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Global Hydrogen Storage and Transport Industry Report

Dublin, April 19, 2024 (GLOBE NEWSWIRE) — The report “Hydrogen Storage and Transport Market – A Global and Regional Analysis: Focus on Product, Application and Country Analysis – Analysis and Forecast, 2023-2033” has been added to ResearchAndMarkets.com’s to offer.

The global hydrogen storage and transportation market, valued at $950.9 million in 2023, is expected to reach $5,298.3 million by 2033, exhibiting a robust CAGR of 18.74% during the forecast period 2023-2033.

The global hydrogen storage and transportation market has witnessed great development due to key players operating in the market such as business expansion, partnership, collaboration and joint venture. The companies’ preferred strategy consists of partnership, collaboration and joint venture activities to strengthen their position in the global hydrogen storage and transportation market.

The hydrogen storage and transport market is driven by the urgent need to decarbonize the economy, increasing the appeal of hydrogen as a clean energy source for various sectors. Technological advances have made hydrogen solutions more efficient, safer and cost-effective. Investments in renewable energy for the production of green hydrogen, combined with supportive government policies, further fuel the market. The expansion of hydrogen refueling infrastructure and the increase in fuel cell vehicles and industrial use are driving demand for robust storage and transportation systems, marking an important step toward a sustainable, low-carbon future.

The key players in the global hydrogen storage and transportation market analyzed and profiled in the study are hydrogen storage and transportation manufacturers, including market segments covered by different product types, applications served and regional presence, as well as the influence of key applied market tactics.

Furthermore, a detailed competitive benchmarking of the players operating in the global hydrogen storage and transportation market has been conducted to help the reader understand how players stack up against each other, thus presenting a clear market landscape. Furthermore, comprehensive competitive strategies such as partnerships, agreements, and collaborations will help the reader understand the untapped revenue sources in the market.

Introduction to the hydrogen storage and transport market

The hydrogen storage and transportation market is at the forefront of a significant shift in energy storage and logistics, which is critical to the fast-growing hydrogen economy. As demand for clean energy sources such as hydrogen escalates, driven by global initiatives towards decarbonization and renewable energy, this market is undergoing a crucial transformation. Hydrogen’s role as a clean, flexible energy carrier requires efficient storage and transport solutions to bridge the gap between production sites and end users, including filling stations and industrial consumers.

The market is expected to experience substantial growth between 2023 and 2033 and is fueled by the need for efficient energy storage and transport mechanisms that can support the seamless integration of hydrogen into the energy mix. Improved storage solutions and transportation methods are critical to minimizing energy losses and ensuring the safe, reliable supply of hydrogen. The advancement of technologies, in addition to the integration of digital and physical infrastructures, plays a crucial role in optimizing the hydrogen supply chain.

Furthermore, the deployment of advanced technologies and the development of infrastructure that can handle the unique properties of hydrogen are accelerating market growth. The synergy between innovative storage materials and modalities, such as liquid and solid hydrogen, with modern transport technologies underlines the evolution of the market. As the hydrogen economy grows, driven by policies that promote clean energy and the development of hydrogen as a key player in the energy transition, the hydrogen storage and transportation market will redefine energy logistics and provide a path to a sustainable and low-carbon future.

The market for hydrogen storage and transport is growing rapidly because people want cleaner energy, the technology is improving and governments support it. More and more people are using hydrogen for things like cars and buses, and more is being invested in making and moving hydrogen. This market is important to use less oil and gas and help the environment.

Market share:

Compressed hydrogen will dominate the global hydrogen storage and transport market (by application)

In 2022, the compressed hydrogen segment of the global hydrogen storage and transportation market was valued at $566.4 million. It is expected to dominate this market and is expected to rise to an impressive $4,000.2 million by 2033. This significant growth underlines the critical role of compressed hydrogen as a leading solution in the hydrogen economy. Its dominance is attributed to its storage and transportation efficiency, which addresses the increasing demand for clean and sustainable energy solutions across industries.

The Asia Pacific region holds a leading position in the hydrogen storage and transportation market, a trend expected to continue from 2023 to 2033, with the region expected to experience the highest compound annual growth rate (CAGR). This growth trajectory can be attributed to several factors. There is strong government support in the region, which often translates into subsidies, investments and favorable policies that encourage market expansion. Efforts to minimize dependence on imported energy, coupled with initiatives aimed at improving urban air quality and embracing urbanization, are contributing to the growing demand for hydrogen as a clean energy source.

The region also focuses on promoting technological innovation within the sector, which improves efficiency and reduces costs. There is a concerted effort to build integrated supply chains and international partnerships that expand both the regional and global footprint of the hydrogen market. Finally, Asia Pacific’s commitment to renewable energy is in line with the growth of the hydrogen market, as hydrogen can be produced sustainably and is seen as a cornerstone for a future clean energy landscape. This strategic focus on renewable energy underlines the region’s potential to drive innovation and integration within the hydrogen economy.

Key Market Players and Competitive Overview

The hydrogen storage and transport market is being strengthened by key companies facilitating the safe transfer and storage of hydrogen from production to points of use, such as filling stations and industrial sites. Air Liquide, a leader in gas technologies, together with CALVERA HYDROGEN SA, known for high-pressure gas systems, play a crucial role in the hydrogen supply chain.

Chart Industries and CIMC Enric Holdings focus on gas storage and transportation equipment, particularly liquid hydrogen. Innovators such as Composite Advanced Technologies and Luxfer Holdings PLC excel at creating lightweight storage solutions and high-pressure cylinders, respectively. NPROXX and Worthington Enterprises deliver advanced storage technologies and equipment, which are essential to the market infrastructure for hydrogen storage and transport and the shift to sustainable energy solutions.

Most important features:

Report attribute Details
Number of pages 134
Forecast period 2023 – 2033
Estimated market value (USD) in 2023 $950.9 million
Expected market value (USD) in 2033 $5298.3 million
Compound annual growth rate 18.7%
Regions Covered Global

Business dynamics

Trends: current and future impact assessment

  • Trends shaping the hydrogen storage and transport market
  • Technological progress for more efficient and safer hydrogen storage
  • Increase in infrastructural development

Market drivers

  • Decarbonization initiatives and climate change
  • Technological progress and cost reduction

Market restrictions

  • Safety concerns related to the high flammability of hydrogen
  • Low global adoption of hydrogen compared to other energy types

Market opportunities

  • Increasing investments in hydrogen filling stations
  • Integration of renewable energy

Supply chain overview

Research and development assessment

  • Trend in patent applications (by country and company)

Regulatory landscape

Overview of market dynamics

Company profiles

  • Advanced structural technologies
  • Air liquid
  • BayoTech
  • CALVERA HYDROGEN SA
  • Graphics industries
  • CIMC Enric Holdings Limited
  • Composite Advanced Technologies, LLC
  • Hexagon composites ASA
  • Tremcar
  • INFINITE COMPOSITES
  • INOX India Limited
  • Linde plc
  • Luxfer Holdings PLC
  • NPROXX
  • Worthington Enterprises, Inc.

For more information about this report, visit https://www.researchandmarkets.com/r/n65rop

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  • Global hydrogen storage and transport market