Hydrogen Storage Market, By Form (Physical Storage , Material-based Storage), By Type (Cylinder, Merchant/Bulk, Onsite, On-Board), By Application (Oil Refineries, Chemicals, Industrial, Automotive & Transportation, Others), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

Published In : Mar 2024

Code : CMI6823

Pages :132

Formats :

Excel and PDF

Industry : Energy

Market Concentration and Competitive Landscape

Hydrogen Storage Market Concentration By Players

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Increased Focus on Decarbonization of Industries

There is significant global focus today on reducing industrial carbon emissions and transitioning to cleaner sources of energy. Industries like chemicals, refining and steel which involve high temperature heat processes have been reliant on fossil fuels. However, hydrogen is now emerging as a viable alternative in these hard-to-abate sectors. It can be used as a feedstock as well as engine fuel, enabling industries to lower their carbon footprint. Several countries have embarked on initiatives to facilitate ‘green hydrogen’ production from renewable energy and its use across various applications and invest in this projects. For instance, on March 6, 2023, according to the National Portal of India, the National Green Hydrogen Mission was approved by the Union Cabinet on January 4, 2022, with the intended objectives of India a leading producer and supplier of Green Hydrogen in the world. Additionally, private companies are investing in developing technologies to produce and utilize ‘blue hydrogen’ from natural gas with carbon capture. With stringent emission norms and an available infrastructure, industries will be motivated to switch to hydrogen. This growing focus on decarbonizing carbon-intensive industries through increased hydrogen consumption is expected to significantly drive its storage, transportation and utilization worldwide.

Key Players Insights