Hydrogen Storage Market: Growing Need for Clean and Reliable Power Source Driving Growth

San Francisco, California, October 04, 2017: TMR Research has published a new report titled, Hydrogen Storage Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025.” The global demand for alternate power is increasing on account of the depleting reserves of conventional fuel as well as because the power production process using conventional fuels poses great environmental hazards. Various research activities have been carried out in search of alternate and reliable power sources. This has led to the possibility of hydrogen being used for alternate power generation. Hydrogen is an extremely clean, renewable source of energy. The field of hydrogen fuel cells is being studied by many of late. The report gives an overview of the global hydrogen storage market, its background, application, classification, and need. The report is comprehensive and makes use of tables, charts, maps, and graphics to depict data in an easy-to-understand way.

The report gives a detailed description of the factors which are boosting the growth of the global hydrogen storage market. According to the same, the market is greatly benefiting from the escalating demand for transportation fuels and growing focus on the development of clean fuels due to environmental concerns. The growing technological advancements in the field of fuel cell vehicles will also aid the growth of the hydrogen storage market across the globe. It is anticipated that within a few years hydrogen-powered fuel cell vehicles will replace conventional powered vehicles and this will drive the hydrogen storage market. This is likely to be more true for developed nations of Europe and North America. The market for hydrogen storage would also benefit from the growing consumption of hydrogen across industries such as chemicals, oil refining, and metal working.

The report not only discusses the key factors boosting the growth of the global hydrogen storage market but also discusses all the factors that will impede the growth of the market and pose a challenge for market players. One of the leading challenges of the hydrogen storage market is limited hydrogen refilling facilities. This is especially true for emerging nations. The under-developed hydrogen refilling facilities will thus obstruct the growth of the hydrogen storage market.

The report segments the global hydrogen storage market on the basis of geography into Asia Pacific, Europe, North America, and the Rest of the World. Of these, the market in Asia Pacific is at present the leading revenue generator in this market. The high demand for industrially viable compounds in developing nations such as China and India will be one of the factors behind the growth of the Asia Pacific hydrogen storage market. In addition to this, the growing stringent regulatory policies that govern the oil and gas sectors in India and China will drive the need for alternative, cleaner fuels. This in turn, will drive the hydrogen storage market. Japan and South Korea are not behind. These two countries are adopting innovative measures for the promotion of fuel cell vehicles. Subsidies is one of the strategies adopted for motivating the use of hydrogen as fuel in these two nations, which in turn will drive the hydrogen storage market in Asia Pacific.

The report profiles key vendors operating in the global hydrogen storage market for the purpose of study. They are: Linde AG, Worthington Industries, Inc., Praxair, Inc., and Luxfer Holdings Plc. The business and financial overview of these companies and their recent developments are also given.

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