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Global Hydrogen Storage Market to reach US$ 6.39 bn in 2025

Published On March 22, 2017 By Sagar

Hydrogen has been recognized and accepted as an alternative source of energy. It is the third most common element present on the earth, generally as a part of chemical compounds. It is a cleaner and zero-emission source of energy, Hydrogen fuel help to reduce pollution because of its excellent emission characteristic and good combustion properties.

Even since government focussed on developing renewable energy, many controversies raised out of it by saying sun doesn't always shine or the wind doesn't always blow. The questions raised always take us back to the storage of energy. We've seen how renewable energy can be stored when it's abundant and cheap and use it again when demand is higher, from wind turbines that incorporate battery storage to vehicle-to-grid technology that uses electric car's batteries as temporary storage to supplement the grid.

This includes large-scale battery packs, hydro-storage systems that use cheap abundant electricity to pump water uphill to drive turbines later on, or even solar thermal systems that store energy as heat in molten salt.

Because of its positive characteristic and properties, Hydrogen fuel through various storage methods had made a tremendous progress in driving vehicle due to the availability of Hydrogen filling infrastructure and rising demand of low emission vehicle. Hydrogen contains the maximum energy per mass among all fuels. However, its low ambient temperature density generates low energy per unit volume. This necessitates the development of storage methods that have potential for high energy density.

Hydrogen storage is a difficult job but researchers has worked on it and found some of the methods such as Compression, liquefaction, in nanostructure carbon, metallic hydride, and complex hydride including other hydrogen transport methods such as Methanol, Ammonia, Sodium Borohydrate, Ammnex, and Diammonate of diborane. These Hydrogen storage techniques has been developed and has captured a huge market share.

Hydrogen storage market in 2016 valued at US$ 3.6 bn and registered a CAGR of 8.1% and also projected to reach US$ 6.39 bn in 2025. This rising trend shows that Hydrogen storage technology have bright future upfront.

Rising demand for transportation fuels, increase in oil consumption, decline of overall crude oil quality, and stringent environmental standards for production of cleaner fuels are some of the factors driving the growth of the hydrogen storage market. The regions where the Hydrogen storage technology covered a large market size are North America Europe and China.

In Asia Pacific continent, China had already dominated the market. Country like India, Malaysia, Indonesia, south Korea, Japan will also cover the major market share due to stringent emission regulation on vehicles by various environment protection agencies and also pressure of reducing the use of other non-renewable resources such as diesel, petrol etc.