Global Hydrogen Storage Market Growth Forecast and ESG Analysis
Key Ideas
- The global hydrogen storage market is projected to reach $7.7 billion by 2028, indicating a 7.6% CAGR from 2023 to 2028.
- Key drivers include the use of electrolyzers for grid stabilization and the demand for sustainable fuels, with opportunities in applications like transportation.
- Challenges such as high storage costs and technical hurdles exist, but emerging technologies like nanotechnology and hydrogen-powered vehicles offer growth potential.
- The report also emphasizes ESG practices in the industry, analyzing leading companies' environmental, social, and governance strategies.
The report 'Hydrogen Storage: Materials, Technologies and Global Markets 2023-2028' highlights the projected growth of the global hydrogen storage market from $5.3 billion in 2023 to $7.7 billion by 2028, with a compound annual growth rate of 7.6%. It delves into various aspects of hydrogen storage technologies, including market segmentation by storage type, end-user industry, and region. Drivers for market growth encompass the increasing use of electrolyzers for grid stabilization, the rising demand for sustainable and low-emission fuels, and the expansion of hydrogen infrastructure. Challenges such as the high cost of storage tanks and technical issues are identified, with opportunities seen in the development of lightweight tanks, hydrogen-powered vehicles, and applications in transportation sectors like marine, aviation, and rail.
The report also discusses emerging technologies like nanotechnology in storage tanks, hydrogen-powered polymer electrolyte membrane fuel cells, and ultra-cold storage systems for space exploration. Market segmentation analysis is presented based on end-user industries like chemicals, oil refining, and transportation, as well as different storage types including physical storage and chemical/material-based storage. The competitive landscape section covers profiles of market leaders such as Air Liquide, Linde Plc, and Hexagon Composites ASA.
Moreover, emphasis is placed on environmental, social, and governance (ESG) practices within the industry, with a focus on sustainability trends, consumer attitudes, and ESG score analysis. The report profiles leading companies like Luxfer Holdings Plc and explores the future trends and opportunities in ESG for the hydrogen storage industry. This comprehensive analysis provides insights into the market dynamics, emerging trends, regulatory landscapes, and the impact of macroeconomic factors on the global hydrogen storage market.