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.

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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 theU.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 (RD) for advancements in the hydrogen storage technology. In recent years, India, the U.S., and the U.K. have been increasingly focusing on RD 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.

Hence, the market is being driven by the growing use of hydrogen storage tanks in the transportation sector and increasing consumption of methanol and ammonia across the globe.