Published: 2023 May 25

Hydrogen Storage Market Share Analysis, Growth, Trends, Competitive Landscape and Market Forecast 2023-2030

SKU : EP3698
180 pages
Report Summary
Table of Contents
List of Tables & Figures

Global Hydrogen Storage Market is segmented By Type (Physical-Based storage, Material-Based Storage), By Application (Transportation, Chemicals, Oil refining, Metal Working), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030


Hydrogen Storage Market Overview

The Global Hydrogen Storage Market is estimated to reach at a high CAGR during the forecast perio 2023-2030. Hydrogen storage is an essential technology or a method to store hydrogen for its advanced use as an alternate energy source and powering fuel cells used in transportation. Hydrogen has the highest energy per unit mass among all fuels; however, it has the least energy per unit volume due to its low ambient temperature density.  Henceforth, advanced technologies are used to store it in a large volume to give high energy density. The world is going through a transition where energy consumption has risen, and concern over the environment and depletion of non-renewable energy sources has led to a shift toward alternative sources of energy like hydrogen. Moreover, the inclination towards less dependence on foreign oil reserves in the US and China and rising concern over global supply chain security is expected to boost the hydrogen storage market. Additionally, technology advancement in growing fuel cell demand in transportation and stationary application is expected to increase the forecasted period.


Hydrogen Storage Market Scope and Summary



Market CAGR


Segments Covered

By Type, By Application and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America


Hydrogen Storage Market Dynamics and Trends

Energy security, environmental concern, advancement in hydrogen and fuel cell technologies boost the hydrogen storage market's growth.

Energy security and environmental concern are driving the market growth

A sustainable energy economy, a rise in energy consumption and a significant increase in demand for oil and gas have compelled the world to shift towards alternate energy sources like hydrogen. For instance, as per the global production report 2019 of IOGP, Global oil demand in 2018 was 30% higher than it was in 2000; natural gas demand increased by 60% during the same period. Henceforth, hydrogen has the potential as alternate green energy. The prospect can be harnessed more by storing hydrogen, which gives more energy density and is thus expected to influence the growth of hydrogen storage positively. 

Furthermore, the consumption of oil and natural gas causes pollution and hampers the environment. The global warming effect caused by greenhouse gases emitted from these fossil fuels' consumption is also a significant concern for the world. The government regulation over carbon emission has led to a shift towards the use of cleaner fuel. Interest in using hydrogen for on-board storage of energy in zero-emissions vehicles motivates the development of new storage methods and its market growth in the forecasted period.

Fuel cell technologies in transportation are boosting the hydrogen storage market

Hydrogen storage is a crucial enabling technology for the advancement of hydrogen and fuel cell technologies in transportation. For instance, the Fuel Cell Technologies Office (FCTO) develops an automotive hydrogen storage system that allows for a driving range of about 300 miles while meeting cost, safety and performance requirements. Moreover, fuel cell technology is dependent highly on hydrogen, resulting in the production and storage of hydrogen.

High density and large-volume hydrogen storage system are significant challenges for the market growth

Hydrogen has the least energy per unit volume among fuels, resulting in a large volume to give high energy density. This requires advanced technologies that are not very feasible.

However, advanced pressure vessels made of fiber and cold or cryo-compressed hydrogen vessels are solutions, emphasizing cost reduction.

Hydrogen Storage Market Segmentation Analysis

Based on type, the hydrogen storage market is segmented into physical-based storage and material-based storage. Further, physical-based is sub-categorized into compressed gas, liquid hydrogen and solid form. Similarly, material-based is divided into adsorbent, liquid organic, metal hydride, complex hydride and chemical hydrogen.

Storage of hydrogen as a gas requires high-pressure tanks from 350-700 bar. Today, most car manufacturers have opted for the solution to store hydrogen in the gaseous form. It enables the store of enough hydrogen to allow a car that runs on a fuel cell battery to cover between 500 and 600 km between fill-ups.

To store maximum hydrogen in a restricted volume, hydrogen gas is converted into liquid form. Currently, storing hydrogen in the liquid form is high-tech, thus only used for specific special applications like space travel. For instance, the Ariane launcher's tanks, designed and manufactured by Air Liquide, contain 28 tons of liquid hydrogen that will provide fuel to the central engine.

