The hydrogen storage market was valued at US$415.8 million in 2015 and is projected to reach US$969.6 million by 2026, registering a CAGR of 8.1% between 2016 and 2026.
The market is largely driven by the transportation application in regions such as Europe and North America. In addition, the rising awareness and use of cleaner, carbon free, and low emission fuels are fuelling the demand of hydrogen storage. However, the sales of fuel cells may decrease due to the limited availability of hydrogen refilling infrastructure in developing and some parts of developed economies, which will hamper the hydrogen storage market growth.
Rise in demand for hydrogen powered cars in North America and Europe driven by the availability of hydrogen filling infrastructure, and stringent regulations on the use of low emission generating vehicles are driving the growth of the hydrogen storage market. Rise in applications of fuels cells in other means of transportation, such as buses, ships & boats, unmanned vehicles, and bicycles is also increasing the demand for hydrogen storage.
China is the largest market for hydrogen storage, globally. The primary drivers for the forecasted growth of the Asia-Pacific market are increase in consumption of gasoline and diesel in developing countries, such as Indonesia, Malaysia, and India among others; use of methanol (made from hydrogen) in gasoline; stringent emission regulations in South Korea and Japan; and rise in demand of ammonia for manufacturing fertilizers in China, India, and other South East Asian countries.
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