Global Hydrogen Storage Equipment Market Report - Market Analysis, Size, Share, Growth, Outlook - Industry Trends and Forecast to 2028

Global Hydrogen Storage Equipment Market Report - Market Analysis, Size, Share, Growth, Outlook - Industry Trends and Forecast to 2028

Drivers:

Growing support from the governments through investments in the hydrogen projects that include production, storage, and transportation.

Rising number of global hydrogen projects going live – Majority in Europe.

Increase in the onboard fuelling systems for Hydrogen applications (light, medium, and heavy-duty vehicles).

Social and environmental pressures by the various stakeholders to reduce greenhouse gas emissions.

Economies are slowly moving towards hydrogen to reduce co2 emissions.

Voluntary Tank Replacement Program by companies.

Rising demand for cryogenic liquid storage tanks due to the increase in the space programs from NASA, United Launch Alliance, and Blue Origin.

There is a growing demand for hydrogen refueling stations (HRS) with the introduction of fuel cell vehicles.

Increased activity in hydrogen distribution.

Hydrogen Storage and Applications

Hydrogen storage is a critical enabler for the development of hydrogen and fuel cell technologies that can provide energy for a variety of applications, including stationary power, portable power, and transportation.

Hydrogen has distinct advantages over other storage systems technologies because it can be economically stored in large quantities for long periods with minimal energy loss. Furthermore, changing from geological dependence to technologically driven energy - locally produced hydrogen, and storage reduces dependence on imported fossil fuels.

In addition, hydrogen can be used to store energy generated by intermittent renewable power sources (such as wind and solar) during periods of high availability and low demand, maximising the use and advantages of major capital expenditures in these facilities. Hydrogen can store renewable energy 24 hours a day, seven days a week, avoiding "use it or lose it" problems.

Hydrogen storage equipment is segmented by physical hydrogen storage and materials-based storage. Physical hydrogen storage consists of hydrogen fuel cylinders, including composite and steel cylinders used to hold hydrogen gas for automobiles, buses, and light-duty trucks and storage tanks and trailers for liquefied hydrogen.

Materials-based storage includes storing small amounts of hydrogen (up to a few MWh) in solid metal hydrides, chemical hydrogen storage, and sorbent storage materials.

Huge volumes of hydrogen can be stored in deep salt caverns of up to 500,000 cubic metres at 2,900 pressure, equating to around 100 GWh of electricity. The scope of the report does not consider Underground hydrogen storage.

Global Hydrogen projects across the value chain will help raise the market demand for hydrogen Strogen equipment. There are 228 hydrogen projects globally, with Europe leading globally in the number of announced hydrogen projects, with Australia, Japan, Korea, China, and the USA following as additional hubs.

53 Transportation projects involving trains, ships, trucks, cars, and other mobility applications boost the onboard hydrogen storage systems—the majority of the projects being in Europe, China, South Korea, and Japan.

45 Integrated hydrogen economy projects with cross-industry and different types of end-users increase hydrogen distribution-the majority of the projects are in Europe and Australia.

23 Infrastructure projects include distribution, transmission, conversion, and hydrogen storage.

Restraints:

High Competition from the battery electric vehicles (BEV) trucks.

Foreign exchange fluctuation effects.

The downturn in the worldwide automotive production market due to semiconductor shortage - Europe and North America are the most impacted regions.

Recent Trends & Developments:

In the 3rd quarter of 2021, Faurecia has partnered with Air Liquide to foster liquid hydrogen storage for heavy-duty vehicles.

In 2020, Hexagon Composites Signed a agreement with Stadler Rail to design and supply hydrogen cylinder storage systems for the United States' first hydrogen commuter train.

On January 07, 2021, Worthington Industries Inc. announced the acquisition of PTEC Pressure Technology GmbH, based in Germany, a leading independent designer and manufacturer of valves and components for high-pressure hydrogen and compressed natural gas (CNG) storage, transport, and onboard fueling systems.

On May 19, 2021, Chart Industries, Inc. announced the completion of a minority investment in Cryomotive GmbH (“Cryomotive”) for EUR 6.5 million and offers an in-kind contribution to develop Cryomotive’s cryogenic storage and refueling technology.

On November 22, 2021, Hexagon Purus has signed an exclusive long-term supply agreement (“LTA”) with a leading European bus OEM to deliver hydrogen fuel storage systems for fuel cell buses. The hydrogen storage systems will be supplied from Hexagon Purus’ facility in Kassel, Germany, and will include Hexagon Purus’ lightweight type 4 cylinders, enabling a driving range of 350 kilometers.

On February 7, 2020, Faurecia was awarded a contract for fuel cell electric vehicle storage systems from Hyundai Motor Company to supply the entire hydrogen storage system (including 10,000 hydrogen tanks).

In March 2021, Faurecia and Symbio, through a joint venture with Michelin, will Supply Safra and Stellantis with fuel cell stacks and hydrogen storage systems for light commercial vehicles.

Opportunities:

End-market with significant opportunities for growth includes heavy-duty transport, public transportation, passenger vehicles. - North America, Europe, and China across mobility applications

Growth potential in stationary power applications such as data centers, telecommunications towers, emergency services, and utilities.

High-pressure hydrogen storage cylinders enable distribution, maritime, rail, and aerospace applications - U.S.A., Europe, China, and Japan.

Regional Analysis:

China:

Following the announcement of over 50 hydrogen projects, China is emerging as a potential hydrogen powerhouse.

Among the announced projects,

- 28 Transportation projects involving trains, ships, trucks, cars, and other mobility applications boost the onboard hydrogen storage systems.

- 4 Infrastructure projects include distribution, transmission, conversion, and hydrogen storage.

- 3 Integrated hydrogen economy projects with cross-industry and different types of end-users increasing hydrogen distribution.

- In March 2020, Beijing Jingneng Power Co., Ltd. announced a USD 3.3 billion project to develop a 5GW complex that will combine renewable energy generation with hydrogen production and storage.

The Fuel Cell Electric Vehicles (FCEVs) of China is expected to grow and become the world's largest market over the next decade and beyond.

Blackridge Research's Global Hydrogen Storage Equipment Market report provides insights into the current global and regional Global market demand scenario and its outlook.

This study offers a detailed analysis of various factors instrumental in affecting the Global Hydrogen Storage Equipment market's growth. The study also comprehensively analyses the market based on technology (Physical Hydrogen storage and Materials-Based storage) and geography (North America, Europe, Asia-Pacific, and the Rest of the world).

This report also includes the latest market trends, drivers and restraints, present and future opportunities, new projects, the global impact of Covid-19 on the Global Hydrogen Storage Equipment market, and significant developments.



Further, the report will also provide Global Hydrogen Storage Equipment market size, demand forecast, and key competitors in the market.
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