The primary energy resources are depleting with an increased demand for energy. These resources hamper environmental growth with continuous pollution. Thus, the rapidly depleting energy resources and environmental pollution are two major global concerns. There are two major factors that drive the growth in the hydrogen storage market. Firstly, it is an alternative to fossil fuel, and secondly, it serves the demand for a sustainable power source. The market demand for hydrogen storage is increasing with the need for transportation fuels, deterioration in the quality of crude oil, increased demand for new applications, and environmental-friendly emission standards. Apart from the transportation industry, hydrogen storage is used to some extent for stationary applications. These electrochemical devices combine oxygen and hydrogen for the production of water, heat, and electricity. Solid oxide fuel cells, polymer electrolyte membranes (PEM), phosphoric acid fuel cells (PAFC), and molten carbonate fuel cells (MCFC) are the types of fuel cells available in the market. Among these cells types, PEM is extensively used in vehicles such as buses, cars, bicycles, submarines, trains, boats, and ships, etc.
The revenues in the hydrogen storage market is also generated from the chemical industry. In this industry, it is used in the process to produce methanol and ammonia. The storage of hydrogen in a gas form via compression is the most convenient and economical method.
The worldwide rise in energy consumption along with the increase in demand for primary energy sources, primarily crude oil and natural gas, is causing depletion of these naturally occurring and limited sources rapidly. The consumption of these sources hampers the environment and causes pollution, which is adversely affecting the flora and fauna on the planet. The global warming effect caused by greenhouse gases emitted from the consumption of these fossil fuels is also a major concern for the world. Thus, energy security and environmental protection are two of the major worldwide concerns today. Today world is compelled to shift towards alternate energy sources such as solar, wind, hydro, and other carbon-neutral technologies. Hydrogen has been recognized and accepted as an alternative source of energy. Hydrogen is the third most common element present on the earth, generally as a part of chemical compounds. Hydrogen is a cleaner and zero-emission source of energy. Its byproduct is pure water. Currently, natural gas accounts for a major share of the global hydrogen production followed by oil, coal, and electrolyzed water.
However, hydrogen storage is an essential technology for the advancement of hydrogen usage as an alternate energy source. 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.
Based on type, the hydrogen storage market can be segmented into physical-based storage and material-based storage. Hydrogen can be stored as either a liquid or a gas in physical-based storage. Hydrogen storage in the gaseous form requires high-pressure storage tanks with 350–700 bar tank pressure. Storing hydrogen in the liquid form requires cryogenic temperatures, as the boiling point of hydrogen is −252.8°C at 1 atmospheric pressure. The material-based hydrogen storage is based on metal hydrides, chemical hydrogen storage materials, and sorbent materials. Metal hydrides are denoted as MHx. They are the most technologically relevant hydrogen storage materials, as they can be easily employed in a varied range of applications such as heat pumps, thermal storages, and for neutron moderation. The chemical hydrogen storage materials are generally the compounds with high density of covalent-bond hydrogen in them either in a solid or liquid form. The sorbent materials store hydrogen by adsorption of hydrogen.
Based on application, the hydrogen storage market can be classified into stationary power, portable power, and transportation. The stationary power segment comprises power generation, thermal systems, and energy systems. The portable power segment consists of fuel cells for off-road usage, consumer electronic devices, and auxiliary power generation. The transportation segment includes usage of fuel cells in the transportation sector.
Based on region, the hydrogen storage market can be divided into North America, Latin America, Middle East & Africa, Europe, and Asia Pacific. Asia Pacific is expected to dominate the global hydrogen storage market, expanding at a significant rate during the forecast period. The developing markets in China and India is the key reason for the dominance of Asia Pacific over the global market. The market in North America is expected to follow Asia Pacific, expanding at a moderate pace during the forecast period. Europe, Latin America, and Middle East & Africa are expected to follow North America during the forecast period.
Some of the key players in the global hydrogen storage market are H Bank Technology Inc., Air Liquide, Hexagon Composites ASA, The Linde Group, Cella Energy Limited, Praxair Technology, Inc., VRV S.P.A, Pragma Industries, Eutectix LLC, and McPhy Energy S.A.
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
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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.
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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.
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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?
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