Moreover, this segment is projected to register the highest CAGR during the forecast period.

Based on application, in 2024, the fuel cell segment is expected to account for the largest share of 39.4% of the hydrogen storage market. The large market share of this segment is attributed to the rising utilization of fuel cells in E-mobility to mitigate greenhouse gas emissions, reduce oil dependence, and lower air pollutants. Moreover, this segment is projected to register the highest CAGR during the forecast period.

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Based on geography, in 2024, North America is expected to account for the largest share of 40% of the hydrogen storage market. The North America hydrogen storage market is projected to be worth USD 8.7 billion in 2024. North America's significant market share is attributed to the growing adoption of fuel-cell electric vehicles, the growing utilization of renewable sources for hydrogen, the increasing initiatives aimed at reducing greenhouse gas emissions, and technological advances in hydrogen storage facilities.