North America hydrogen storage Market – Industry Trends and Forecast to 2029

Market Analysis and Size

Adoption of hydrogen storage as an alternative for fossil fuels among several end-users is driving the growth of the hydrogen storage market. According to the International Energy Agency (IEA). In 2020 the demand for hydrogen reached 90 Mt. Among this, 70 Mt used as pure hydrogen, and remaining was used for conventional uses like refining and industrial uses. The major potential of hydrogen that is used as an alternative fuel. The main requirement of hydrogen storage for fueling vehicles and industrial uses, and augmented trust among investors in the hydrogen fuel as an alternative, remains the main drivers of growth for the hydrogen storage market.

Data Bridge Market Research analyses that the hydrogen storage market was valued at USD 1554.45 million in 2021 and is expected to reach USD 1908.78 million by 2029, registering a CAGR of 2.60 % during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and technological advancements.

Market Definition

Hydrogen can be extracted from biomass and fossil fuels from water, or from a mix of both. Hydrogen can be stored in various ways, such as physically as either a liquid or gas. Storage of hydrogen as a liquid requires cryogenic temperatures due to their boiling point which is −252.8°C at one-atmosphere pressure. Storage of hydrogen as a gas usually needs high-pressure tanks (350–700 bar [5,000–10,000 psi] tank pressure).

Report Scope and Market Segmentation

Hydrogen Storage Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Growth in the demand of transportation fuels

Companies are focusing on adopting clean fuels in the transportation industry, which has created profitable avenues during the forecast period. Specifically, fuel cells are gaining popularity on the back of serious efforts taken by governments in several countries to increase their energy security.

• Rise in demand as an alternative of fossil fuel

Rise in application of hydrogen storage as an alternative of fossil fuel in various end users industry which is expected to fuel the market growth of hydrogen storage. For instance, in July 2018, Canada has Canada Enbridge Gas Distribution, a distributor of Hydrogenics opened power-to-gas and natural gas facility using the Markham hydrogen energy storage facility in Ontario, Canada.

• Increase the demand for sustainable power sources

Rising importance of sustainable energy facilities will drive the growth of hydrogen storage market g. Hydrogen energy can be used for transportation sectors and grid energy services. As governments converge more on sustainable power sources, the market is anticipated to witness steady growth in the forecast timeframe.

Opportunities

• Increasing use of hydrogen as substitute fuel in energy-intensive regions catalyzing beneficial avenues

Hydrogen is emerging as a substitute clean fuel for producing electricity in several industries. This has strengthened the need for harmless storage of the gas. Increasing use of fuel cells in heavy-duty and medium-duty and marine and trucks vessels is escalating the revenue potential. These factors that will open up significant opportunities.

• Technological advancement

Growing the commercialization of power-to-gas technology create possible opportunities for the hydrogen storage market. In this technology, hydrogen can be transformed back to electricity and used for powering the electric grid during peak hours.

Restraints/ Challenges

Hydrogen storage is a task for portable and stationary applications because of its low-density property and remains a substantial challenge for transportation uses. Currently, existing storage possibilities usually require large-volume systems that can store hydrogen in gaseous form. This is less of a problem for stationary applications, where the footprint of compressed gas tanks may be less critical. These are the major market restrains that will obstruct the market's growth rate.

This North America hydrogen storage market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the hydrogen storage market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on North America Hydrogen Storage Market

However, the crisis which has caused by COVID- 19 considerably disrupted their momentum. Factors such as delays in completing renewable energy projects, supply chain disruptions, and the threat of being unable to profit from government incentives are expected to reduce the growth and investment of renewable technologies. However, reduced the investment due to COVID-and major incentives are set to expire by the end of 2020.

North America Hydrogen Storage Market Scope

North America hydrogen storage market is segmented on the basis of form, type, application and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

 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

Hydrogen Storage Market Regional Analysis/Insights

 North America hydrogen storage market is analysed and market size insights and trends are provided by country, form, type, application and end-user as referenced above.

The countries covered in the North America hydrogen storage market report are U.S., Canada and Mexico in North America.

U.S dominates the hydrogen storage market during the forecast period. This is due to large number of physical storage in the U.S. is made up of hydrogen storage and growing demand for low emission fuel overall U.S. also drives the market with growing investment in production of hydrogen storage in Canada.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and North America Hydrogen Storage Market Share Analysis

North America hydrogen storage market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to hydrogen storage market.

Some of the major players operating in the North America hydrogen storage market are:

• Linde plc (Ireland)
• Air Liquide (France)
• Hexagon Composites ASA (Norway)
• Luxfer Gas Cylinders (UK)
• Worthington Industries, (US)
• McPhy Energy S.A (France)
• General Motors (Us)
• Toshiba Energy Systems & Solutions Corporation (Japan)
• HYDROGEN COMPONENTS, INC. (US)
• Steelhead Composites, INC (US)
• Process Kana (US)
• Hydrogenics (Canada)
• FuelCell Energy, Inc (US)
• Air Products and Chemicals, Inc (US)
• Panasonic Corporation (Japan)
• Cummins Inc (US)

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