The North America hydrogen storage market is pivotal for clean energy solutions, facilitating the integration of renewable sources. Various methods are employed, such as compressed and liquid hydrogen, along with advanced materials. Hydrogen from biomass or fossil fuels can be stored as a liquid at cryogenic temperatures or as a gas in high-pressure tanks. This dynamic sector is crucial for sustainable practices, influencing diverse applications, including industrial processes in the region's transition towards a greener energy landscape.
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Data Bridge Market Research analyses that the North America Hydrogen Storage Market was USD 1,554.45 million in 2021 and is expected to reach USD 1,908.78 million by 2029, registering a CAGR of 2.60 % from 2022 to 2029. Government initiatives drive hydrogen storage advancement, offering supportive policies, incentives, and funding. These measures propel the development and widespread adoption of hydrogen storage technologies, crucial for achieving a sustainable energy future.
Key Findings of the Study
Growth in the demand for transportation fuels is expected to drive the market's growth rate
The surge in demand for transportation fuels aligns with a growing focus on clean alternatives. Companies responding to government initiatives are increasingly adopting hydrogen fuel cells for vehicles. This transition to clean fuels enhances the appeal of hydrogen-powered transportation, creating a need for reliable storage systems. As governments globally emphasize energy security, the synergy between the transportation sector's interest in hydrogen fuel cells and the demand for efficient storage solutions underscores the pivotal role of hydrogen in sustainable transportation fuel strategies.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Form (Physical, Material Based), Type (Cylinder, Merchant, On-Site, On-Board), Distribution (Pipelines, On-Site Production, Road Transport), Application (Stationary Power, Portable Power, Transportation), End-User (Chemicals, Oil Refining, Transportation, Industrial, Metal Working, Others)
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Countries Covered
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U.S., Canada, and Mexico in North America.
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Market Players Covered
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Linde plc (Ireland), Air Liquide (France), Hexagon Composites ASA (Norway), Luxfer Gas Cylinders (U.K.), Worthington Industries, (U.S.), McPhy Energy S.A (France), General Motors (U.S.), Toshiba Energy Systems & Solutions Corporation (Japan), HYDROGEN COMPONENTS, INC.(U.S.), Steelhead Composites, INC (U.S.), Process Kana (U.S.), Hydrogenics (Canada), FuelCell Energy, Inc (U.S.), Air Products and Chemicals, Inc (U.S.). Panasonic Corporation (Japan), Cummins Inc (U.S.)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The North America hydrogen storage market is segmented on the basis of form, type, distribution, application, and end-user.
- On the basis of form, the North America hydrogen storage market is segmented into physical, and material based
- On the basis of type, the North America hydrogen storage market is segmented into cylinder, merchant, on-site, and on-board
- On the basis of distribution, the North America hydrogen storage market is segmented into pipelines, on-site production, and road transport
- On the basis of application, the North America hydrogen storage market is segmented into stationary power, portable power, and transportation
- On the basis of end-user, the North America hydrogen storage market is segmented into chemicals, oil refining, transportation, industrial, metal working, and others
Major Players
Data Bridge Market Research recognizes the following companies as the major North America hydrogen storage market players in North America hydrogen storage market are HYDROGEN COMPONENTS, INC.(U.S.), Steelhead Composites, INC (U.S.), Process Kana (U.S.), Hydrogenics (Canada), FuelCell Energy, Inc (U.S.), Air Products and Chemicals, Inc (U.S.). Panasonic Corporation (Japan), Cummins Inc (U.S.).
Market Developments
- In May 2022, Air Products, OQ, and ACWA Power forged a global collaboration, aiming to establish a hydrogen-based ammonia manufacturing facility in Oman. This joint venture signifies a strategic alignment between industry leaders, capitalizing on Oman's potential as a hub for sustainable hydrogen production, marking a significant step towards advancing green and efficient ammonia manufacturing on a global scale
- In March 2022, Air Liquide and Lotte Chemical collaborated in a joint venture to enhance the hydrogen supply chain, particularly for the mobility sectors. This strategic collaboration reflects a commitment to advancing hydrogen infrastructure and promoting sustainable solutions to meet the growing demand in the evolving landscape of clean energy and transportation
- In December 2021, Howden, Chart Industries, and Together collaborated to develop an innovative hydrogen solution. This collaboration leveraged Chart's hydrogen products alongside Howden's expertise in gas compression technology, showcasing a synergistic approach to advancing hydrogen-related technologies and solutions
- In October 2021, Plug Power Inc., a prominent player in turnkey hydrogen solutions, successfully finalized the acquisition of Applied Cryo Technologies, Inc. This strategic move strengthens Plug Power's position in the global green hydrogen economy by integrating Applied Cryo's expertise in technology, equipment, and services for liquefied hydrogen transportation, storage, and distribution
- In February 2021, Linde collaborated with Hyosung Corporation to establish and manage a comprehensive liquid hydrogen infrastructure in South Korea. This collaboration aimed to grow the country's hydrogen ecosystem, emphasizing Linde's commitment to advancing sustainable solutions and supporting South Korea's efforts in embracing hydrogen as a key component of its energy transition
Regional Analysis
Geographically, the countries covered in the North America hydrogen storage market report are U.S., Canada, and Mexico in North America.
As per Data Bridge Market Research analysis:
U.S. is the dominant country in North America hydrogen storage market during the forecast period 2022-2029
U.S dominates the North America hydrogen storage market, propelled by a significant share of physical storage and surging demand for low-emission fuel. The country's substantial investment in hydrogen storage production, extending into Canada, further solidifies its market leadership. The robust presence of physical storage solutions and the increasing focus on sustainable energy solutions position the U.S. as a key driver in shaping the trajectory of the North America hydrogen storage market during the forecast period.
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