Hydrogen Storage Systems Market: Introduction
Transparency Market Research provides key insights into the global hydrogen storage systems market. In terms of revenue, the global hydrogen storage systems market is expected to grow at a CAGR of 11.9% during the forecast period, driven by numerous factors on which TMR offers in-depth insights and forecasts in its report on the global hydrogen storage systems market.
The global hydrogen storage systems market is largely affected by several factors including the increase in the use of hydrogen storage systems in the transportation industry. Rising demand for hydrogen storage systems in the power plant industry is propelling the global hydrogen storage systems market.
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Hydrogen Storage System Market: Key Players
The global hydrogen storage systems market is fragmented with the presence of a large number of players. The major players operating in the global hydrogen storage systems market are Pragma Industries, NPROXX, MAHYTEC, Worthington Industries Inc., Hexagon Composites ASA, Shijiazhuang Enric Gas Equipment Co., Ltd., BNH Gas Tanks LLP, Steelhead Composites, INC., Doosan Mobility Innovation, INOX India Pvt Ltd, Auguste Cryogenics and The Japan Steel Works, LTD.
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Hydrogen Storage System Market: Major Regions
Based on region, the global hydrogen storage systems market can be segmented into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa. Asia-Pacific dominated the global hydrogen storage systems market in 2020. The region is expected to maintain its dominance during the forecast period. The dominance of Asia-Pacific can be attributed to the increase in the use of hydrogen storage system in the automotive sector of emerging economies, including China and India, in the region.
The hydrogen storage systems market in Europe is expected to grow at a significant rate during the forecast period. Growing end-use industries in Germany and France are expected to augment the region’s market over the forecast period. The expansion of the power plant industry in Europe is expected to drive the hydrogen storage system market in the region over the coming years.
Global Hydrogen Storage Systems Market: Segmentation
Hydrogen Storage Systems Market, By Exterior Material
Others (including composite materials)
Hydrogen Storage Systems Market, By Insulation Material
Others (powders, solid fibres, silica and aerogels)
Hydrogen Storage Systems Market, By Product Type
Hydrogen Storage Systems Market, By Component
Others (including Tubes)
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Hydrogen Storage Systems Market, By End User
Hydrogen Storage Systems Market: Dynamics
Lack of energy reserves and environmental pollution have become increasingly important. Continuous smog is a serious warning to society. Hydrogen fuel cells have become the focus of domestic and foreign enterprises, mainly due to their high energy conversion efficiency, low pollution, no vibration, low noise, respect for the environment and their high reliability.
The development and commercialization of hydrogen fuel cells contribute to energy conservation and environmental protection. The practicality of hydrogen fuel cells is recognized worldwide. There are still problems in the development and use of hydrogen fuel cells, such as electrode materials, high manufacturing costs, and catalysts. The use of hydrogen fuel cells is increasing rapidly across the world. Fuel cell commercialization issues are likely to be gradually resolved through cost reduction and full development of hydrogen power technology.
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The demand for hydrogen fuel cells has gradually increased in various applications such as power plants, vehicles and mobile energy. Over the past 10 years, portable electronic products such as mobile phones, laptops and digital cameras have become more and more popular, while their functions have become more and more complex. Thus, the energy consumption has increased. Therefore, batteries require high energy density and long service life.
Moreover, the demand for hydrogen fuel cells is also high in automobiles. Many world famous car manufacturers have introduced hydrogen vehicles. The use of fuel cells has the potential to reduce air pollution and modern society’s dependence on oil. Thus, hydrogen fuel cell vehicles have gained worldwide recognition.
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