Hydrogen Storage and Distribution Technology Market Size, Share & Industry Analysis, By Type (Compressed Gas, Cold Compressed Liquid Gas, Stored on the Surfaces of Solids or Within Solids and Stored with Organic Liquid), By Application (New Energy Automobile, Aerospace and Metallurgy), Regional Insights, and Forecast To 2031

Updated On: 08 July 2024

Hydrogen Storage and Distribution Technology Market REPORT OVERVIEW

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The global hydrogen storage and distribution technology market size was USD 9537.2 million in 2021 and market is projected to touch USD 65643.86 million by 2031, exhibiting a CAGR of 21.3% during the forecast period.

Hydrogen can be accumulated substantially as however, in vapor state or a liquefied state. Moreover, stowage of hydrogen in a gas state naturally necessitates elevated levels of pressure within the tank parameters. Furthermore, the accumulation of hydrogen in a liquefied state, calls for subfreezing temperatures because the boiling point of hydrogen at one atmosphere pressure is at an extremely minimal temperature degree. On the other hand, the hydrogen distribution system typically consist of a set of hydrogen vital pipelines, functioning at variated pressures and hydrogen concentrations. The composition and recycle compressors propel the hydrogen amongst this convoluted system of consumer entities, manufacturing divisions and platforming sections. However, the transportation of hydrogen is conducted from the location of manufacturing to the area of consumption, such as through pipelines and on road subfreezing liquid tankers. These pipelines are generally fitted into regions where, the demand is constant or at a substantial rate and is anticipated to continue in the current and forecasted periods.

Additionally, the hydrogen storage and distribution technology is segmented into three types such as compressed gas, cold compressed liquid gas and stored on the surface of solids or within solids and stored with organic liquid. Firstly, compressed gas is defined as a gas or mixture of gases confined within a container and consisting of immensely high pressure volumes. Secondly, cold compressed liquid gas is the procedure of using liquid nitrogen, helium to stimulate low temperature in gas containers. This procedure has diverse uses in medical and industrial markets. Thirdly, hydrogen can be gathered on the surfaces of solids or amid solids by absorption. By this process, hydrogen is joined to the surface of a solid either as hydrogen atoms or molecules.

COVID-19 Impact: Insensitive Spread of COVID-19 Restricts Markets Growth

The insistent growth of the COVID-19 virus originated a strict lockdown. Its immense spread globally, led to a worldwide pandemic and brought a significant decrease in the global demand in markets and brought upon numerous challenges to uncountable industries and their markets. Furthermore, the hydrogen storage and distribution technology industry was affected due to the compressed gas, cold compressed liquid gas and stored on the surface of solids or within solids and stored with organic liquid demand declining. As restrictions on movement activities, hampered demand for the product and tankers and resulted in an overall decrease in sales in the hydrogen storage and distribution technology industry.

LATEST TRENDS

"Rising Aim on Succeeding Zero Emission Rates Stimulates Demand for the Product "

The rising concern to reduce emissions amongst organizations, leads to technologies altering energy systems to achieve zero emission rates in the foreseeable future. Furthermore, higher demand for hydrogen and cleaner technologies for production processes will be the key to reduce emissions, as hydrogen prevents carbon dioxide emissions. Hence, give rise to higher demand of hydrogen storage and distribution technology from consumers in the new energy automobile, aerospace and metallurgy markets.

Hydrogen Storage and Distribution Technology Market SEGMENTATION

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• By Type

Based on type; Compressed gas, cold compressed liquid gas, stored on the surfaces of solids or within solids and stored with organic liquid Compressed gas is the leading type in this segment

• By Application

Based on application; New energy automobile, aerospace and metallurgy New energy automobile is the leading application in this segment

DRIVING FACTORS

"Increased Research and Development Processes Augments Market Growth"

The research and development processes are raised on hydrogen, to diversify its uses into green hydrogen technologies. Furthermore, with usually hydrogen extraction methods more harm is caused to the environment so after R&D, green hydrogen is produced through electrolysis. Electrolysis is the procedure to manufacture green hydrogen as it consumes electricity to fragmented water into hydrogen and oxygen and beneficially produces zero carbon emissions. This advancement attracts more producers to adopt it, for being more environmentally friendly and grow this customer base and hand in hand, leading towards the hydrogen storage and distribution technology market growth.

"Rise in Demand for Electrical Vehicles Boosts Market Growth"

The growth of demand for electrical vehicles, also benefits the hydrogen storage and distribution technology market as hydrogen is consumed in the production of the fuel cells. As a fuel cell consumes hydrogen and other chemicals to convert it into electricity, and fuel cells are widely being consumed in aerospace, automotive, construction and commercial vehicles markets. While also boosting the hydrogen storage and distribution technology market share.

RESTRAINING FACTORS

"High Energy Losses during Production Processes Hampers Market Growth"

The higher production and utilization of hydrogen, leads to higher levels of energy loss incurred. This is accounted for, as hydrogen is a synthetic carrier and transfers energy however, for its production immense electrical energy is consumed and the input of energy does not match the output of energy received. Moreover, with the manufacturing of green hydrogen and fuel cells results in more energy loss and this drawback is expected to hinder the hydrogen storage and distribution technology industry growth over the projected period.

Hydrogen Storage and Distribution Technology Market REGIONAL INSIGHTS

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"Increasing Number of Hydrogen Based Refineries to Fuel Growth in North America"

North American region claims the title over others in the hydrogen storage and distribution technology industry, due to being the largest market for the hydrogen generation market. Furthermore, the growth of the North American market is because of the surge in fuel cell based electrical automobiles and high number of hydrogen based refineries, which also boosts the growth of the market and the region.

KEY INDUSTRY PLAYERS

"Key Players Aim to Spread Awareness of the Products Applications"

The key market players strategize to raise awareness of hydrogen in the hydrogen storage and distribution technology industry and other diverse industries. Due to, the global concern to minimize the amount of emission produced during variated manufacturing processes, hydrogen and hydrogen based components help in reducing unwanted emissions. Key market players, increase levels of advertisement, develop innovations and promote applications of hydrogen to gain a wider consumer base and surge sales. 

List of Market Players Profiled

• Iljin Hysolus Co. (South Korea)
• Hexagon Composites (Norway)
• Faurecia (France)
• Faber Industrie SpA (Italy)
• Shenyang Gas Cylinder Safety Technology Co., LTD (China)
• Gardner Cryogenics (U.S.)
• Jiangsu Guofu Hydrogen Energy Equipment Co., Ltd (China)
• Kawasaki (Japan)
• Chart Industries (U.S.)
• Iwatani (Japan)
• The Japan Steel Works, LTD. (Japan)
• PRAGMA INDUSTRIES (France)
• MAHYTEC (France)
• Whole Win (Beijing) Materials Sci. & Tech. Co., Ltd (China)
• Hydrogenious Technologies (Germany)
• Chiyoda Corporation (Japan)
• Hynertech Co Ltd (China)

REPORT COVERAGE

This report is inclusive of types in the hydrogen storage and distribution technology market and its markets latest trends along with driving and restraining factors of the product. Additionally, this report highlights the key industry players and their current strategies and reasoning why the leading region claims the title.