Hydrogen Storage Market Rugged Expansion Foreseen by 2025
New York, NY -- (SBWire) -- 04/18/2017 --Hydrogen Storage Market Introduction
Hydrogen storage application techniques have an inherent importance with the fact that the technology's successful implementation would mean the development of hydrogen fuel applications.
Hydrogen storage is a technology, which is important from the perspective of the fruitful commercialization of vehicles using hydrogen as a fuel and their acceptance in the market. Hence, it is expected that the growing market of vehicles based on hydrogen fuel would drive demand in the hydrogen market. However, a key technical hurdle being faced is that loading adequate quantities of hydrogen aboard on various vehicle types, while conforming to all user needs (safety, cost, vehicle performance and ease of driving) without conceding passenger space or luggage space, has been a major challenge to be dealt with, as it could prove to be a restraint for the hydrogen storage market even in the future.
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It has been observed that hydrogen storage is a key challenge for stationary storage as well as for transport, on account of its low density. Hydrogen storage could be done in either gaseous, liquid or solid forms, and is classified as physical based and material hydrogen storage. Physical storage involves hydrogen storage in gaseous or liquid forms. Material storage involves hydrogen storage in adsorbent, liquid organic, interstitial hydride, complex hydride or chemical hydrogen forms.
The rising demand for energy and the subsequent expectations from hydrogen as a fuel to partially fulfill energy needs in the future are expected to drive the hydrogen storage market in the next few years. However, as production costs of hydrogen are on the rise, the hydrogen production and hence hydrogen storage market could face some hurdles.
These qualitative insights along with major regional events with regard to the hydrogen storage market make the study of this market an important research.
Hydrogen Storage: Market Segmentation
On the basis of storage type, the hydrogen storage market is segmented as follows:
-Physical based (compressed gas, cold/cryo compressed, liquid hydrogen)
-Material based (adsorbent, liquid organic, interstitial hydride, complex hydride, chemical hydrogen)
Hydrogen Storage: Market Dynamics
There has been a rising global demand for the supply of energy, which could be met by hydrogen as a fuel. This in turn, would require the infrastructure to store hydrogen, thereby driving the hydrogen storage market. The trend to harvest alternative renewable energy from hydrogen in recent times coupled with the rising demand for energy generation and usage is expected to drive the hydrogen storage market.
In context to the North American region, in the U.S., the United States Department of Energy (US DOE) had set specific targets for respective market participants in the automotive industry to focus on research and development with an objective to boost successful technical research on hydrogen storage. To meet the relevant long-term objectives, the US DOE encouraged the scientific fraternity by establishing the "National Hydrogen Storage Project" in the U.S., which would focus on hydrogen storage as one of its priorities.
It should be noted that by 2020, the Fuel Cell Technologies Office (FCTO) of the US DOE targets to develop onboard automotive hydrogen storage systems thereby creating opportunities that would help hydrogen-fueled vehicle platforms to meet the user's expectations of performance pertaining to refueling time taken, amount of passenger and cargo space occupied, overall vehicle performance and range. The FCTO has been carrying their R&D activities to cultivate new hydrogen storage materials and create advancements in hydrogen storage systems technology.
However, a technological concern yet to be addressed to promote the hydrogen storage market is that the currently existing storage facilities need systems with large volumes that could store hydrogen in the gaseous state even for transport usage; although the concern is of lesser intensity with regard to the stationary applications. This concern, however has been a challenge for the growth of the hydrogen storage market.
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Examples of some of the market participants in the global hydrogen storage market are as follows:
-Air Liquide Group
-Texaco Ovonic Hydrogen Systems L.L.C.
-Worthington Industries, Inc.
-Luxfer Holdings Plc
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
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