Hydrogen Storage System Market to Derive Growth from the Presence of Several Large Scale Companies Across the World by 2031
Hydrogen Storage
System Market: Introduction
Transparency Market Research delivers key insights
on the global hydrogen storage system market. In terms of revenue,
the global hydrogen storage system market is estimated to expand at a CAGR
of 11.9% during the forecast period, owing to numerous factors
regarding which TMR offers thorough insights and forecast in its report on the
global hydrogen storage system market.
The global hydrogen storage system market is
broadly affected by several factors, including rise in usage of hydrogen
storage system in the transportation industry. Increase in demand for hydrogen
storage system in the power station industry is propelling the global hydrogen
storage system market.
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Hydrogen Storage
System Market: Key Players
The global hydrogen storage system market is
fragmented with the presence of large numbers of players. Key players operating
in the global hydrogen storage system market are Pragma Industries, NPROXX,
MAHYTEC, Worthington Industries Inc., Hexagon Composites ASA, Shijiazhuang
Enric Gas Equipment Co., Ltd., BNH Gas Tanks LLP, Steelhead Composites, INC.,
Doosan Mobility Innovation, INOX India Pvt Ltd, Auguste Cryogenics, and The
Japan Steel Works, LTD.
Hydrogen Storage
System Market: Prominent Regions
Based on region, the global hydrogen storage system
market can be segmented into North America, Asia Pacific, Europe, Latin
America, and Middle East & Africa. Asia Pacific dominated the global
hydrogen storage system market in 2020. The region is expected to maintain its
dominance during the forecast period. The dominance of Asia Pacific can be
attributed to the increase in usage of hydrogen storage system in the
automotive sector of emerging economies, including China and India, in the
region.
The hydrogen storage system market in Europe is
anticipated to expand at a significant pace during the forecast period. Growth
of end-use industries in Germany and France is expected to augment the market
in the region during the forecast period. The expansion of the power station
industry in Europe is expected to drive the hydrogen storage system market in
the region over the next few years.
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Global Hydrogen
Storage System Market: Segmentation
Hydrogen Storage
System Market, by Outer Material
·
Metal Hydride
·
Steel
·
Aluminum
·
Fiberglass
·
Carbon Fiber
·
Others (including Composite Material)
Hydrogen Storage
System Market, by Insulation Material
·
Multilayer Insulation
o
Aluminum Foil
o
Aluminized Mylar
o
Fiberglass
o
Nylon Net
o
Others
·
Foam Polymer
·
Perlite
·
Others (Powders, Solid Fibers, Silica, and
Aerogels)
Hydrogen Storage
System Market, by Product Type
·
Gaseous Hydrogen
·
Liquid Hydrogen
Hydrogen Storage
System Market, by Component
·
Pipe
·
Valve
·
Pump
·
Tank
o
Type I
o
Type II
o
Type III
o
Type IV
·
Others (including Tubes)
Hydrogen Storage
System Market, by End-user
·
Stationary Power
·
Portable Power
·
Transportation
Hydrogen Storage
System Market: Dynamics
Shortage of energy reserves and environmental
pollution have become increasingly prominent. Continuous smog weather is a
serious warning to the society. Hydrogen fuel cells have become the focus of
domestic and foreign companies, mainly due to their high-energy conversion
efficiency, low pollution, no vibration, low noise, environmental friendliness,
and high reliability.
Development and commercialization of hydrogen fuel
cells help achieve energy conservation and environmental protection. The
practicality of hydrogen fuel cells has been recognized worldwide. There are
still some issues in the development and utilization of hydrogen fuel cells
such as electrode materials, high manufacturing costs, and catalysts. The use
of hydrogen fuel cells is increasing rapidly across the globe. Issues in
commercialization of fuel cells are likely to be gradually solved with cost
reduction and comprehensive development of hydrogen energy technology.
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The demand for hydrogen fuel cells has been
gradually rising in various applications such as power stations, vehicles, and
mobile power. In the past 10 years, portable electronic products such as mobile
phones, notebook computers, and digital cameras have become increasingly
popular, while their functions have become increasingly complex. Thus, energy
consumption has increased. Therefore, batteries require high energy density and
long use time.
Moreover, the demand for hydrogen fuel cells is
also high in automobiles. Many world-renowned automobile companies have
introduced hydrogen-fueled vehicles. The usage of fuel cells is likely to
reduce air pollution and dependence of modern society on oil. Thus, hydrogen
fuel cell vehicles have gained worldwide recognition.
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