The global Hydrogen Storage Market Study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments -By Form (Gas, Physical), By Type (Cylinder, Merchant, On-site, On-board), By Application (Chemicals, Oil Refineries, Metalworking, Industrial, Transportation, Others).
In 2024, the market for hydrogen storage is witnessing significant growth, driven by the increasing demand for clean and renewable energy solutions in transportation, energy storage, and industrial applications. Hydrogen storage technologies play a crucial role in the storage, transportation, and utilization of hydrogen as a clean fuel for fuel cell vehicles, stationary power generation, and industrial processes. Various hydrogen storage methods, including compressed gas, liquid hydrogen, and solid-state storage, offer different advantages in terms of storage capacity, safety, and energy efficiency. Manufacturers are innovating to develop advanced hydrogen storage systems with improved storage density, material compatibility, and hydrogen release kinetics to meet the evolving needs of end-users and address specific application requirements. Additionally, advancements in materials science, nanotechnology, and engineering design are enabling the development of novel storage materials and technologies that promise higher efficiency and lower costs. As governments and industries invest in hydrogen infrastructure and decarbonization initiatives, the demand for efficient and safe hydrogen storage solutions is expected to growing, driving market expansion and fostering innovation in hydrogen energy technology.
The market report analyses the leading companies in the industry including Air Liquide, Chart Industries, Croyolor, HBank Technologies Inc, Hexagon Composites ASA, INOXCVA, Linde plc, Luxfer Holdings PLC, Pragma Industries, Worthington Industries Inc, and others.
A prominent trend in the hydrogen storage market is the increasing focus on hydrogen as a clean energy carrier. Hydrogen is gaining attention as a versatile and sustainable energy vector that can play a significant role in decarbonizing various sectors such as transportation, industry, and power generation. As countries strive to meet climate goals and reduce greenhouse gas emissions, hydrogen storage technologies are being developed and deployed to enable the storage, transportation, and utilization of hydrogen as a clean energy source. This trend is driven by advancements in hydrogen production methods, storage technologies, and infrastructure development, as well as government incentives and regulations promoting the adoption of hydrogen as a low-carbon energy solution.
A significant driver propelling the hydrogen storage market is the expansion of renewable energy integration and the hydrogen economy. Renewable energy sources such as wind and solar power produce electricity intermittently, leading to challenges in grid stability and energy storage. Hydrogen storage offers a promising solution for storing excess renewable energy in the form of hydrogen through processes like electrolysis, where water is split into hydrogen and oxygen using renewable electricity. The stored hydrogen can then be used as a clean fuel for transportation, heating, and power generation, providing grid balancing and energy storage capabilities. Additionally, the development of hydrogen infrastructure, fuel cell technologies, and hydrogen-powered vehicles further drives the growth of the hydrogen economy, creating demand for hydrogen storage solutions to support the expansion of hydrogen-based energy systems.
An opportunity for the hydrogen storage market lies in innovation in hydrogen storage materials and technologies. While hydrogen storage technologies such as compressed gas storage, liquid hydrogen storage, and solid-state hydrogen storage are available, there is ongoing research and development to improve storage efficiency, safety, and cost-effectiveness. Opportunities exist for developing advanced materials such as metal hydrides, chemical hydrogen storage materials, and porous materials with high hydrogen storage capacities and reversible hydrogen uptake/release kinetics. Additionally, advancements in storage tank design, thermal management systems, and safety protocols can enhance the performance and usability of hydrogen storage systems for various applications. By investing in research, collaboration, and technology commercialization, stakeholders in the hydrogen storage market can drive innovation, overcome technical barriers, and unlock opportunities for growth in the emerging hydrogen economy.
The largest segment in the Hydrogen Storage Market is Gas. Gas storage involves compressing hydrogen gas into containers or tanks, typically made of materials like steel or composite materials, to store it at high pressure. Gas storage is widely utilized due to its simplicity, ease of handling, and relatively lower cost compared to physical storage methods. It is commonly used in various applications such as industrial processes, transportation, and energy storage. Moreover, gas storage systems allow for convenient refuelling of hydrogen-powered vehicles and quick deployment in industrial processes, contributing to its widespread adoption. As the hydrogen economy continues to grow, with increasing investments in hydrogen infrastructure and applications, the demand for gas storage solutions is expected to remain strong, consolidating its position as the largest segment in the Hydrogen Storage Market.
