Hydrogen has been widely accepted as an alternative energy carrier which can address issues related to energy security, environmental concern, and peak energy demand. The global hydrogen storage market size is estimated to reach USD 969.6 Million by 2026, growing at a CAGR of 8.1% between 2016 and 2026. Rise in petroleum fuel demand, decline in overall crude oil quality (heavier and sour crude), stringent environmental standards, and increased use of hydrogen in fuel cell applications for transportation purposes are fueling the growth of the hydrogen storage market, globally.
The market is rapidly evolving with key players playing a crucial role in its development. The key players profiled in this report include Air Liquide (France), Linde AG (Germany), Praxair, Inc. (U.S.), Worthington Industries, Inc. (U.S.), Luxfer Holdings Plc (U.K.), McPhy Energy S.A. (France), HBank Technologies Inc. (Taiwan), INOXCVA (India), VRV S.p.A. (Italy), and Hexagon Composites ASA (Norway). The growing demand for hydrogen storage has encouraged these companies to adopt several business strategies to retain their competitiveness in the global market. Agreements and partnerships are among the most widely used development strategies.
The key players in this market concentrate on increasing production capacities and developing cost-effective technologies to increase their market share. Major companies also invest to upgrade their units for the enhanced production of storage systems. All these developments help meet the increasing demand for hydrogen storage systems from a variety of applications, such as chemicals, oil refining, metal working, and transport.
Worthington Industries, Inc. (U.S.) adopted acquisition as its key strategy in the hydrogen storage market. In April 2013, the company acquired Palmer Mfg. & Tank, Inc. (U.S.), and dHybrid Systems (U.S.), a leading manufacturer of tanks and cylinders, to increase its foothold in the South Eastern and Western part of the U.S.
McPhy Energy S.A. (France), which develops hydrogen-production solutions for industrial and energy markets globally, entered into an agreement with GKN Powder Metallurgy (U.K.) in July 2014, for the deployment of hydrogen storage. In July 2015, the company joined with CNR Energie (France) to develop a green hydrogen value chain; and in June 2015, the company signed an agreement with ThyssenKrupp Uhde Chlorine Engineers (Germany) for hydrogen generation.
INOXCVA (India), a leading manufacturer of tanks and storage, added new storage products to its existing portfolio in November 2013. These products are designed to serve the European industrial gas market.
Hydrogen Storage Market by Storage Form (Physical, Material-Based), Type of Storage (Cylinder, Merchant, On-Site, & On-Board), Application (Chemicals, Oil Refining, Industrial, Transportation, Metal Working), and Region - Global Forecast to 2026
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