Global Hydrogen Storage Market Size, Share, Development, Growth and Demand Forecast to 2022 By P&S Market Research

The global hydrogen storage market is expected to record significant growth on account of increasing demand for energy supply that has led to increased requirement for sustainable energy resources. The greenhouse gas emission could be reduced with reduction in fossil fuel dependency in vehicles. Hydrogen is expected to play an important role in the energy-efficient economy, being an environmentally-clean source and carrier. As a fuel of choice, hydrogen is lightweight, contains high energy density and ensures no harmful chemical release by products during its combustion. Additionally, hydrogen is considered a green energy source as it could be generated from renewable sources and is non-polluting.

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Hydrogen is stored in stationary fuel cells to produce electricity through electrochemical reaction for different end-users, including retail, hospitals, telecommunication networks, grocery stores, airports, food processing, and entertainment sectors. Stationary power application is used as a backup power in the form of generators. Stationary fuel cells have very low emissions and could be installed anywhere. Stationary fuel cells are very helpful when grid power is unavailable; however, the lack of a safe and easy method of storage hinders the wide spread application of hydrogen as the fuel of choice in mobile transportation.
Growing initiatives and regulations by governments across the globe for low gas emissions and development of alternate fuel source are the key factors expected to drive the global hydrogen storage market growth, during the forecast period (2016 - 2022). The shifting trend toward development of alternative renewable energy from fuel cells, oxygen and hydrogen is also expected to drive the market growth. Further, increasing demand for power generation and consumption on account of rapid urbanization and industrialization is expected to drive the hydrogen storage market, during the forecast period, across the globe.
On the other hand, high production cost of hydrogen and its storage is expected to be a major challenge for the market; however, stringent low emission regulations with emphasis on generating energy from renewable sources is expected to support the positive growth in the market. The most common method to store hydrogen in gaseous form is in steel tanks, which are lightweight composite tanks designed to endure higher pressures. Additionally, cryogas, gaseous hydrogen cooled to near cryogenic temperatures, is being used to increase the energy density of gaseous hydrogen. Storage of hydrogen in solid materials offers the potential to build a safe and efficient way to store energy, both for stationary and mobile applications.
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