Global hydrogen storage market size will witness significant growth owing to stringent government regulations pertaining to harmful gas emissions. It has substantially escalated investments across the clean energy sphere. In 2016, New Zealand government lead carbon emission reduction directive by 30% in comparison to 2005 levels by 2030 pivot the country’s industrial outlook.
Rising energy security concerns subject to inefficient plant operations and depleting conventional assets will positively drive the global hydrogen storage market size from 2016 to 2024. In 2017, Israel based GenCell and the U.S. based San Diego Gas & Electric have announced strategic partnership to establish fuel cells to its substations.
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Technological advancement in addition to growing fuel cell demand will positively pivot the global hydrogen storage market. Growing investments across research and development of fuel cell technology lays ground for industry expansion. In 2017, Kia Motors based in South Korea declared the development of H2 based hybrid automobile fuel cell system driving clean fleet implementation.
Rising global supply security concerns coupled with inclination towards reducing dependence on foreign oil reserves in the U.S. and China will thrust the global hydrogen storage market. In China, declining oil prices have led domestic crude oil producers to lower their investments and production leading to increased imports, escalating the need for effective alternative source.
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Based on technology, the global hydrogen storage market can be segmented as liquid hydrogen, compressed gaseous hydrogen, metal hydrides, carbon absorption and microspheres. Liquid H2 is set to grow substantially with global demand for clean and effective energy source. In 2017, European regulators have proposed to replace its conventional coal fired power plant by a H2 powered electrochemical generating station to electrify Longyearbyen.
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1. hydrogen storage Market size & share forecast by product & application 2017-2024
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Metal hydride storage industry is anticipated to grow moderately owing to its ongoing global research and efficient technology. In 2017, the U.S. based National laboratories in collaboration with Sandia National laboratories have developed an efficient H2 storage technology powered by metal hydrides. Carbon absorption is set to witness substantial growth owing to its enhanced technology in comparison to conventional H2 storage technology. In 2017, Researchers at Georgia Tech, have introduced a CHAMP reactor creating H2 integrating carbon absorption technology.
The U.S. hydrogen storage market is predicted to grow prominently due to rigorous research and growing effective and efficient energy source demand. In 2017, Netherland based Royal Dutch Shell Inc. in collaboration with Japanese firm Toyota have proposed set up of H2 fueling systems for cars.
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In Europe, the growing energy security concerns adhering to increased demand for energy efficient technology which in turn will propel hydrogen storage market. In 2017, Hydrogen mobility Europe, a European car manufacturer unveiled deployment of its latest fuel cell vehicle in France, Germany and UK.
Japan hydrogen storage market depicts significant growth pertaining to rigorous research initiatives adhering to energy security concern. In 2017, regulators have announced to spend USD 400 million on H2 stations and fuel cell subsidies in consideration to Tokyo Olympics in 2020.
The key players operating in hydrogen storage market are namely Panasonic, Toshiba, General Motors, H2ME, Air Liquide, Linde AG, Praxair Inc., INOXCVA, VRV S.p.A., Hexagon Composites ASA characterized with wide Technology offerings. Rigorous research based investments and cost-effective technology initiations coupled with mergers and service agreements are the backbone for the Industry within forecast period. In 2017, the U.S. based General Motors and Japanese firm Honda accepted a partnership agreement for a collaborated H2 fuel cell research and manufacture.
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