Global Underground Hydrogen Storage Market Size study & Forecast, by Storage Type (Porous Media Storage, Salt Caverns, Engineered Cavities) and Regional Analysis, 2022-2029

Global Underground Hydrogen Storage Market Size study & Forecast, by Storage Type (Porous Media Storage, Salt Caverns, Engineered Cavities) and Regional Analysis, 2022-2029

Global Underground Hydrogen Storage Market is valued at approximately USD XX billion in 2021 and is anticipated to grow with a healthy growth rate of more than 10.7% over the forecast period 2022-2029. Underground Hydrogen Storage is used for the storage of huge amounts of energy in the form of hydrogen and can be used later at the time of need. Aquifers, permeable rocks, and salt caverns are just a few of the strata under the earth where hydrogen can be kept in storage. Underground Hydrogen Storage is a complex procedure of storing Hydrogen which requires deep technical expertise and knowledge. Underground hydrogen storage is widely used and is seen as emerging advanced technology. Underground hydrogen storage needs to go through various steps to take place. Underground hydrogen storage helps to reduce greenhouse gas emissions in many economic sectors. Rising rates of hydrogen technology adoption, ample capacity of hydrogen storage, lack of viable alternatives, increasing research and development in hydrogen technologies, and increasing usage of underground hydrogen storage are the factors driving the growth of the Underground Hydrogen Storage Market.

Increasing production of hydrogen globally is leading to rising rates of adoption of hydrogen technology. According to N. Sönnichsen (research specialist), in 2018, the production of hydrogen worldwide was around 60 million metric tons and is expected to grow higher in the forecast period. Additionally, in 2021, Germany's working gas capacity was 255 terawatt hours, which is equivalent to a theoretical hydrogen storage capacity of 61.4 terawatt hours. Rising rates of hydrogen technology adoption and ample capacity of hydrogen storage are the major factors driving the growth of the market. Other important components driving market increase are increasing research and development in hydrogen technologies, lack of viable alternatives, and increasing usage of underground hydrogen storage. Furthermore, increasing Production of Hydrogen and Increasing awareness regarding hydrogen gas as a clean fuel are the factors creating major market opportunities in the forecast period. However, the high cost of Underground Hydrogen Storage stifles market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Underground Hydrogen Storage Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Europe dominated the market in terms of revenue, owing to the increase in investment in hydrogen energy and government support and investment in hydrogen storage. North America is expected to grow with the highest CAGR during the forecast period, owing to factors such as technological advancements, quick data delivery regarding gas injections, and Increasing awareness of natural gas is a clean fuel.

Major market player included in this report are:
Air Products and Chemicals, Inc.
Air Liquide
Linde Plc
Engie
Uniper SE
Texas Brine Company, LLC
WSP Global Inc.NEUMAN & ESSER GROUP
Hychico, S.A.RAG Austria AG
Recent Developments in the Market:
In December 2022, in order to demonstrate hydrogen for mobility at Dammam Airport in Saudi Arabia, Air Products Qudra collaborated with Saudi Ground Services (SGS).
In January 2023, one of the industry leaders in ATR, Air Liquide's technology been chosen for the first demonstration project in Japan to manufacture low-carbon hydrogen and ammonia, which is owned and run by INPEX CORPORATION.
Global Underground Hydrogen Storage Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Storage Type, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Storage Type offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Storage Type:
Porous Media Storage
Salt Caverns
Engineered Cavities

By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the WorldCompanies Mentioned
Air Products and Chemicals, Inc.
Air Liquide
Linde Plc
Engie
Uniper SE
Texas Brine Company, LLC
WSP Global Inc.NEUMAN & ESSER GROUP
Hychico, S.A.RAG Austria AG

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