The According to a market research report, the “Hydrogen Storage Market by Storage Form (Physical, Material-Based), Storage Type (Cylinder, Merchant, On-Site, On-board), Application (Chemicals, Oil Refineries, Industrial, Automotive & Transportation, Metalworking), Region – Forecast to 2030″, size is projected to grow from USD 1.5 billion in 2023 to USD 6.3 billion by 2030, at a CAGR of 21.5% during the forecast period.
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- 281 Market data Tables
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- 252 Pages and in-depth TOC on “Hydrogen Storage Market – Global Forecast to 2030”
The primary drivers of the market rise in the demand for transportation fuels are an increase in global oil consumption, a decline in overall crude oil quality, more stringent environmental standards for producing cleaner fuels, and the development of new applications, for instance, hydrogen-powered fuel cells for transportation applications. Although the storage method for transportation end-use applications is not advanced compared to other end-use applications, opportunities exist for developing low-weight, cost-effective hydrogen storage tanks over the years, boosting the demand for this end-use application. The limited availability of hydrogen fueling stations in developed and developing economies is one of the important restraints for the hydrogen storage market.
This report also provides a comprehensive analysis of the companies listed below:
The major players in hydrogen storage market are Air Liquide (France), Worthington Industries, Inc. (US), Luxfer Holdings PLC (UK), Linde plc (Germany), Chart Industries (US), HBank Technologies Inc. (Taiwan), Pragma Industries (France), Croyolor (France), INOXCVA (India), Hexagon Composites ASA (Norway), and others.
These companies have strong distribution networks across major regions, such as Europe, North America, and Asia Pacific. They have a robust market presence and an established portfolio of reputable products and services. Further, they follow strong business strategies to expand their market presence. Furthermore, these players have broader geographical use cases and larger product footprints.
Recent Developments in Hydrogen Storage Market
- In April 2022, Innovair Group partnered with Worthing Industries Inc. to introduce the best cylinders in Canada.
- In March 2022, Air Liquide and Lotte Chemical has entered into a joint venture to scale up the hydrogen supply chain for mobility markets.
- In July 2021, Luxfer Gas Cylinders, a subsidiary of Luxfer Holdings Inc. and Octopus Hydrogen have partnered to make the goods transportation and aviation industry cleaner and greener.
- In March 2021, Luxfer Holdings Inc. acquired SCI (Structural Composites Industries) business of Worthington Industries Inc. to capitalize the growing hydrogen opportunities. The SCI team will be joining the Gas cylinders team of Luxfer.
- In February 2021, Linde partnered with Hyosung Corporation to develop, own, and operate liquid hydrogen infrastructure in South Korea.
- In February 2021, Worthington released ThermaGuard™ hydrogen cylinders for transporting and storing high-pressure hydrogen gas, meticulously developed using Worthington’s aerospace-grade standards.
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Based on form, the physical storage method is widely used and material-based storage method is under research and is expected to be totally commercialized in the next 10–15 years. Some of the companies in the material-based storage tank market are McPhy (France), HBank (
Based on type, The on-site segment majorly dominates the physical hydrogen storage market in terms of value in 2022. The type of hydrogen storage widely depends upon end-use applications. On-site storage is generally required in oil refining and ammonia plants as the demand for hydrogen is continuous in such industries. Tube trailers, and trucks are widely used in the metalworking industries.
Based on application, industrial segment is expected to register exceptional growth during the forecast period. The end-use industries considered under the industrial segment include semiconductor manufacturing, glass, food, and jet propellant fuel industries. Cylinders or dewars are the most commonly used storage apparatus for supplying gas to these industries. Hydrogen, in its capacity as a reactive gas, is used in many hydrogenation processes, as a feed material for fertilizer, fuel, and peroxide production or as an energy carrier.
Based on Region, Asia Pacific is estimated to be the largest market for physical hydrogen storage in 2022. The market is primarily driven by strong demand for ammonia and methanol from developing countries such as China, India and Malaysia. Moreover, stringent regulations in China on oil refineries for producing cleaner fuels are expected to further boost the demand for physical hydrogen storage during the forecast period.
The Japanese and South Korean governments have announced subsidies for manufacturing hydrogen-powered fuel cell vehicles and extended financial support for developing hydrogen infrastructure, which will further boost the demand for carbon fiber tanks in transportation applications during the forecast period. Automobile companies such as Toyota and Hyundai have already ramped up the production of their hydrogen-powered fuel cell cars for sale in local and foreign markets. INOXCVA (India) and ILJIN (South Korea) are the key players in the Asia Pacific market for physical hydrogen storage.
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