During the last few years, the usage of hydrogen storage increased sharply in the transportation sector. This was because of its high requirement in power fuel cell automobiles, on account of its low cost and high-storage performance. Additionally, as per the estimates of the World Nuclear Association, the requirement for hydrogen for producing transport fuels from crude oil will rise rapidly in the future years. This will, in turn, fuel the demand for hydrogen storage in the coming years.
Additionally, the implementation of strict emission policies in Japan, India, South Korea, and China and the growing requirement for methanol and ammonia are predicted to push up the demand for hydrogen storage throughout the world in the forthcoming years. Lubricant and oil and gas industries are increasingly requiring hydrogen storage technologies, thereby fueling the global demand for the technology. This is subsequently causing the growth of the global hydrogen storage market.
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According to the forecast of P&S Intelligence, a market research company based in India, the valuation of the market will rise from $426.4 million in 2015 to $991.7 million by 2026. Moreover, the market is predicted to grow at a CAGR of 7.6% from 2016 to 2026. Material-based and physical are the most commonly adopted hydrogen storage technologies. Of these, the demand for the physical hydrogen storage technology was found to be higher in the past years.
Globally, the hydrogen storage market recorded the highest growth in Asia-Pacific (APAC) in the past. The region will also witness rapid expansion of the industry in the future. This will be because of the rising utilization of the methanol made from hydrogen and the growing usage of various environment-friendly transportation fuels in the region.
Hence, it is safe to say that the requirement for hydrogen storage will shoot-up across the world in the forthcoming years, mainly because of the rising usage of the technology in the transportation, lubricants, and oil and gas industries.
Read more: https://www.psmarketresearch.com/market-analysis/hydrogen-storage-market
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