Hydrogen Storage Market Predicted to Attain $991.7 Millionby Manish Kumar Digital Analyst
As per the World Nuclear Association, the requirement for hydrogen for producing transport fuels from crude oil is predicted to grow at a rapid rate in the coming years. In addition to this, hydrogen itself can be used as fuel. It has the highest energy per mass when compared to other fuels; however, due to its low ambient temperature density, the resulting energy per unit volume is low. To achieve a higher energy density, in order to use hydrogen as a fuel efficiently, the development of advanced storage methods is required. This is where the hydrogen storage technology comes in; different hydrogen storage methods help in the advancement of hydrogen and fuel cell technologies in various applications, such as portable power, stationary power, and transportation.
Since hydrogen is economically viable, it is preferred as transportation fuel to power fuel cell vehicles and electric vehicles. In addition, the demand for hydrogen storage is also rising because of its high storage performance. It is because of such factors that the hydrogen storage market is projected to reach $991.7 million, growing with a CAGR of 7.6% in the coming years. Apart from tanks or cylinders, the different methods of storing hydrogen include merchant/bulk, on-site, and on-board.
Due to the harmful effects of traditional fuels on the environment, the requirement for low-emission fuels is growing rapidly. In regions such as North America and Europe, the requirement for hydrogen-powered vehicles is on a rise owing to the implementation of strict emission standards in countries such as the U.S. and the U.K. Furthermore, due to the stringent government regulations, the awareness regarding the significance of using low-emission fuels and clean energy is predicted to increase. The readily available hydrogen filling infrastructure is also among the main factors leading to the growing adoption of hydrogen as a fuel. As per the Environmental Protection Agency (EPA), as of 2015, more than 10,000 fuel stations in the U.S. provided alternative fuels, and this number is expected to increase in the near future.
These countries are increasingly focusing on manufacturing zero-emission hydrogen vehicles, and government funds are also encouraging the switch to hydrogen-fueled vehicles. For example, the U.K. government announced an investment of $2.21 million in May 2016 to bring 100 hydrogen cars and vans in the next few years. While the regulations in developed nations regarding the use of low-emission fuels are already strict, it is the shift toward such fuels in emerging economies, such as India and China, that is projected to drive the demand for hydrogen storage technology in the coming years. The Asia-Pacific region as a whole is expected to dominate the market due to the growing use of methanol and ammonia, which are made from the hydrogen present in gasoline. Moreover, countries including South Korea, Japan, and China are stressing upon stricter government regulations for producing cleaner fuels. These factors are expected to drive the demand for hydrogen fuel technology in the near future.
Created on Sep 23rd 2019 18:44. Viewed 133 times.