Chemical Hydrogen Storage Technology Market Current Scenario and Future Prospects
Updated · Jul 13, 2023
Published Via 11Press : A key component of fixed and mobile power generation, particularly for transportation, is hydrogen storage. The need for hydrogen energy storage is increasing since hydrogen is being used more and more in chemical and oil refineries. Fertilizers, metal finishing, fertilizer, and fertilizer treatment are all produced using hydrogen. In order to reduce the sulfur content of fuels, petroleum refineries use hydrogen.
Additionally, energy storage solutions that cover the whole power spectrum (measured in megawatts) and energy storage volumes (measured in megawatt hours) are needed to address the instability of the system input from variable energy sources. For large and extremely vast energy storage, transmission, and dispersal at the gigawatt-hour and terawatt-hour scales, hydrogen is a viable secondary energy vector. The market for global chemical hydrogen storage technology is anticipated to grow at a CAGR of 5.43% from 2017 to 2029, according to HTF MI.
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The report offers Major leading Key players:
- Hynertech Co Ltd
- CIMC Enric Holdings Limited
- Shanghai H-Rise
- Hexagon Composites
- FuelCell Energy
- Nel Hydrogen
- Plug Power
- Hydrogenious Lohc Technologies
- Itn Energy Systems
- Chemical Industry
- Fuel Plant
- Hydrogen Refueling Stations
- Organic Liquid Hydrogen Storage
- Liquid Ammonia Hydrogen Storage
- Methanol Hydrogen Storage
- The industry has been growing in the Asia Pacific area at a steady rate, and due to investments and R&D advancements, more growth is anticipated to be seen throughout the forecast period, which is 2023–2029. On July 1st, 2021, IGX Group was purchased by BayoTech Inc.
- As a result of this purchase, BayoTech is now able to provide full-service hydrogen solutions, including localized hydrogen generation, transport, storage, and fuelling.
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- A market analysis of hydrogen energy storage shows that companies are developing new technologies to meet customer demand and increase comfort. The new techniques aim to reduce the weight, cost, and number of hydrogen energy storage components required.
- The efficiency of hydrogen fuel cells is increased by these scientific advancements. For instance, in July 2021, Hyzon Motors Inc., a hydrogen mobility company with headquarters in the US, developed a new onboard hydrogen storage system technology that reduces the weight and production costs of commercial cars.
- The most recent advancement in onboard hydrogen storage technology, for which a patent application has been filed, mixes the system’s metal frame with lightweight composite parts.
Market Growth Drivers:
- The need for hydrogen is growing due to the increased use of hydrogen in chemical and oil refineries, where it is also used to process food, clean metals, refine petroleum, and create fertilizer. Fuels used in petroleum refineries’ combustion processes should have less sulfur by using hydrogen.
- For instance, the U.S. Electricity Information Administration projects that by October 2020, there will be around 161 operational fuel cells spread over 108 locations across the country, producing a total of 250 megawatts (MW) of electricity by using hydrogen produced from natural gas.
- Consequently, it is projected that the market for hydrogen energy storage would grow in the future as a result of the expanding demand for hydrogen from oil refineries and the chemical sector.
- High-density hydrogen storage continues to be a significant challenge for both fixed and mobile applications as well as transportation applications. The bulk of currently known storage techniques call for large-volume hydrogen gas storage devices.
- This is less of an issue for stationary applications because the size of compressed gas tanks might not be as crucial. But for fuel-cell cars to have a range of more than 300 miles and the ability to recharge quickly and easily, hydrogen must be available in large enough amounts.
- Despite the fact that there are now a few light-duty hydrogen fuel cell electric vehicles (FCEVs) with this range, they will still need to carry large-volume, high-pressure composite containers to store compressed gas aboard.
- Although the enormous storage volumes required may not have as much of an impact on bigger vehicles, it is still challenging to deliver enough hydrogen storage across all light-duty platforms.
- One may comprehend the relevance of the 300-mile range objective by taking a look at the sales distribution by range image on this page, which shows that the majority of vehicles sold currently are capable of traveling beyond this minimum.
- The commercialization of power-to-gas technology is the next big thing because it increases the flexibility of energy systems and makes it possible to successfully integrate irregular renewable energy sources into the energy markets. Up to 4 Mt of potential hydrogen, which is anticipated to be used for heating in 2030, would originate from renewable energy sources, lowering carbon dioxide emissions, according to the International Energy Agency (IEA). In the business sector, hydrogen is utilized for fuel cell-based transportation and space heating.
- Hydrogen is a suitable option for heating large rooms since it has a large energy storage capacity. The government has made the development and construction of affordable and energy-efficient hydrogen stations around the country one of its key objectives. It is projected that these factors would quicken market growth in the US.
- Increased hydrogen applications across a multitude of sectors are predicted to drive market expansion. For instance, hydrogen is used for industrial applications in oil refineries, stationary fuel cells, and fuel cell cars and can be kept as a cryogenic liquid, compressed gas, or loosely bonded hydride chemical complex.
Information Resources for the Market Analysis of Chemical Hydrogen Storage Technology
- HTF MI has used a focused and useful research methodology for the Chemical Hydrogen Storage Technology Market that permits the examination of the relevant market dynamics in different international regions.
- Our experts also conduct comprehensive analyses on certain geographic regions to give clients and businesses the possibility to succeed in specialized Chemical Hydrogen Storage Technology Market marketplaces and expand in developing countries.
- The research of the worldwide market for chemical hydrogen storage technology also reveals how the changing player dynamics are affecting the industry’s growth.
- Furthermore, in order to compete for market domination and presence, our market analysts carefully review the products and services offered by numerous businesses in the Chemical Hydrogen Storage Technology market.
- Primary Data Collection Methods: InMail, LinkedIn Groups, Survey Monkey, Google, and Other Professional Forums were used to collect primary data from industry participants and appointees, subject-matter experts, and C-level executives of the Chemical Hydrogen Storage Technology Industry.
According to the following guidelines, primary interviews and data were collected:
- C, D, and Others by Designation
- Businesses in Tier 1, Tier 2, and Tier 3 according to Company Type Secondary data sources included regulatory websites, associations, the World Bank, press announcements, analyst meetings, conference calls, investor presentations, management comments, and annual reports of companies involved in chemical hydrogen storage technology.
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Adaptation of the Report
- With respect to: – Chemical Hydrogen Storage Technology Influencing Trends
- Trends and Innovations in Technology
- Market Life Cycle Indicators for Chemical Hydrogen Storage Technology Growth Drivers and Restrictions, HTF MI provides significant value-added analysis. Entry/Exit Barriers and New Players in the Chemical Hydrogen Storage Technology Market
- To Seize Abundant Market Opportunities Define the key business segments, the gap analysis, and the market position.
- In light of this challenging climate, a study on chemical hydrogen storage technology indicates the condition of the market and its key characteristics. HTF MI researchers organized and carried out surveys of the businesses engaged in the Chemical Hydrogen Storage Technology industry in order to address this issue.
- The generated snapshot offers a basis for comprehending why and how the market for Chemical Hydrogen Storage Technology is anticipated to grow.
- Which way is the market for chemical hydrogen storage moving? Insights are gained through financial research, surveys, and conversations with business executives.
- How can each company in this large ensemble of actors manage the new competitive landscape to position themselves to preserve the value they now express or grasp the new addressable opportunity?
Craig Francis (PR & Marketing Manager)
HTF MI Consulting Private Limited
Phone: +1 434 322 0091
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