Hydrogen Storage Market to reach $7.2 Billion by 2030; The increasing demand for clean energy to reduce greenhouse gas emissions, increasing adoption of fuel cells in automotive & transportation and increasing consumption of hydrogen in several industrial a

The Hydrogen Storage Market size is estimated to reach $7.2 Billion by 2030, growing at a CAGR of 19.7% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “ Hydrogen Storage Market -  By Type (Cylinder, Merchant/bulk, On-Site and On-Board), By Form (Liquid, Solid and Gaseous), By Component (Pipe, Valve, Pump, Tank and Others), By Storage (Material Based and Physical Based), By End-use Industry (Chemicals, Oil Refineries, Metal Working, Automotive & Transportation, Industrial and Others) By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”. 

The main driver of the hydrogen storage market is the rising demand for clean energy which drives the need for number of storage systems which in turn leads to the demand for hydrogen storage systems. Additionally, increasing adoption of fuel cells in automotive & transportation and increasing consumption of hydrogen in several industrial applications are driving the demand for Hydrogen Storage systems globally. 

North America accounted for the largest share of 40% of the Hydrogen Storage Market in 2023. As per the Canadian Hydrogen Convention, Canada is one of the largest hydrogen producers in the world. Canadian companies have developed technologies to produce hydrogen cleanly and economically using fossil fuels, methanol, biomass, renewable energy resources (solar, wind, hydroelectric) or from industrial by-product waste hydrogen capture. This high amount of hydrogen production necessitates the demand for storage. In October 2024, Vortex Energy Corp. announced that the Company executed a hydrogen storage research and salt core storage agreement with National Research Canada (NRCan). Approximately 118 meters of salt core from the VTX-West-23-1 core hole and 279 meters of salt core from the VTX-24-3 core hole will be stored at the NRCan Geological Survey of Canada facility, located in Calgary, Alberta, for a period of two years. In the U.S., some 200 kilometers south of Salt Lake City, engineers are working on what will become the world’s largest storage facility for 1,000 megawatts of clean power, partly by storing hydrogen in underground salt caverns, as per ENGIE. 

The rising demand to reduce the greenhouse gas emissions is the primary driver which is driving the hydrogen storage market globally. For instance, according to International Energy Agency’s Global Hydrogen Review 2024, 19 new hydrogen strategies were published in the past 12 months, bringing the total to 60, and now covering countries that account for over 84% of global energy-related CO2 emissions. Most of the new strategies were from emerging markets and developing economies (EMDEs), and most new targets are for production. Such policies and initiatives are driving the hydrogen market growth globally. 

Rise in adoption of fuel cells in automotive & Transportation sector is driving the hydrogen storage market globally. Fuel cell electric vehicles (FCEVs) offer zero-tailpipe emissions, contributing to cleaner air and reduced greenhouse gas emissions. Governments worldwide are implementing stringent regulations to reduce carbon emissions, particularly from the transportation sector, which is a major contributor to global greenhouse gas emissions. Fuel cell vehicles, which emit only water vapor, align with these regulatory requirements, pushing manufacturers and governments to adopt hydrogen storage solutions. Such regulations and several policies are collectively driving the adoption of fuel cells in automotives, which in turn propelling the growth of hydrogen storage system globally. 

Key companies profiled in the Hydrogen Storage Market are American Element, Hexagon Purus ASA, ENGIE, Air Liquide, H Bank Technology Inc, Linde Plc, Cummins Inc., Cella Energy Ltd., Luxfer Holdings PLC, NPROXX and Others 

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