BANGALORE, India, June 21, 2024 /PRNewswire/ -- Solid State
Hydrogen Storage Solution Market is Segmented by Type
(Physical Adsorption Hydrogen Storage, Chemical Hydride Hydrogen
Storage), by Application (Power Battery, Transportation, Others):
Global Opportunity Analysis and Industry Forecast, 2024-2030.
The global Solid State Hydrogen Storage Solution market was
valued at USD 65 million in 2023 and
is anticipated to reach USD 423.9
million by 2030, witnessing a CAGR of 31.6% during the
forecast period 2024-2030.
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Major Factors Driving the Growth of Solid State Hydrogen
Storage Solution Market:
The market for solid-state hydrogen storage solutions is rising
quickly because there is an increasing need for safe and effective
hydrogen storage solutions for a range of uses, such as industrial
operations, transportation, and renewable energy. The use of
solid-state storage systems has several benefits over more
conventional techniques, including reduced pressure for storing
hydrogen, increased energy density, and enhanced safety. These
advantages are essential for hydrogen's acceptance as a clean
energy source, particularly for fuel cell automobiles and renewable
energy projects. Investments in solid-state hydrogen storage
technologies are rising as the need for sustainable energy
solutions grows on a worldwide scale. This is propelling industry
expansion and encouraging innovation in materials and storage
methods.
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TRENDS INFLUENCING THE GROWTH OF THE SOLID STATE HYDROGEN
STORAGE SOLUTION MARKET
The market for solid-state hydrogen storage solutions is
expanding due to the availability of chemical hydride hydrogen
storage, which is a convenient, secure, and effective way to store
hydrogen under ambient circumstances. This is especially true for
applications involving transportation. With the use of chemical
substances like metal hydrides, this technique offers a
high-density hydrogen storage choice by releasing hydrogen gas when
it reacts with water or breaks down thermally. These qualities fit
the needs of the transportation industry very well, since fuel cell
vehicles need portable and dependable hydrogen storage options.
Therefore, the growing use of hydrogen in transportation as a clean
energy source is encouraging the advancement and commercialization
of solid-state hydrogen storage technologies, increasing their
marketability and scalability.
The market for solid-state hydrogen storage solutions is
expanding due to physical adsorption hydrogen storage, which makes
use of cutting-edge materials including carbon-based nanomaterials
and metal-organic frameworks (MOFs). These materials offer a high
storage capacity in a compact shape because they can absorb
significant amounts of hydrogen at low temperatures and moderate
pressures. Applications like fuel cell vehicles that need for
efficient and lightweight hydrogen storage will find this
technology very appealing. Innovation and the use of physical
adsorption techniques are propelling advances and investments in
the solid-state hydrogen storage market as the need for clean and
sustainable energy solutions grows.
The solid-state hydrogen storage solution market is expanding as
a result of increased demand for power batteries, especially for
electric and hybrid cars. The limits of conventional batteries in
terms of energy density and charge durations underscore the need
for supplementary energy storage solutions as the car industry
shifts to greener technology. Solid-state hydrogen storage is a
desirable addition or substitute for conventional batteries since
it provides faster refueling and higher energy densities. As
industries work to incorporate adaptable and efficient energy
storage systems to fulfill a variety of power demands, this synergy
is stimulating research and development in solid-state hydrogen
storage technology.
The market for solid-state hydrogen storage solutions is
significantly influenced by environmental sustainability. There is
a deliberate attempt to switch from fossil fuels to greener energy
sources as public awareness of climate change and the negative
effects of greenhouse gas emissions grows. For many energy
applications, hydrogen presents an emission-free option, especially
when derived from renewable resources. Transportation, industry,
and domestic energy sectors can all benefit from the broad adoption
of solid-state hydrogen storage systems like metal hydrides and
chemical hydrides, which offer a safe and effective way to store
hydrogen. These solutions support the objectives of global
sustainability by lowering the carbon footprint. To encourage the
use of hydrogen, governments and international organizations are
enacting strict rules and providing incentives, which is further
propelling the market's growth.
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SOLID STATE HYDROGEN STORAGE SOLUTION MARKET SHARE
ANALYSIS
NPROXX, H2GO Power, Shanghai Hyfun Energy Technology, GKN
Hydrogen, Whole Win (Beijing) New
Energy Technology, and other prominent global players in the Solid
State Hydrogen Storage Solution market. Nearly 40% of all
manufacturers worldwide are in the top five.
With a market share of about 40%, Asia-Pacific is the largest market for solid
state hydrogen storage solutions, followed by North America and Europe.
Key Players:
- Shanghai Hyfun Energy Technology
- GKN Hydrogen
- Grz Technologies
- LAVO
- McPhy
- H2GO Power
- Whole Win (Beijing) New Energy
Technology
- General Research Institute for Nonferrous Metals
- Hystorsys
- Plasma Kinetics
- AE&M
- NPROXX
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
- Solid Hydrogen Storage Material Market
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estimated to be worth USD 4526
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- Renewables-to-Hydrogen Technology Service Market
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market was valued at USD 127
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Market
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(Nitrogen-Hydrogen Air Leak Testers) market was valued at
USD 100 million in 2023 and is
anticipated to reach USD 125.6
million by 2030, witnessing a CAGR of 3.2% during the
forecast period 2024-2030.
- Hydrogen Fuel Cell Vehicle-Mounted Hydrogen Supply
System Market
- Hydrogen Inhalers Market
- Renewable Hydrogen Market
- The global market for Cryogenics Liquid Hydrogen
Storage was estimated to be worth USD
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USD 128.4 million by 2030 with a CAGR
of 10.6% during the forecast period 2024-2030.
- Type III Hydrogen Storage Tank and Type IV Hydrogen
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- The global Hydrogen-Powered Aircraft market was
valued at USD 172 million in 2023 and
is anticipated to reach USD 1114.6
million by 2030, witnessing a CAGR of 28.9% during the
forecast period 2024-2030.
- Natural Hydrogen Market
- White Hydrogen Market
- Coal To Hydrogen Market
- Hydrogen Liquefaction Market
- Merchant Hydrogen Market
- Low Carbon Blue Hydrogen Market
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