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.
In recent years, there has been a considerable surge in the research and development (R&D) activities across the world for the development of hydrogen storage technologies. Countries like India, the U.K., and the U.S. are putting significant efforts in developing new and improved hydrogen fuel cell technologies. For instance, the National Renewable Energy Laboratory (NREL) has collaborated with the U.S. Department of Energy to develop high-performance, cost-effective fuel cells, and hydrogen storage technologies for portable power and transportation applications.
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The demand for this technology is also predicted to soar in the coming years, on account of the rising utilization of stored hydrogen in various end-use applications such as crude oil refining, glass production, transportation, metal working, and ammonia production. Transportation, stationary-power, and portable-power are the major application areas of hydrogen storage. Out of these, the usage of hydrogen storage is predicted to grow rapidly in the transportation sector in the upcoming years.
Globally, the hydrogen storage market recorded the highest growth in Asia-Pacific (APAC) in the past. The region will also witness rapid expansion of the industry in the future. This will be because of the rising utilization of the methanol made from hydrogen and the growing usage of various environment-friendly transportation fuels in the region. Additionally, the burgeoning requirement for ammonia in various manufacturing plants in India and China will add wings to the hydrogen storage demand in the coming years.
Hence, it is safe to say that the requirement for hydrogen storage will shoot-up across the world in the forthcoming years, mainly because of the rising usage of the technology in the transportation, lubricants, and oil and gas industries.
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