Government Organizations Increasing R&D in Hydrogen Storage Technologies

The shift from conventional fuels to low-emission fuels like hydrogen will drive the hydrogen storage market at 7.6% CAGR during 2016–2026. The market generated $426.4 million revenue in 2015 and it is projected to generate $991.7 million by 2026. The increasing preference for hydrogen as an alternative fuel is primarily due to the stringent emission control norms in India, China, and Southeast Asia. Moreover, stiff emission standards in the U.K. and the U.S. will help in creating awareness among customers toward the importance of using low-emission fuels and clean energy.

The application segment of the hydrogen storage market is classified into stationary power, transportation, and portable power. In the past, the stationary power category accounted for the largest market share, due to the widescale adoption of stationary fuel cells as backup power sources in airports, hospitals, and retail stores. Hydrogen can be stored in these cells for power, which is suitable when grid power is unavailable. Whereas, the transportation category will exhibit the fastest growth throughout the forecast period, owing the increasing adoption of stored hydrogen, as a fuel in aircrafts and ships. 

Currently, Air Liquide SA, Worthington Industries Inc., Hexagon Composites ASA, Linde AG, INOXCVA, and Praxair Inc. are some of the leading providers of stored hydrogen, globally. These companies are entering into several agreements and expanding their production capacity to meet the surging demand for hydrogen storage solutions. For example, Air Liquide SA started the world’s largest hydrogen storage facility in Texas, in January 2017. This facility can provide backup power to a largescale steam methane reformer (SMR) unit for 30 days. 

The market players mostly use cylinder to store hydrogen because end-use industries, such as electronics, food, and metalworking, prefer cylinder as a mode of storage. The companies also provide stored hydrogen on-site in bulk/merchant quantities. Additionally, the leading players are also focusing on the development of advanced fuel cells and hydrogen technologies to cater to the accelerating demand from the end-use industries. Moreover, governments are also making sumptuous investments in the development of new technologies, thereby, inspiring private players to increase their focus on new developments.

Thus, the rising efforts of government bodies and private players to develop advanced fuel cells and hydrogen storage technologies will drive the market growth in the coming years.

Source: www.psmarketresearch.com

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