Press Release

Hydrogen Storage Market, Size, Global Forecast Report 2023-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis


(EMAILWIRE.COM, June 14, 2024 ) The report “Hydrogen Storage Market by Storage Form (Physical, Material-Based), Storage Type (Cylinder, Merchant, On-Site, On-board), Application (Chemicals, Oil Refineries, Industrial, Automotive & Transportation, Metalworking), Region – Forecast to 2030″ The market size of hydrogen storage market was valued at USD 1.5 billion in 2023 and is projected to reach USD 6.3 billion by 2030, growing at a cagr 21.5% during the forecast period.

Browse in-depth TOC on “Hydrogen Storage Market”

281 – Market Data Tables

54 – Figures

252 – Pages

Download PDF brochure of the Report @

Based on form, gas form is expected to grow with highest CAGR during the forecast period.
The physical hydrogen storage market is dominated by the gas form, as most car manufacturers have opted for storing hydrogen in the gaseous form at high pressure. Transportation is a major end-use industry in the physical hydrogen storage market.

Based on type, cylinder segment led the physical hydrogen storage market, in terms of volume in 2022.
Applications, where hydrogen is required in relatively small quantities at regular intervals, are generally supplied with cylinders and transported by trucks and trailers. Hydrogen is supplied in cylinders, popularly known as cylinder banks. The market of cylinders used for hydrogen storage finds applications in food, metalworking, and electronics. Hydrogen is used in the food industry to convert unhealthy unsaturated fats into saturated oil and fats. It is also used as an element to make hydrogenated vegetable oils such as margarine and butter. In the metalworking industry, hydrogen gas is mixed with argon to create a range of argon/hydrogen shielding gas for tungsten inert gas (TAG) and plasma welding. In electronics, hydrogen gas is used for lithography (gases used for laser operations), purging, and generator cooling.

Based on application, the transportation segment is expected to witness exceptional growth in the physical hydrogen storage market in 2022.
Transportation application is projected to register the highest growth during the forecast period. The primary drivers of physical hydrogen storage market growth in this segment are the demand for hydrogen-powered fuel cell vehicles in European and North American markets due to regulations concerning the reduced use of CO2-emitting cars. Moreover, there have been many innovations recently in hydrogen-powered fuel cell applications which will further boost the demand for hydrogen storage tanks during the forecast period. The transportation fuel cells are expected to grow exceptionally, driven by sustainable innovations in fossil fuel-free energy sources. Automobile companies such as Hyundai (South Korea), Toyota (Japan), Honda (Japan), and Daimler AG (Germany) are developing a combination of hydrogen and electric-powered cars, which will further boost the demand for hydrogen storage tanks during the forecast period. Currently, some of the manufacturers of Class 4 (carbon fiber) transportation tanks are ILJIN (South Korea), Hexagon Lincoln (US), Quantum Fuel Technologies Worldwide Inc. (US) & Luxfer Holdings PLC (UK).

Get Sample Pages of This Report @

Europe is witnessing exceptional growth during the forecast period in the physical hydrogen storage market.

In 2022, Europe held a share of 13.2% in the global physical hydrogen storage market. The primary drivers of physical hydrogen storage market in this region are the goal of reducing EU2 carbon emissions by 55% by 2030 compared to 1990 levels, rapid adoption of fuel cells due to an increasing number of fuel cell projects and government initiatives for their implementation. Further, the presence of prominent hydrogen storage tank manufacturers in the region are NPROXX, Plastic Omnium, Worthington Industries, and Air Liquide driving the hydrogen storage market.

Hydrogen Storage Market Key Players
The major players in hydrogen storage market are Air Liquide (France), Worthington Industries, Inc. (US), Luxfer Holdings PLC (UK), Linde plc (Germany), Chart Industries (US), HBank Technologies Inc. (Taiwan), Pragma Industries (France), Croyolor (France), INOXCVA (India), Hexagon Composites ASA (Norway), and others.

Don’t miss out on business opportunities in Hydrogen Storage Market. Speak to Our Analyst and gain crucial industry insights that will help your business grow.

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.


Mr. Ashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
Visit Our Website:

Source link

Washington Digital News

Leave a Reply