The fastest-growing segment in the Hydrogen Storage Market is On-board storage. On-board storage systems are designed to store hydrogen directly within vehicles or mobile applications, typically in tanks or cylinders installed onboard. This segment is experiencing rapid growth primarily due to the increasing adoption of hydrogen fuel cell vehicles (FCVs) and hydrogen-powered transportation solutions. As governments worldwide impose stricter emissions regulations and seek to reduce dependence on fossil fuels, hydrogen is emerging as a promising alternative energy source for transportation. On-board hydrogen storage is crucial for the deployment of FCVs, which offer zero-emission transportation and longer driving ranges compared to battery electric vehicles (BEVs). Additionally, advancements in hydrogen storage technologies, such as lightweight composite materials and advanced tank designs, are making on-board storage systems more efficient, compact, and cost-effective, further driving their growth. With automakers and transportation companies investing heavily in hydrogen infrastructure and vehicle development, the demand for on-board hydrogen storage solutions is expected to continue growing rapidly, making it the fastest-growing segment in the Hydrogen Storage Market.
The largest segment in the Hydrogen Storage Market is Transportation. The transportation sector represents a significant portion of the market due to the increasing adoption of hydrogen fuel cell vehicles (FCVs) and other hydrogen-powered transportation solutions. As governments worldwide implement stricter emissions regulations and seek to reduce carbon footprints, hydrogen is gaining traction as a clean and sustainable alternative fuel for vehicles. Hydrogen fuel cell technology offers zero-emission transportation with longer driving ranges and shorter refuelling times compared to battery electric vehicles (BEVs). Additionally, hydrogen can be produced from renewable sources, further enhancing its appeal as a green energy solution for transportation. With major automakers investing in hydrogen-powered vehicles and infrastructure, the demand for hydrogen storage solutions in the transportation sector is expected to remain robust. As a result, the Transportation segment is the largest segment in the Hydrogen Storage Market, driving the market's growth and development towards a more sustainable future in transportation.
By Form
Gas
Physical
By Type
Cylinder
Merchant
On-site
On-board
By Application
Chemicals
Oil Refineries
Metalworking
Industrial
Transportation
Others
Countries Analyzed
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)
Air Liquide
Chart Industries
Croyolor
HBank Technologies Inc
Hexagon Composites ASA
INOXCVA
Linde plc
Luxfer Holdings PLC
Pragma Industries
Worthington Industries Inc
*- List Not Exhaustive
TABLE OF CONTENTS
1 Introduction to 2024 Hydrogen Storage Market
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Covered
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain
2 Research Methodology
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations
3 Executive Summary
3.1 Global Hydrogen Storage Market Size Outlook, $ Million, 2021 to 2032
3.2 Hydrogen Storage Market Outlook by Type, $ Million, 2021 to 2032
3.3 Hydrogen Storage Market Outlook by Product, $ Million, 2021 to 2032
3.4 Hydrogen Storage Market Outlook by Application, $ Million, 2021 to 2032
3.5 Hydrogen Storage Market Outlook by Key Countries, $ Million, 2021 to 2032
4 Market Dynamics
4.1 Key Driving Forces of Hydrogen Storage Industry
4.2 Key Market Trends in Hydrogen Storage Industry
4.3 Potential Opportunities in Hydrogen Storage Industry
4.4 Key Challenges in Hydrogen Storage Industry
5 Market Factor Analysis
5.1 Value Chain Analysis
5.2 Competitive Landscape
5.2.1 Global Hydrogen Storage Market Share by Company (%), 2023
5.2.2 Product Offerings by Company
