Hydrogen Storage System Market: Introduction
Transparency Market Research delivers key insights on the global hydrogen storage system market. In terms of revenue, the global hydrogen storage system market is estimated to expand at a CAGR of 11.9% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecast in its report on the global hydrogen storage system market.
The global hydrogen storage system market is broadly affected by several factors, including rise in usage of hydrogen storage system in the transportation industry. Increase in demand for hydrogen storage system in the power station industry is propelling the global hydrogen storage system market.
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Hydrogen Storage System Market: Dynamics
Shortage of energy reserves and environmental pollution have become increasingly prominent. Continuous smog weather is a serious warning to the society. Hydrogen fuel cells have become the focus of domestic and foreign companies, mainly due to their high-energy conversion efficiency, low pollution, no vibration, low noise, environmental friendliness, and high reliability.
Development and commercialization of hydrogen fuel cells help achieve energy conservation and environmental protection. The practicality of hydrogen fuel cells has been recognized worldwide. There are still some issues in the development and utilization of hydrogen fuel cells such as electrode materials, high manufacturing costs, and catalysts. The use of hydrogen fuel cells is increasing rapidly across the globe. Issues in commercialization of fuel cells are likely to be gradually solved with cost reduction and comprehensive development of hydrogen energy technology.
The demand for hydrogen fuel cells has been gradually rising in various applications such as power stations, vehicles, and mobile power. In the past 10 years, portable electronic products such as mobile phones, notebook computers, and digital cameras have become increasingly popular, while their functions have become increasingly complex. Thus, energy consumption has increased. Therefore, batteries require high energy density and long use time.
Moreover, the demand for hydrogen fuel cells is also high in automobiles. Many world-renowned automobile companies have introduced hydrogen-fueled vehicles. The usage of fuel cells is likely to reduce air pollution and dependence of modern society on oil. Thus, hydrogen fuel cell vehicles have gained worldwide recognition.
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Hydrogen Storage System Market: Prominent Regions
Based on region, the global hydrogen storage system market can be segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the global hydrogen storage system market in 2020. The region is expected to maintain its dominance during the forecast period. The dominance of Asia Pacific can be attributed to the increase in usage of hydrogen storage system in the automotive sector of emerging economies, including China and India, in the region.
The hydrogen storage system market in Europe is anticipated to expand at a significant pace during the forecast period. Growth of end-use industries in Germany and France is expected to augment the market in the region during the forecast period. The expansion of the power station industry in Europe is expected to drive the hydrogen storage system market in the region over the next few years.
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Hydrogen Storage System Market: Key Players
The global hydrogen storage system market is fragmented with the presence of large numbers of players. Key players operating in the global hydrogen storage system market are Pragma Industries, NPROXX, MAHYTEC, Worthington Industries Inc., Hexagon Composites ASA, Shijiazhuang Enric Gas Equipment Co., Ltd., BNH Gas Tanks LLP, Steelhead Composites, INC., Doosan Mobility Innovation, INOX India Pvt Ltd, Auguste Cryogenics, and The Japan Steel Works, LTD.
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