Global Hydrogen Storage Market is anticipated to reach USD 6.47 billion by 2025. Hydrogen storage is a key technology for the development of fuel and hydrogen cell technologies in applications comprising portable power, transportation, and stationary power. The factors that propel the growth of the hydrogen storage market include surge in the consumption of oil across the globe, increase in the demand for transportation fuels, decline of global crude oil quality, and strict environmental standards for the production of cleaner fuels.
On the other hand, there are factors that may hamper the growth of the market including restricted accessibility of hydrogen refilling infrastructure in the emerging economies. Hydrogen storage industry is anticipated to grow at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.
The important trend observed in the hydrogen storage industry is increasing focus on R&D for the growth of hydrogen storage technology. In recent times, the U.S., India, and England have been progressively focusing on R&D activities that could support the technological improvements in hydrogen and fuel cell technologies.
You Can Also Get Absolutely Free Sample Copy at: https://www.millioninsights.com/industry-reports/hydrogen-storage-market/request-sample
The market of hydrogen storage may be explored by form of storage, type of storage, application, and geography. The market may be explored by form of storage as Material-based and Physical. The “Physical” segment led the hydrogen storage market in 2016 and is anticipated to maintain its dominance by 2025. The key factor that may attributed to the growth of market includes high demand across various applications.
Based on type of storage, the market may be classified as On-board, Merchant/bulk, Cylinder, and On-site. The “Cylinder” segment led the hydrogen storage industry in 2016 and is anticipated to maintain its dominance by 2025. The key factor that may attributed to the growth of market includes increase in demand for end-use applications, such as food, electronics industries and metal working.
The key applications that could be explored in the market of hydrogen storage include General Industry, Oil Refining, Chemical, Metal Working, and Transportation. The “Transportation” segment led the hydrogen storage industry in 2016 and is anticipated to maintain its dominance by 2025. The key factor that may attributed to the growth of market includes increasing demand for hydrogen powered fuel cell vehicles in North America and Europe.
Asia-Pacific accounted for the major share of the Hydrogen Storage Market Size in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include strong requirement for ammonia and methanol from emerging nations, such as India, China and Malaysia and increasing demand forH2 and fuel cells. Asia-Pacific is likely to be followed by the North American region.
Some of the key players that fuel the growth of the market of hydrogen storage comprise Praxair Technology, Inc., H Bank Technology Inc., Hexagon Composites ASA, Air Liquide, The Linde Group, Cella Energy Limited, Pragma Industries, VRV S.P.A, McPhy Energy S.A., and Eutectix LLC. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
Want To Access Full Research Report On Global Hydrogen Storage Market? Click Here: https://www.millioninsights.com/industry-reports/hydrogen-storage-market
Type Outlook By Revenue (USD Million, 2014 – 2025)
• Physical Based
• Material Based
Application Outlook By Revenue (USD Million, 2014 – 2025)
• Stationary Power
• Portable Power
Regional Outlook By Revenue (USD Million, 2014 – 2025)
• North America
• Asia Pacific
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/energy-storage
About Million Insights
Million Insights, is a distributor of market research reports, published by premium publishers only. We have a comprehensive market place that will enable you to compare data points, before you make a purchase. Enabling informed buying is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store, includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.
For More Information: www.millioninsights.com
Company Name: Million Insights
Contact Person: Ryan Manuel
Email: Send Email
Address:Office No. 302, 3rd Floor, Manikchand Galleria, Model Colony, Shivaji Nagar