Hydrogen Storage and Transportation Market: Introduction
- Demand for hydrogen has been rising in the automobile sector, as hydrogen provides clean and pollution free fuel. Demand for hydrogen is also high in other industries such as chemical, oil & gas, and manufacturing. This is boosting the demand for hydrogen storage and transportation.
- Stringent governmental regulations on the usage of fossil fuel have compelled companies to invest more in hydrogen production. This is expected to augment the hydrogen storage and transportation market.
Key Drivers of Hydrogen Storage and Transportation Market
- Rapid globalization and industrialization is one of the key drivers of the hydrogen storage and transportation market. Demand for hydrogen has been increasing significantly in various industries across the world. For instance, rise in demand for hydrogen in the chemical industry is a prominent factor boosting the hydrogen storage and transportation market. More than two-thirds of the global hydrogen production is used in the chemical industry, primarily for the synthesis of ammonia and methanol.
- Rise in utilization of hydrogen in fuel cell operated vehicles is likely to drive the hydrogen storage and transportation market in the near future. Fuel cell offers pollution free transportation and can be used as substitute for fossil fuel. Furthermore, governments across the world are promoting the use of fuel cell vehicles to reduce greenhouse and carbon emissions. Governments are investing significantly in development of infrastructure for fuel cell vehicles. Thus, increase in use of hydrogen in the automobile industry is likely to propel the demand for hydrogen storage and transportation during the forecast period.
Global Hydrogen Storage and Transportation Market Segmentation
- The global hydrogen storage and transportation market can be segmented based on type and end-user
- In terms of type, the hydrogen storage and transportation market can be segmented into gas hydrogen, liquid hydrogen, and solid hydrogen. The gas hydrogen segment is expected to expand significantly in the near future.
- Based on end-user, the hydrogen storage and transportation market can be divided into chemical, oil & gas, transportation, metalworking, and others. The chemical segment dominated the hydrogen storage and transportation market in 2020. Hydrogen is used as ingredient in many chemicals such as hydrochloric acid and ammonia.
Global Hydrogen Storage and Transportation Market: Regional Segmentation
- Based on region, the global hydrogen storage and transportation market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific dominated the global hydrogen storage and transportation market in 2020. The market in the region is expected to expand at a significant pace during the forecast period, as demand for hydrogen is high in chemical, fertilizers, and refinery industries in countries such as China, India, South Korea, and other ASEAN countries.
- North America is projected to account for important share of the hydrogen storage and transportation market in the near future. The U.S. is estimated to lead the market in the region during the forecast period. This can ascribed to the rise in demand for hydrogen storage and transportation in oil refineries.
- Europe is also key region of the global hydrogen storage and transportation market. The market in the region is projected to expand at a steady CAGR during the forecast period. The U.K., Germany, and France are likely to lead the hydrogen storage and transportation market in Europe during the forecast period.
- The market in Middle East & Africa and Latin America is expected to expand significantly, as countries such as Saudi Arabia, the UAE, Brazil, Mexico, and Venezuela have large number of oil refineries
COVID-19 Impact on Hydrogen Storage and Transportation Market
- The coronavirus pandemic has led to imposition of lockdowns in all major countries of the world. It has put the world economy in major distress. Demand for hydrogen storage and transportation declined significantly due to the lockdowns. However, governments in many parts of the world are lifting the lockdown restrictions. As a result, manufacturing process is steadily rising. Thus, demand for hydrogen storage and transportation is increasing steadily all. This trend is expected to continue during the forecast period.
Key Players Operating in Market:
- Air Liquide
- Hexagon Composites ASA
- Linde plc
- Mcphy Energy S.A.
- Worthington Industries Inc.
- Hbank Technologies Inc.
- VRV S.P.A
- Luxfer Holdings PLC
- Praxair Technology, Inc.
Global Hydrogen Storage and Transportation Market: Research Scope
Global Hydrogen Storage and Transportation Market, by Type
- Gas Hydrogen
- Liquid Hydrogen
- Solid Hydrogen
Global Hydrogen Storage and Transportation Market, by End-user
- Oil & Gas
Global Hydrogen Storage and Transportation Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.