Analysis of Hydrogen Storage Market by 2023
A fresh report has been added to the wide database of
Business Industry Reports. The research study is titled
“Hydrogen Storage Market” by Manufacturers, Countries,
Type and Application, Forecast to 2023 which provides
important data about the production, consumption, revenue
and company profiles for key industry participants.
Global Hydrogen Storage Market Synopsis:
According to Market Analyst, The Global Hydrogen Storage Market is expected to grow at an impressive
Compound Annual Growth Rate (CAGR) from 2019 to 2023.
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The Hydrogen Storage industry has also suffered a certain impact, but still maintained a relatively
optimistic growth, the past four years, Hydrogen Storage market size to maintain the average annual
growth rate of 8.14% from 393 million $ in 2014 to 496 million $ in 2018, Market analysts believe that in
the next few years, Hydrogen Storage market size will be further expanded, we expect that by 2023, The
market size of the Hydrogen Storage will reach 737 million $.
Hydrogen has been recognized and accepted as an alternative source of energy. Hydrogen is the third
most common element present on the earth, generally as a part of chemical compounds. Currently,
natural gas accounts for a major share of the global hydrogen production followed by oil, coal, and
electrolyzed water. However, hydrogen storage is an essential technology for the advancement of
hydrogen usage as an alternate energy source. Hydrogen contains the maximum energy per mass
among all fuels.
Hydrogen Storage market can be segmented on the basis of Type, Industry, and geography. In the Type
segment, Hydrogen Storage can be sub segmented into physical-Based and Material-Based. Based on
Industry, Market further sub segmented into Chemicals, Oil Refining, Industrial, Automobile.
Regionally, Asia Pacific is expected to dominate the global hydrogen storage market, expanding at a
significant rate during the forecast period. The developing markets in China and India is the key reason
for the dominance of Asia Pacific over the global market.