5.3 Porter’s Five Forces Analysis
5.4 Pricing Analysis and Outlook
6 Growth Outlook Across Scenarios
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts
7 Global Hydrogen Storage Market Outlook by Segments
7.1 Hydrogen Storage Market Outlook by Segments, $ Million, 2021- 2032
By Form
Gas
Physical
By Type
Cylinder
Merchant
On-site
On-board
By Application
Chemicals
Oil Refineries
Metalworking
Industrial
Transportation
Others
8 North America Hydrogen Storage Market Analysis and Outlook To 2032
8.1 Introduction to North America Hydrogen Storage Markets in 2024
8.2 North America Hydrogen Storage Market Size Outlook by Country, 2021-2032
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Hydrogen Storage Market size Outlook by Segments, 2021-2032
By Form
Gas
Physical
By Type
Cylinder
Merchant
On-site
On-board
By Application
Chemicals
Oil Refineries
Metalworking
Industrial
Transportation
Others
9 Europe Hydrogen Storage Market Analysis and Outlook To 2032
9.1 Introduction to Europe Hydrogen Storage Markets in 2024
9.2 Europe Hydrogen Storage Market Size Outlook by Country, 2021-2032
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Hydrogen Storage Market Size Outlook by Segments, 2021-2032
By Form
Gas
Physical
By Type
Cylinder
Merchant
On-site
On-board
By Application
Chemicals
Oil Refineries
Metalworking
Industrial
Transportation
Others
10 Asia Pacific Hydrogen Storage Market Analysis and Outlook To 2032
10.1 Introduction to Asia Pacific Hydrogen Storage Markets in 2024
10.2 Asia Pacific Hydrogen Storage Market Size Outlook by Country, 2021-2032
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Hydrogen Storage Market size Outlook by Segments, 2021-2032
By Form
Gas
Physical
By Type
Cylinder
Merchant
On-site
On-board
By Application
Chemicals
Oil Refineries
Metalworking
Industrial
Transportation
Others
11 South America Hydrogen Storage Market Analysis and Outlook To 2032
11.1 Introduction to South America Hydrogen Storage Markets in 2024
11.2 South America Hydrogen Storage Market Size Outlook by Country, 2021-2032
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Hydrogen Storage Market size Outlook by Segments, 2021-2032
By Form
Gas
Physical
By Type
Cylinder
Merchant
On-site
On-board
By Application
Chemicals
Oil Refineries
Metalworking
Industrial
Transportation
Others
12 Middle East and Africa Hydrogen Storage Market Analysis and Outlook To 2032
12.1 Introduction to Middle East and Africa Hydrogen Storage Markets in 2024
12.2 Middle East and Africa Hydrogen Storage Market Size Outlook by Country, 2021-2032
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Hydrogen Storage Market size Outlook by Segments, 2021-2032
By Form
Gas
Physical
By Type
Cylinder
Merchant
On-site
On-board
By Application
Chemicals
Oil Refineries
Metalworking
Industrial
Transportation
Others
13 Company Profiles
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
Air Liquide
Chart Industries
Croyolor
HBank Technologies Inc
Hexagon Composites ASA
INOXCVA
Linde plc
Luxfer Holdings PLC
Pragma Industries
Worthington Industries Inc
14 Appendix
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise
By Form
Gas
Physical
By Type
Cylinder
Merchant
On-site
On-board
By Application
Chemicals
Oil Refineries
Metalworking
Industrial
Transportation
Others
Countries Analyzed
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)
Global Hydrogen Storage Market Size is valued at $2.9 Billion in 2024 and is forecast to register a growth rate (CAGR) of 12.5% to reach $7.4 Billion by 2032.
Emerging Markets across Asia Pacific, Europe, and Americas present robust growth prospects.
Air Liquide, Chart Industries, Croyolor, HBank Technologies Inc, Hexagon Composites ASA, INOXCVA, Linde plc, Luxfer Holdings PLC, Pragma Industries, Worthington Industries Inc
Base Year- 2023; Estimated Year- 2024; Historic Period- 2018-2023; Forecast period- 2024 to 2032; Currency: Revenue (USD); Volume