How is Rising Concerns Regarding Vehicular Pollution Aiding in Hydrogen Storage Market Growth?

Amidst rising concerns regarding vehicular emission and changing climate as a result of the accumulation of greenhouse gases, the need for alternative fuels is being felt across the globe. Conventional energy sources, such as crude oil, have been major contributors to environmental pollution, as they are made of carbon, and upon burning, release carbon dioxide in huge amounts. The accumulation of these gases into the environment has led to the phenomenon of global warming. Therefore, governments and various agencies across the world are trying to come up with low-emission fuels alternatives to curb vehicular emission.

Many countries across the world have implemented stricter emission laws and are working tirelessly to make consumers aware about the significance of low emission fuels and clean energy. The Environmental Protection Agency reported that as of 2015, there were over 10,000 fuel stations in the U.S. that provided alternative fuels. Further, to power fuel cell electric vehicles, hydrogen storage is gaining popularity due to the benefits of using hydrogen as fuel, such as high performance and economic viability. Further, the fluctuating prices of oil is also a factor driving the demand for alternative energy sources. 

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Hydrogen storage is a technology that has led to the advancements in hydrogen and fuel cell technologies; hydrogen is considered a clean fuel, which on burning only produces water. Hydrogen can be produced from a wide range of sources, such as biomass, natural gas, renewable energy, and nuclear power. These make hydrogen an attractive alternative fuel for transportation and electricity generation. The generated hydrogen is stored and then used as stationary power, portable power, and in transportation. A study conducted by P&S Intelligence has predicted that the hydrogen storage market would advance at a 7.6% CAGR during 2016–2026.

Hydrogen can be stored in all the three states of matter: solid, gases, or liquid. The produced hydrogen is stored in two different forms of storage: material-based and physical. Throughout 2012–2015 period, the demand for physical storage of hydrogen was more in demand. Hydrogen is stored either in a gaseous or liquid form in physical storage. Hydrogen is stored physically as liquid, compressed, or cold/cryo compressed. This type of hydrogen storage is expected to witness high demand due to the implementation of strict government regulations on emission control and poor quality of crude oil. This is expected to drive the demand for physical hydrogen storage in coming years as well.

Keeping up with the global efforts in curbing vehicular pollution, the hydrogen storage market is headed toward prosperity, as numerous countries, such as the U.K. and the U.S. have already launched programs to promote the use of hydrogen-fueled vehicles. The U.K. government is said to have invested a sum of $2.2 million in 2016 to include an additional 100 hydrogen fuel cell vans and cars in the coming years. Further, the growing demand for methanol and ammonia in countries, such as India, Japan, China, and South Korea, would also drive the demand for hydrogen storage.