October 23, 2019
According to the new research report available at MarketStudyReport.com under the title ‘Global Hydrogen Storage Market Insights, Forecast to 2025’, the worldwide hydrogen storage market is anticipated to expand significantly by the year 2025.
Hydrogen storage is applied to store hydrogen for subsequent use over a longer span. The storage can be done either through cryogenics, high pressures, and chemical compounds that release H2 when heated. Underground hydrogen storage is suitable to offer grid energy storage for periodic energy sources such as wind power, and to provide fuel for transportation, mainly for airplanes and ships.
Rising demand for energy and successive expectations from hydrogen as a fuel to moderately fulfill energy requirements in the upcoming years are predicted to propel hydrogen storage market. However, comparatively high cost of hydrogen production will hamper the market growth to some extent.
According to the report, details about the production and consumption graphs, along with revenue shares and segmental growth over the analysis period are outlined. The research also provides a comprehensive insight about the risks, challenges, drivers, and opportunities impacting the industry growth.
Considering the storage type, the hydrogen storage market is fragmented as cylinder, on-site, merchant/bulk, on-board, wherein, cylinder segment is presumed to register significant growth over the forecast period, owing to its applicability across metal working, electronics, and food industries. In terms of storage form, the market is divided into material-based and physical.
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Speaking of the application spectrum, the market is segmented as transportation, oil refining, metal working, chemical, and general industry. As per the report, hydrogen storage market from transportation application segment is expected to grow momentously over the analysis timeframe, pertaining to increasing demand for fuel cell vehicles across North America and Europe.
Based on the geographical landscape, the global hydrogen storage market is divided into five major regions; Brazil and rest of South America come under Central & South America; North America comprise of Mexico, United States, and Canada; Asia Pacific consists of China, Malaysia, Thailand, Japan, India, Australia, Vietnam, Indonesia, Philippines, and South Korea; Middle East & Africa is split into Turkey, South Africa, Egypt, GCC Countries, and rest of Middle East & Africa; and Russia, France, Italy, Germany, UK, and rest of Europe fall under Europe.
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