The hydrogen storage market is predicted to
register substantial growth in the coming years, which is attributed to the
increasing usage of hydrogen storage tanks in the transportation sector, rising
requirement for low emission fuels, and growing consumption of ammonia and
methanol across the world. As per the U.S. Department of Energy, hydrogen
storage is considered as a major enabling technology for the advancements of
hydrogen and fuel cell technologies in different applications, such as portable
power, stationary power, and transportation. Based on form of storage, the
market is divided into material-based and physical.
When storage is taken into consideration, the hydrogen
storage market is categorized into on-site, cylinder, on-board, and
merchant/bulk. Out of these, the cylinder category dominated the market in the
past and is further expected to account for the major share of the market in
the near future. The reason for this the rising demand from electronics, food,
and metal working industries. The fastest growth in demand is projected to be
witnessed by the on-board category during the forecast period due to increasing
development of hydrogen-powered vehicles in South Korea and Japan.
For more info visit: http://bit.ly/2PfjD8z
Geographically, Asia-Pacific (APAC) held the largest
share of the hydrogen storage market in the past and is predicted to
dominate the market in the coming years as well. North America is expected to
witness the fastest growth in the near future, along with APAC. This is due to
the rising requirement for hydrogen-powered cars, which is driven by the availability
of proper hydrogen filling infrastructure and strict government regulations in
the U.S. The hydrogen storage market in the U.S. is expected to dominate the
market in the coming years.
The rising consumption of ammonia and methanol around
the world is a major driving factor of the hydrogen storage market in the U.S. and across the world. Power optimizers and micro-inverters,
collectively known as module-level power electronics (MLPE), are gaining
popularity. MLPE technology provides optimal performance and more power output
than the traditional photovoltaic (PV) systems when installed in unevenly
shaded regions. Attributed to this, different countries are increasingly making
use of micro inverters, which is further expected to drive the demand for hydrogen
storage in the coming years.
Another primary factor driving the growth of the hydrogen
storage market is the increasing usage of hydrogen storage tanks in the
transportation sector. As hydrogen storage systems are economically viable and
have high storage performance as compared to other sources, they are
increasingly being preferred for transportation fuels in order to power fuel
cell vehicles and electric vehicles. As per the World Nuclear Association the
requirement for hydrogen for the production of transport fuels from crude oil
is projected to rise at a considerable pace in the coming years.
A key trend in the hydrogen storage market is
the rising focus on research & development (R&D) for advancements in
the hydrogen storage technology. In recent years, India, the U.S., and the U.K.
have been increasingly focusing on R&D activities in order to ensure the
development of adequate hydrogen storage for onboard light-duty vehicles,
portable power applications, and material-handling equipment. In addition to
this, the National Renewable Energy Laboratory, in collaboration with the U.S.
Department of Energy, is increasingly focusing on the development of high
performance and cost-effective fuel cell and hydrogen technologies.
0 Comments