Global Hydrogen Storage Market Size, Share and Trends Analysis Report, By Type (AB2 and AB5), By Alloy Type (Zirconium Hydrogen Storage, Rare Earth Hydrogen Storage, Titanium Hydrogen Storage, Magnesium (Mg) Hydrogen Storage, and Iron (Fe) Hydrogen Storage), and By Application (Cooling Devices, Rechargeable Batteries, Fuel Cells, Hydrogen Recovery or Separation, and Refrigeration & Heating Equipment), Forecast (2022-2028)

The global hydrogen storage market is anticipated to grow at a significant CAGR of 4.7% during the forecast period (2022-2028). The rising demand for electrical energy globally is primarily boosting the growth of the market. The rising adoption of hydrogen fuel as a replacement for fossil fuel in different industries is also boosting the growth of the market. The growing prominence of sustainable energy services will also drive market growth. The supportive government initiative to shift from conventional power sources to sustainable power sources is anticipated to propel the growth of the market. Additionally, the rising usage of hydrogen storage tanks in the transportation and logistics industry will also boost the growth of the global hydrogen storage market.

The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new launches, to stay competitive in the market. For instance-

• In February 2022, the Indian government announced its strategy to leverage scale for the ambitious green hydrogen plan of its renewable energy program, leading the country to run the largest clean energy program globally. The policy is aimed at boosting green hydrogen production in the country. The fuel can be a game-changer for the energy security of India, which imports 85% of its oil and 53% of its gas requirements.
• In August 2021, Ohmium announced the launch of the start of India’s first green hydrogen electrolyzer gigafactory that will turn power from renewable sources into carbon-free hydrogen.
• In June 2021, Hyzon Motors announced the development of a new onboard hydrogen storage system technology capable of reducing the weight and manufacturing cost of commercial vehicles powered by Hyzon’s hydrogen fuel cells.
• In January 2020, Cryomotive GmbH has teamed up with commercial vehicle manufacturer MAN Truck & Bus, and truck & bus retrofitter Clean Logistics, to develop high-capacity cryogenic hydrogen gas storage systems with fast refueling technology for long-haul hydrogen trucks.

Market Coverage

• The market number available for – 2022-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Type
  • By Alloy Type
  • By Application
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- Air Products Inc., Air Liquide, FuelCell Energy, Inc., Worthington Industries, Inc., and Nel ASA, among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Hydrogen Storage Market Report by Segment

By Type

• AB2
• AB5

By Alloy Type

• Zirconium Hydrogen Storage
• Rare Earth Hydrogen Storage
• Titanium Hydrogen Storage
• Mg Hydrogen Storage
• Fe Hydrogen Storage

By Application

• Cooling Devices
• Rechargeable Batteries
• Fuel Cells
• Hydrogen Recovery or Separation
• Refrigeration & Heating Equipment

Global Hydrogen Storage Market Report by Region

North America

• United States
• Canada

Europe

• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe

Asia-Pacific

• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific

Rest of the World

• Latin America
• Middle East & Africa