The total physical hydrogen storage market was estimated at USD 1.5 billion in 2023 and is expected to reach USD 6.3 billion in 2030 at a CAGR of 21.5%. Hydrogen is the most abundantly available chemical element and is important as a feedstock in the chemical industry. This gas has a high potential for accelerated growth due to the global annual production of 75 Mt as pure hydrogen and an additional 45 Mt as part of a mix of gases. (Source: IRENA - International Renewable Energy Agency, 2022).
The global hydrogen storage market is segmented into form, type, and application of hydrogen gas. The form is subdivided into physical and material-based storage. The physical form includes hydrogen storage in pressure vessel-graded cylinders, tanks, and dewars in either gaseous or liquid form. Material-based form of storage (solid-based or metal hydride form) includes adsorption and absorption of hydrogen onto tanks manufactured with metal alloys made up of zinc, aluminum, nickel, and iron. This is the most advanced method of storing hydrogen, and less information is available as it is still under research.
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Air Liquide (France), Worthington Industries, Inc. (US), Luxfer Holdings PLC (UK), Linde plc (Germany), Chart Industries (US), INOXCVA (India), Hexagon Composites ASA (Norway), HBank Technologies Inc. (Taiwan), Pragma Industries (France), Croyolor (France), and others. The key strategies they adopted for increasing their revenue are expansions, partnerships, agreements, new product launches, and joint ventures.
Worthington Industries, Inc. (US)
Worthington Industries, Inc. is a leading manufacturing company which serves various industries such as transportation, construction, industrial, agricultural, retail and energy by delivering innovative solutions. The company offers a wide variety of products and services including laser welding solutions, ceiling solutions, gas containment solutions for hydrogen. The company manages its operations through four segments namely, Steel Processing, Building Products, Consumer Products and Sustainable Energy Solutions. Under its energy solutions company offers storage solutions for industrial gases. Worthington Inc. has its headquarters in the US and has presence in North America, Europe and Asia.
Air Liquide (France)
Air Liquide is a French multinational company that provides various gases, technology, and services worldwide. The company produces and distributes gases such as oxygen, nitrogen, argon, hydrogen, carbon dioxide, helium, and acetylene. The company’s products and services have applications in healthcare, mobility, aeronautics, glass, and other industries. Air Liquide operates through the gas and services, engineering and construction, global markets, and technologies segments. The company has a presence in Europe, Asia Pacific, the Americas, and Middle East & Africa.
Linde PLC (Germany)
Linde PLC is a multinational industrial gases and engineering company. It serves chemicals and energy, manufacturing, healthcare, metals and mining, food and beverage, electronics, and other markets. The company’s technologies are used to produce pure hydrogen, oxygen for healthcare sector, and other industrial gases. The company is engaged in industrial gases through its subsidiary Linde Gas. It has a presence in Asia Pacific, the Americas, Europe, and Middle East & Africa
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
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