Methods for storing hydrogen in solid form are techniques involving absorption or adsorption mechanisms of hydrogen by a material. Moreover, it is a niche, under development and only a low mass of hydrogen can be stored in these materials.

In material-based, metal hydrides are good solid-state hydrogen storage, with significant gravimetric and volumetric hydrogen densities. As per the US Department of Energy, in 2017, the US-based National laboratories, in collaboration with Sandia National Laboratories, have developed an efficient H2 storage technology powered by metal hydrides.

The hydrogen storage market has been segmented into chemicals, oil refining, metalworking, general industry, and transportation based on application.

Transportation is one of the fastest-growing hydrogen storage markets due to the rise in demand for hydrogen-powered fuel cell vehicles in Europe and North American markets due to regulations for carbon emissions. Moreover, increasing fuel cell vehicles' production is anticipated to augment the hydrogen storage market growth over the forecast period.

Hydrogen Storage Market Geographical Share

Hydrogen storage market share is mainly spread into these five regions- North America, Europe, South America, Asia-Pacific and Middle East & Africa.

The dominance of Asia-Pacific in the hydrogen storage market

Asia-Pacific is expected to dominate the global hydrogen storage market due to the increasing refinery operation to meet the substantial increase in the demand for fuels from countries like China, India and South Korea.

For instance, as per Anadolu Agency, China is developing a hydrogen city in central China’s Hubei province to support its hydrogen industry. The town has built up to 20 hydrogen fueling stations from 2018 to 2020 to support the running of about 3,000 hydrogen fuel cell-powered vehicles.

Furthermore, as per Gasworld, Japan has aimed to bring 100 fuel cell buses. The Ministry of the Environment in Japan is subsidizing the introduction of fuel cell buses. The subsidy covers half of the vehicle's cost for the first introduction and a third of the cost for companies that have previously introduced fuel cell buses. The Japan hydrogen storage market also depicts significant growth in rigorous research initiatives adhering to energy security concerns.

North America's market is expected to follow the Asia Pacific, expanding at a moderate pace during the forecast period. The countries from North America are putting efforts into the transition from fossil fuels to renewable sources. Moreover, governments are engaged in reducing carbon emission, resulting in a boost for the hydrogen market.

Europe, South America, and Middle East & Africa are expected to follow North America during the forecast period.

Hydrogen Storage Market Companies and Competitive Landscape

The Hydrogen Storage market is moderately consolidated with the presence of global companies.  Some of the key players contributing to the market's growth include Air Liquide, Linde plc, H Bank Technology Inc., Hexagon Composites ASA, Cella Energy Limited, Praxair Technology Inc., VRV SPA, Pragma Industries, Eutectix LLC, and McPhy Energy SA, among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, contributing to the Hydrogen Storage market's growth globally.

Linde plc

Overview: Lindle plc American-Anglo-German multinational chemical company. The company is a member of the Hydrogen Council, a group of companies investing in hydrogen vehicles. The company expects hydrogen vehicles to compete with electric cars such as those produced by Tesla, Inc. and has invested in wind-powered plants that convert water to hydrogen.

Product Portfolio: Linde plc’s Ionic Compressor is an asset bringing several advantages for applications related to electrolyzers with the dynamic operation, featuring quick load changes, low energy consumption also during part load, variable inlet and outlet pressure, and last but not least, the ability to compress moist hydrogen gas.

Recent Development:

  • At the new Berlin airport, Linde plc, together with partners Total, McPhy and Enertrag realized a versatile hydrogen energy storage project: Hydrogen is produced in a 500 kW electrolyzer, then compressed and stored to be used for refueling at the Total Multifuel Station and for power generation in a combined heat and power plant.

The global hydrogen storage market would provide access to an approx: 53 market data table, 42 figures and 232 pages.

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What is the Hydrogen Storage Market growth?
The market is growing at a high CAGR.
Who are the key players in Hydrogen Storage Market?
Major players are Air Liquide, H Bank Technology Inc., Hexagon Composites ASA, Cella Energy Limited, Praxair Technology Inc., VRV SPA, Pragma Industries, Eutectix LLC, McPhy Energy SA.
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