According to the U.S. Department of Energy, hydrogen storage can be described as a key enabling technology for the advancement of hydrogen and fuel cell technologies in applications such as stationary power, portable power and transportation. Hydrogen can be stored either in solid, liquid or gaseous form. For storing hydrogen in gaseous form, high-pressure tanks having 350–700 bar tank pressure is required; whereas for liquid form, storage of hydrogen requires cryogenic temperatures, as the boiling point of hydrogen at one atmosphere pressure is −252.8°C. Hydrogen storage market showcases widespread adoption among the manufacturers due to the low ambient temperatures of hydrogen that result in a low energy per unit volume. This makes them suitable for various applications such as hydrogen production sites, on-board vehicles, hydrogen refueling stations and stationary power sites.  

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Additionally, increasing consumption of hydrogen in various end-use sectors including power, energy, transportation, fueling stations, and electronics are expected to bolster the market for hydrogen storage during the forecast period.The key trend observed in the global hydrogen storage market is the increasing focus on R&D for the development of hydrogen storage technology. In the recent years, the U.S., the U.K., and India have been increasingly focusing on R&D activities that would help in technological advancements in hydrogen and fuel cell technologies. 

The factors driving the growth of hydrogen storage market are growing demand for low emission fuels and increasing consumption of ammonia and methanol worldwide. The increasing shift towards lower emission fuels in China, India and South East Asia is likely to drive the growth of hydrogen storage during the forecast period. The increasing implementation of stricter emission standards in countries such as the U.S. and the U.K. would help in creating awareness among consumers towards the significance of clean energy and low emission fuels.

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The stringent emission regulations in China, South Korea, Japan and India and the increasing demand for ammonia and methanol would further create demand opportunities in the global hydrogen storage market during the forecast period.  North America and Europe are focusing on generating zero-emission hydrogen vehicles for which countries such as the U.S. and the U.K. have launched government funds and programs to encourage more businesses/companies to switch towards hydrogen-fueled vehicles.

The limited availability of hydrogen refueling stations is expected to have a negative impact on the growth of global hydrogen storage market as they are not yet implemented in developing nations. The hydrogen refueling infrastructure in developing nations has still not progressed over the past years due to the high capital costs associated with the setting up of these stations

Some of the key players in the global market for hydrogen energy storage include Air Liquide SA, Linde AG, Praxair, Inc., Worthington Industries Inc., Mcphy Energy S.A., HBank Technologies Inc., Hexagon Composites ASA, VRV S.p.A. and Inoxcva.

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