Pune, India -- (SBWIRE) -- 03/30/2018 -- Hydrogen Storage Market accounted for USD 523.2 million in 2016 and projected to grow at a CAGR of 8.6% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic years 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.

Also the Global Hydrogen Storage Market by Type (Physical Based, Material Based); Application (Chemicals, Metal Working, General Industrial, Transportation, Stationary Power, Portable Power, Transportation); Geography (North America, Europe, Asia-Pacific, Europe, South America, Middle East and Africa) – Industry Trends and Forecast to 2024.

Hydrogen storage is the technology for the enhancement and advancement of technology in applications including, stationary power, portable power, and transportation. It has its wide application in chemicals, metal working, general industrial, transportation, stationary power, portable power, and transportation. Rising demand for low emission fuels may act as the major driver in the growth of Hydrogen storage market. On the other side limited availability of hydrogen refueling infrastructure in developed economies may hamper the market.

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Major Market Drivers: Global Hydrogen Storage Market

- Rising demand for low emission fuels
- Rise in demand for ammonia and methanol, globally
- Increased usage of hydrogen storage tanks in transportation application
- Limited availability of hydrogen refueling infrastructure in developed economies

Market Segmentation: Global Hydrogen Storage Market

The global hydrogen storage market is segmented on the basis of type into physical based, and material based.

On the basis of application, the global hydrogen storage market is segmented into chemicals, metal working, general industrial, transportation, stationary power, portable power, and transportation.
On the basis of geography, the global hydrogen storage market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.

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Competitive Landscape: Global Hydrogen Storage Market

The global hydrogen storage market is consolidated due to the presence of limited number of players concentrated in few countries. These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
Major Market Competitors: Global Hydrogen Storage Market
Some of the major players in global hydrogen storage market include Air Liquide, The Linde Group, Praxair Technology, Inc., Worthington Industries, McPhy Energy S.A., Luxfer Holdings PLC, Hexagon Composites ASA, HBank Technologies Inc., INOX Group, VRV S.p.A. and others.

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