BCC Research Study Highlights a 7.6% CAGR in the Hydrogen Storage Market from 2023 to 2028, Driven by Advances in Materials and Technologies
BOSTON, July 1, 2024 /PRNewswire/ -- The green energy transition is driving global decarbonization efforts, especially in hard-to-abate industries, boosting the importance of hydrogen and its low-carbon forms. This surge is set to propel the hydrogen storage materials market to $7.7 billion by 2028, favoring technology-intensive companies.
According to the latest BCC Research study, the demand for "Hydrogen Storage: Materials, Technologies and Global Markets" is expected to grow from $5.3 billion in 2023 to $7.7 billion by the end of 2028, at a compound annual growth rate (CAGR) of 7.6% from 2023 through 2028.
BCC Research defines hydrogen storage technologies as the various materials, storage media, and technologies used to store hydrogen for energy use. The global hydrogen storage market is segmented by storage type, end-user, and region. The report examines the competitive landscape, including a market share analysis of leading companies and their ESG (Environmental, Social, and Governance) (environmental, social, and governance) practices. It focuses on revenues generated from hydrogen storage services, excluding the costs of storage tanks, vessels, or containers. Additionally, it does not cover energy storage solutions like battery storage or companies providing consulting and training on hydrogen storage technologies.
The following factors drive the global market for hydrogen storage materials and technologies:
Increasing Use of Electrolyzers for Grid Stabilization: Electrolyzers convert excess electricity from renewable sources into hydrogen, storing it for later use when demand exceeds supply. This process helps stabilize the grid, supporting the integration of more renewable energy and enhancing hydrogen storage technologies.
Demand for Sustainable and Low-Emission Fuels: Hydrogen is a clean fuel with water vapor as its only byproduct. Its sustainable production, especially from renewable energy, makes it a preferred alternative to fossil fuels. The rising demand for low-emission fuels drives investment in hydrogen storage technologies.
Hydrogen Infrastructure Development: A robust hydrogen infrastructure, including production, storage, transportation, and refueling stations, is crucial for widespread adoption. Investments by governments and private companies are expanding this infrastructure, facilitating hydrogen use in transportation, industry, and power generation.
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Report Synopsis
Report Metrics | Details |
Base year considered | 2022 |
Forecast Period considered | 2023-2028 |
Base year market size | $5.0 billion |
Market Size Forecast | $7.7 billion |
Growth rate | CAGR of 7.6% from 2023 to 2028 |
Segment Covered | By Storage Type, End-User Industry, and Region |
Regions covered | North America, Europe, Asia-Pacific, South America, and the Middle East and Africa (MEA) |
Key Market Drivers |
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Key Interesting Facts About the global market for Hydrogen Storage Materials and technologies:
APAC Region Dominance:
Largest market contributor due to:
Hydrogen Storage Market Characteristics:
Carbon Emissions Reduction:
The global market for hydrogen storage materials and technologies report includes in-depth data and analysis addressing the following important queries:
Some of the Key Market Players Are:
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