HYDROGEN STORAGE MARKET Size and trends

Hydrogen Storage Market Size and Trends

The global hydrogen storage market is estimated to be valued at USD 1.97 Bn in 2025 and is expected to reach USD 8.50 Bn by 2032, growing at a compound annual growth rate (CAGR) of 23% from 2025 to 2032.

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The market is expected to witness positive growth over the forecast period. The growing demand for clean energy to reduce greenhouse gas emissions is expected to drive the demand for hydrogen storage systems. The increasing preference for fuel cells in transport applications such as buses, cars, and trucks will boost the adoption of hydrogen storage systems. Also, the development of novel on-board hydrogen storage technologies with higher storage capacity is further expected to support the market growth. However, high costs associated with hydrogen infrastructure development may hinder the growth of the market during the forecast period.

Growing Demand from Transportation Sector

The transportation sector has seen a rapid increase in the focus on developing zero-emission vehicles over the past decade. As consumers and government alike push for greener transportation solutions, hydrogen fuel cells have emerged as a promising technology to power vehicles such as cars, buses and trucks. Fuel cell vehicles use hydrogen as a fuel which is converted into electricity through a fuel cell, with water and heat being the only byproducts. For instance, several major automakers like Toyota, Hyundai and Honda have already launched fuel cell vehicles and built hydrogen refueling infrastructure. Many countries are investing heavily to expand this infrastructure network as it is seen as critical for widespread adoption of this technology. With fuel cell technology proving its capabilities, more automakers are expected to introduce fuel cell models in their lineup. This rise in fuel cell vehicles will substantially drive up the demand for hydrogen as a transportation fuel. Public and private sector investments into building hydrogen refueling stations will further fuel commercialization. Together, the growing consumer and governmental support for zero-emission vehicles is a major driver propelling the global hydrogen storage market.