About Hydrogen Storage Technology
Among all the fuels hydrogen exhibits the highest heating value as per mass. Hydrogen is also regenerative and environment friendly. Current on-board hydrogen storage technology approaches involve compressed hydrogen gas tanks, liquid hydrogen tanks, cryogenic compressed hydrogen, metal hydrides, high-surface-area adsorbents, and chemical hydrogen storage materials. The hydrogen storage technology system consists of three major components electrolyze, hydrogen tank and fuel cell. The electrolyze converts electrical energy into chemical energy through the decomposition of water into hydrogen (H2) and oxygen (O2). The produced hydrogen is compressed and fed into the hydrogen tank for storage. The fuel cell carries out the reverse process of electrolysis and uses hydrogen (H2) and oxygen (O2)/air to generate electrical power.
|Unit||Value (USD Million)|
The market for Hydrogen Storage Technology is highly competitive with several global as well as local players in the market. The global players are trying various strategies such as product innovation and using various marketing strategies to gain a higher market share. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Hydrogen Storage Technology market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Linde Ag (Ireland), GKN Hydrogen (Germany), Praxair Inc (United States), Worthington Industry (United State), Luxfer Holdings Plc (United Kingdom), Air Liquide (France), Air Products (United States), Cummins Inc (United States), Fluecell Energy Inc (United States) and ITM Power (United Kingdom) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Nel Hydrogen (Norway), Plug Power (United States), HBank Technology (Taiwan), Hexagon Composite (Norway), McPhy Energy (France) and Steelhead Composites (United States).
AMA Research has segmented the market of Global Hydrogen Storage Technology market by Type (Physical Hydrogen Storage and Material Based Hydrogen Storage), Application (Stationary Power, Portable Power and Transportation) and Region.
On the basis of geography, the market of Hydrogen Storage Technology has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Components, the sub-segment i.e. Tank will boost the Hydrogen Storage Technology market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Methods, the sub-segment i.e. High-Pressure Gas Cylinders (Up To 800 Bar) will boost the Hydrogen Storage Technology market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
On 23 June 2020, Cummins Inc., A Global Technology and Power Solutions Leader, Announced an Agreement to Form a Joint Venture With NPROXX, A Leader In Hydrogen Storage And Transportation, For Hydrogen Storage Tanks. The Joint Venture Will Continue Under the Name NPROXX.
On 30 June 2022, GKN Hydrogen and Southern California Gas Co. (SoCalGas) Announced the Companies Will Work with The U.S. Department of Energy's (DOE's) National Renewable Energy Laboratory (NREL) On an Innovative Green Hydrogen Storage Solution. GKN Hydrogen's HY2MEGA Can Enable Safe, Long Duration Clean Energy Storage Without the Need for Compression. At Scale, This Combined Technology Could Provide Resilient Power in Case of Widespread Outages. It Also Highlights the Technologies Needed to Reach Carbon Neutrality and Accelerate Clean Fuel Initiatives.
- Commercial Growth of Reliable Renewable Energy System
- Demand Of Cost-Effective Energy Storage System
- Growth In Automotive Industry
- Demand Of Transportation Fuels
- Rising Demand of Methanol and Ammonia Gas
- Development Of Low Weighted Energy Storage Tanks
- Growing Development of Electric Power to Gas Technology System
- High-Cost Associate with Hydrogen Storage Technology
- Tricked While Transporting Because Of Lightness
- High Weight and Volume of Hydrogen Storage as Compared to Conventional Petroleum Fuel Vehicle
- Inadequate Durability of Hydrogen Storage
- Lack of Standardized Hardware, Operating Procedures and Public Acceptance
- Lack Of Large Volume Systems to Store Hydrogen in Gaseous Form
- Government Regulations
Key Target AudienceHydrogen Storage Technology Provider, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others
About ApproachTo evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.