7 Growth Trends Shaping the Hydrogen Storage Market

7 Growth Trends Shaping the Hydrogen Storage Market


Jul 10, 2024

Blog Energy and Resources 7 Growth Trends Shaping the Hydrogen Storage Market

What is Hydrogen Storage?

Hydrogen storage refers to the methods and technologies used to safely store hydrogen gas for various applications. Since hydrogen is a gas at room temperature and pressure, storing it efficiently is critical for its use as a clean energy source. Common methods include compressing hydrogen gas into high-pressure tanks, liquefying it at extremely low temperatures, or absorbing it into solid materials like metal hydrides or carbon-based structures. Each method has its advantages and challenges, which affect storage capacity, safety, and energy efficiency.

Market Projection: A Glimpse into the Future

According to BCC Research, the global hydrogen storage market is projected to increase from $5.3 billion in 2023 to $7.7 billion by the end of 2028, with a compound annual growth rate (CAGR) of 7.6% from 2023 through 2028. In terms of volume, the market is anticipated to reach 3.1 million metric tons (MMT) with a CAGR of 12.1%. This growth is fueled by increased demand for clean energy solutions and advancements in storage technologies.



Hydrogen Storage: Materials, Technologies and Global Markets

The global market for hydrogen storage materials and technologies is expected to grow from $5.3 billion in 2023 to $7.7 billion by the end of 2028, at a compound annual growth rate (CAGR) of 7.6% from 2023 through 2028.

Case Study: Japan's Hydrogen Storage Success

  • Overview: Japan has been a leader in hydrogen technology, implementing comprehensive hydrogen strategies to reduce carbon emissions.
  • Key Insights: The Japanese government has made significant investments in hydrogen storage infrastructure, promoting the development of hydrogen-powered vehicles and fueling stations. Leading companies in this trend, like Toyota and Toshiba, have successfully integrated hydrogen storage in real-world applications.

Case Study: Germany's Green Hydrogen Initiative

  • Overview: Germany's commitment to green hydrogen has led to significant advancements in hydrogen storage technology.
  • Key Insights: The German government’s investment in green hydrogen generation and storage is part of its broader energy transition plan. Projects such as the HY-POWER initiative are exploring large-scale hydrogen storage solutions to support renewable energy integration.

Investment Opportunities in Hydrogen Storage

  • Why Invest? The hydrogen storage market offers robust investment opportunities, fueled by technological advancements and rising demand for clean energy solutions.
  • Hot Spots: Key areas for investment include technology development, infrastructure growth, and companies developing innovative storage solutions. Investors can expect substantial returns as the market grows and technology matures.

Key Players in Hydrogen Storage Market

What They Do: Air Liquide is a leading company in industrial gases, with a significant focus on hydrogen production and storage.

Offerings: The Company specializes in advanced cryogenic hydrogen storage solutions, hydrogen production plants, and a network of over 50 hydrogen refueling stations globally.

Innovations: Air Liquide is a key player in the Normandy project in France and is renowned for its cryogenic storage technology, which can store hydrogen at extremely low temperatures of -253°C.

What They Do: Linde is a global leader in industrial gases and engineering, with extensive expertise in hydrogen technologies.

Offerings: They provide a wide range of hydrogen storage solutions, including high-pressure gas storage systems, cryogenic liquid hydrogen tanks, and hydrogen refueling stations.

Innovations: Linde operates the world's first high-purity hydrogen storage cavern, which can supply hydrogen to customers during peak demand. This cavern is a part of a 340-mile pipeline network that serves refineries and chemical plants.

What They Do: Chart Industries is a global leader in engineering and manufacturing, specializing in industrial gas and energy equipment, with a strong focus on hydrogen.

Offerings: They offer a wide range of hydrogen storage solutions, including cryogenic tanks for liquid hydrogen, high-pressure storage systems, and integrated fueling stations. Chart also offers equipment for hydrogen production and transportation.

Innovations: Their storage tank designs include rapid detection of leaks or losses, along with a potential accumulation system for leaks. Additionally, Chart Industries has partnered with Nikola to supply liquid hydrogen storage tanks, mobile and modular refueling stations, and liquid hydrogen transport trailers.

Startups in Hydrogen Storage Industry

What They Do: NPROXX specializes in high-pressure hydrogen storage solutions for various applications, including transportation and industrial use.

Offerings: NPROXX produces composite Type 4 pressure vessels for hydrogen storage infrastructure, refuelling stations and hydrogen-powered vehicles. They offer lightweight and durable solutions designed for both stationary and mobile applications.

Innovations: They use special liner technology to minimize hydrogen leakage from their storage vessels, thereby enhancing safety and long-term storage efficiency. NPROXX leverages decades of experience in producing complex CFRP (carbon fiber reinforced polymer) products.

What They Do: H2GO Power develops advanced hydrogen-based energy storage solutions, focusing on safety and efficiency for various applications.

Offerings: They provide hydrogen storage systems using proprietary nanomaterial technology, aimed at grid energy storage, backup power and renewable energy integration.

Innovations: H2GO Power is known for their patented solid-state hydrogen storage technology, offering high energy density and safety, contributing to a sustainable energy infrastructure.


The hydrogen storage market is at the forefront of the clean energy revolution, offering significant opportunities for innovation and growth. Leading companies like Air Liquide, Linde, and Chart Industries, alongside innovative startups such as NPROXX and H2GO Power, are spearheading advancements in high-pressure tanks and solid-state storage technologies. Countries like Japan and Germany are leading with successful hydrogen initiatives, showcasing the real-world potential of hydrogen storage. With robust investment opportunities and a promising outlook, stakeholders can capitalize on this transformative sector, paving the way for a greener, hydrogen-powered future.

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    Karishma Arora

    Written By Karishma Arora

    Karishma Arora is an Assistant Team Lead in Marketing Operations at BCC Research, with a master's degree in commerce. She is a passionate marketer with a knack for creativity and data-driven strategies.

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