Underground Hydrogen Storage Market Size, Share & Trends Analysis Report By Storage Type (Porous Media Storage, Salt Caverns, Engineered Cavities), By Region, And Segment Forecasts, 2024 - 2030

Underground Hydrogen Storage Market Size, Share & Trends Analysis Report By Storage Type (Porous Media Storage, Salt Caverns, Engineered Cavities), By Region, And Segment Forecasts, 2024 - 2030


Underground Hydrogen Storage Market Growth & Trends

The global underground hydrogen storage market size is expected to reach 5,049.94 MCM by 2030, registering at a CAGR of 10.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. The underground hydrogen storage market is projected to observe significant growth over the estimated period owing to an increase in hydrogen production and a lack of viable alternatives for large-scale hydrogen storage. Underground hydrogen storage is currently the only viable large-scale storage technology for hydrogen due to its ability to safely store large quantities of hydrogen in a compact and secure location. One of the main advantages of underground storage is that it is much safer than above-ground storage as hydrogen has a very low flash point and is highly flammable. Underground storage eliminates the risk of accidents or leaks as the hydrogen is stored deep below the ground in a sealed container. This also means that there is no risk of damage to the surrounding environment or infrastructure in the event of an accident.

Salt caverns dominated the type segment in 2022 and this segment is expected to maintain its position over the forecast period. Salt caverns are developed from existing salt reserves. Underground salt caverns are considered the best option for bulk hydrogen storage due to their structural strength, which makes caverns capable enough against degradation to ensure the long life of the storage facility.

Demand for underground hydrogen storage is projected to rise over the forecast period owing to the increasing demand for hydrogen and programs to cut carbon emissions. The increasing investments in research and development for underground hydrogen storage in regions like North America, the Middle East & North Africa, and the Asia Pacific are expected to strengthen market growth.

Underground Hydrogen Storage Market Report Highlights
  • In terms of volume, the salt caverns segment accounted for the largest share of 97.97% in 2023 and this segment is further expected to witness steady growth over the forecast period
  • In 2022, Europe accounted for the largest volume share of 58.76% in 2023. Lower building and operational costs coupled with higher safety offered by salt caverns are expected to result in the growth of the salt caverns storage segment in the underground hydrogen storage market in regional economies
  • Various strategic initiatives have been recorded over the past few years to boost the growth of the market. For instance, in January 2021, Storengy and HyPSTER collaborated for an investigation on the conversion of a salt cavern facility to underground hydrogen storage situated in Etrez, France
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Chapter 1 Underground Hydrogen Storage Market: Methodology & Scope
1.1 Market Segmentation & Scope
1.2 Market Definitions
1.3 Information Procurement
1.3.1 Purchased Database
1.3.2 GVR’s Internal Database
1.3.3 Secondary Sources
1.3.4 Third Party Perspective
1.3.5 Primary Research
1.4 Information Analysis
1.4.1 Data Analysis Models
1.5 Market Formulation and Data Visualization
1.6 Data Validation and Publishing
Chapter 2 Underground Hydrogen Storage Market: Executive Summary
2.1 Market Snapshot
2.2 Segment Snapshot
2.3 Competitive Landscape Snapshot
Chapter 3 Underground Hydrogen Storage Market: Variables, Trends, & Scope
3.1 Penetration & Growth Prospect Mapping
3.2 Industry Value Chain Analysis
3.3 Regulatory Framework
3.3.1 Standards and Compliances
3.4 Hydrogen Underground Storage Market Dynamics
3.4.1 Market Driver Analysis
3.4.1.1 Increase in THE Adoption of hydrogen technologies
3.4.1.2 Lack of Viable Alternatives
3.4.2 Market Restraint Analysis
3.4.2.1 High cost of building and maintenance of Underground Hydrogen Storage
3.4.3 Market Opportunities
3.4.4 Industry Analysis - Porter’s
3.4.5 Pestel Analysis
3.5 Impact of COVID-19 on the Underground Hydrogen Storage Market
3.5.1 Impact Verdict - Medium
3.6 Comparison of Hydrogen Generation Vs Underground Hydrogen Stored
3.7 Number of wells drilled, by region, 2018 - 2021
3.8 Average spending on wells drilled, by region, 2018 - 2021 (USD thousand)
Chapter 4. Underground Hydrogen Storage Market: Storage Type Outlook Estimates & Forecasts
4.1. Underground Hydrogen Storage Market: Storage Type Movement Analysis, 2023 & 2030
4.2. Porous Media Storage
4.2.1. Market estimates and forecast, 2018 - 2030 (MCM)
4.3. Salt Caverns
4.3.1. Market estimates and forecast, 2018 - 2030 (MCM)
4.4. Engineered Cavities
4.4.1. Market estimates and forecast, 2018 - 2030 (MCM)
Chapter 5. Underground Hydrogen Storage Market Regional Outlook Estimates & Forecasts
5.1. Regional Snapshot
5.2. Underground Hydrogen Storage Market: Regional Movement Analysis, 2023 & 2030
5.3. North America
5.3.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.3.2. U.S.
5.3.2.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.3.3. Canada
5.3.3.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.4. Europe
5.4.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.4.2. Germany
5.4.2.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.4.3. UK
5.4.3.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.4.4. France
5.4.4.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.5. Asia Pacific
5.5.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.5.2. Australia
5.5.2.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.5.3. China
5.5.3.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.5.4. Japan
5.5.4.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.5.5. India
5.5.5.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.6. Latin America
5.6.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.6.2. Mexico
5.6.2.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.6.3. Brazil
5.6.3.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.7. Middle East & Africa
5.7.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.7.2. Algeria
5.7.2.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.7.3. Egypt
5.7.3.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.7.4. Libya
5.7.4.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
5.7.5. UAE
5.7.5.1. Market estimates and forecast, by Storage Type, 2018 - 2030 (MCM)
Chapter 6. Competitive Landscape
6.1. Recent Developments & Impact Analysis, By Key Market Participants
6.2. Vendor Landscape
6.3. Company Categorization
6.4. Participant’s Overview
6.5. Company Ranking
6.6. Heat Map Analysis
6.7. Company Market Share Analysis, 2023
6.8. Market Strategies
6.9. Vendor Landscape
6.10. Strategy Mapping
6.11. Company Profiles/Listing
6.11.1. Air Products and Chemicals, Inc.
6.11.1.1. Company Overview
6.11.1.2. Financial Performance
6.11.1.3. Product Benchmarking
6.11.2. Air Liquide
6.11.2.1. Company Overview
6.11.2.2. Financial Performance
6.11.2.3. Product Benchmarking
6.11.3. Linde Plc
6.11.3.1. Company Overview
6.11.3.2. Financial Performance
6.11.3.3. Product Benchmarking
6.11.4. Engie
6.11.4.1. Company Overview
6.11.4.2. Financial Performance
6.11.4.3. Product Benchmarking
6.11.5. Uniper SE
6.11.5.1. Company Overview
6.11.5.2. Financial Performance
6.11.5.3. Product Benchmarking
6.11.6. Texas Brine Company, LLC
6.11.6.1. Company Overview
6.11.6.2. Financial Performance
6.11.6.3. Product Benchmarking
6.11.7. WSP
6.11.7.1. Company Overview
6.11.7.2. Financial Performance
6.11.7.3. Product Benchmarking
6.11.8. NEUMAN & ESSER GROUP
6.11.8.1. Company Overview
6.11.8.2. Financial Performance
6.11.8.3. Product Benchmarking
6.11.9. Hychico S.A.
6.11.9.1. Company Overview
6.11.9.2. Financial Performance
6.11.9.3. Product Benchmarking

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