Physical Hydrogen Storage Technology Trends and Forecast
The future of the global physical hydrogen storage technology market looks promising with opportunities in the automobile, aerospace, chemical, and industrial markets. The global physical hydrogen storage technology market is expected to grow with a CAGR of 20.5% from 2024 to 2030. The major drivers for this market are growing demand for clean energy solutions and increasing focus on reducing carbon emissions.
• Lucintel forecasts that high pressure gaseous hydrogen storage is expected to witness the higher growth over the forecast period.
• Within this market, automobile is expected to witness the highest growth.
• APAC is expected to witness highest growth over the forecast period.
United States: Recently, the US Department of Energy announced funding for hydrogen storage R&D, aiming to enhance storage capacity and safety. Companies like Plug Power and Bloom Energy are aggressively expanding their hydrogen infrastructure to support the growing demand for fuel cell technology.
Germany: With ambitious goals for renewable energy, Germany is investing heavily in hydrogen storage solutions. Companies like Siemens Energy and Thyssenkrupp are pioneering projects to develop efficient hydrogen storage systems, aligned with the governmentÄX%$%Xs target of becoming a global leader in green hydrogen production by 2030.
Japan: JapanÄX%$%Xs government, along with companies like Toyota and Toshiba, is accelerating efforts to establish a hydrogen society. Recent initiatives include setting targets for hydrogen storage capacity expansion and promoting partnerships to develop innovative storage technologies, reflecting JapanÄX%$%Xs commitment to carbon neutrality and energy security.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Physical Hydrogen Storage Technology by Segment
The study includes a forecast for the global physical hydrogen storage technology by type, application, and region.
Physical Hydrogen Storage Technology Market by Type [Shipment Analysis by Value from 2018 to 2030]:
• High Pressure Gaseous Hydrogen Storage
• Low Temperature Liquefied Hydrogen Storage
Physical Hydrogen Storage Technology Market by Application [Shipment Analysis by Value from 2018 to 2030]:
• Automobile
• Aerospace
• Chemical
• Industrial
• Others
Physical Hydrogen Storage Technology Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Physical Hydrogen Storage Technology Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies physical hydrogen storage technology companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the physical hydrogen storage technology companies profiled in this report include-
• ILJIN Hysolus
• Iwatani
• Japan Steel Works
• Chart Industries
• Toyota
• Gardner Cryogenics
• Faurecia
• Hexagon Composites
• CLD
• Faber Industries
Recent Development in the Physical Hydrogen Storage Technology Market
Toyota: Toyota has been actively working on improving hydrogen storage technology. They recently announced a breakthrough in developing a new type of solid-state hydrogen storage material, which promises higher storage capacity and faster refueling times compared to traditional methods.
Hyundai: Hyundai has made significant progress in developing lightweight composite tanks for storing hydrogen. These tanks utilize advanced materials and design techniques to increase storage efficiency and safety, paving the way for more widespread adoption of hydrogen fuel cell vehicles.
Hexagon Purus: Hexagon Purus, a leading provider of high-pressure hydrogen storage solutions, has announced plans to expand its production facilities to meet the growing demand for hydrogen storage systems. This expansion will enable the company to scale up production and deliver innovative storage solutions to its customers worldwide.
Linde: Linde, a global industrial gases company, has entered into partnerships with various organizations to develop hydrogen infrastructure projects. These collaborations aim to build a comprehensive network of hydrogen refueling stations and distribution facilities, supporting the growth of the hydrogen economy.
NEL Hydrogen: NEL Hydrogen specializes in electrolyzer technology for hydrogen production. The company has been involved in several initiatives to deploy electrolyzer solutions for industrial applications, renewable energy integration, and hydrogen refueling stations, contributing to the expansion of the global hydrogen infrastructure.
Features of the Global Physical Hydrogen Storage Technology Market
Market Size Estimates: Physical hydrogen storage technology market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Physical hydrogen storage technology market size by type, application, and region in terms of value ($B).
Regional Analysis: Physical hydrogen storage technology market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the physical hydrogen storage technology market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the physical hydrogen storage technology market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the growth forecast for physical hydrogen storage technology market?
Answer: The global physical hydrogen storage technology market is expected to grow with a CAGR of 20.5% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the physical hydrogen storage technology market?
Answer: The major drivers for this market are growing demand for clean energy solutions and increasing focus on reducing carbon emissions.
Q3. What are the major segments for physical hydrogen storage technology market?
Answer: The future of the physical hydrogen storage technology market looks promising with opportunities in the automobile, aerospace, chemical, and industrial markets.
Q4. Who are the key physical hydrogen storage technology market companies?
Answer: Some of the key physical hydrogen storage technology companies are as follows:
• ILJIN Hysolus
• Iwatani
• Japan Steel Works
• Chart Industries
• Toyota
• Gardner Cryogenics
• Faurecia
• Hexagon Composites
• CLD
• Faber Industries
Q5. Which physical hydrogen storage technology market segment will be the largest in future?
Answer: Lucintel forecasts that high pressure gaseous hydrogen storage is expected to witness the higher growth over the forecast period.
Q6. In physical hydrogen storage technology market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the physical hydrogen storage technology market by type (high pressure gaseous hydrogen storage and low temperature liquefied hydrogen storage), application (automobile, aerospace, chemical, industrial, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Physical Hydrogen Storage Technology Market, Physical Hydrogen Storage Technology Market Size, Physical Hydrogen Storage Technology Market Growth, Physical Hydrogen Storage Technology Market Analysis, Physical Hydrogen Storage Technology Market Report, Physical Hydrogen Storage Technology Market Share, Physical Hydrogen Storage Technology Market Trends, Physical Hydrogen Storage Technology Market Forecast, Physical Hydrogen Storage Technology Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.