According to the new report from Zion Market Research, the global hydrogen storage market accounted for $599 million in 2018 and is anticipated to reach $1,131 million by 2026, at a CAGR of about 8.3% between 2019 and 2026.
Hydrogen storage is essential technology for the successful commercialization for hydrogen fuel applications.
Zion Market Research is a company that provides accurate market research reports and high-end data analytic solutions. In its new report, “Hydrogen Storage Market by Form (Physical-Based and Material-Based) and by Application (Stationary Power, Portable Power, and Transportation): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026,” it reveals why hydrogen storage is extremely important for utilizing hydrogen as an alternative energy source on a commercial scale.
Hydrogen storage is a technology that is essential for the commercialization of hydrogen-powered vehicles. It carries the maximum energy per mass among all other fuels. That being said, it has low atmosphere temperature density which results in the generation of less energy per unit volume.
Therefore, the development of efficient global hydrogen storage methods with the potentiality for high energy delivery is greatly needed, says the report.
According to the report, the market is expected to see substantial growth over the 2019 – 2026 period. The primary reason is due to the mounting concerns related to environmental protection. Additionally, the increased demand for oil and natural gas required to meet rising global energy consumption, is leading to excessive use of these limited resources.
The global hydrogen storage market is split into physical- and material-based storage.
Each type of storage serves a purpose. The physical-based type is generally utilized to store hydrogen in liquid or gaseous forms, while the material-based type includes storage of sorbent materials, metal hydrides and chemical hydrogen.
Hydrogen is used for stationary power, portable power and transportation. The report notes that a rising demand for hydrogen-powered electricity generation is expected to drive hydrogen storage market growth over the forecast time period.
That being said, the transportation sector is predicted to be the fastest growing in the coming years, due to the production of fuel cell vehicles as well as the many advantage of hydrogen fuel cells to lower greenhouse emissions.
