Press Release Description

Underground Hydrogen Storage Market to Achieve a CAGR of 28.45% During 2024-30

The Global Underground Hydrogen Storage Market size is projected to grow at a CAGR of 28.45% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The growing demand for hydrogen to decarbonize various sectors, such as transportation, critical manufacturing, power generation, heating & cooling, etc., is propelling the need for low-carbon-intensive hydrogen. The hydrogen produced from low-carbon sources or clean hydrogen in the current period has proven to be inconsistent. The intermittency concern lying with hydrogen produced with the help of solar, wind, and biomass leads to uneven hydrogen generation, thus impacting the efficiency of the hydrogen generation system.

Furthermore, the issues in the supply of economic oil & gas and coal due to global disruptions such as political instabilities, production crunch, etc., also impact the production of blue hydrogen. The severe investment in the establishment of carbon capture technologies has also slowed the progress of blue hydrogen globally. Hence, to stabilize the ever-surging demand for hydrogen and its volatile supply, hydrogen storage has been viewed as a critical aspect of the smooth transition to hydrogen as a fossil fuel substitute around the globe.

In addition to the investments and funding for the development, alliances are being formed by the major players of the industry for the advancement of the market in their region, further states the research report, “Global Underground Hydrogen Storage Market Analysis, 2024.”

Global Underground Hydrogen Storage Market

Global Underground Hydrogen Storage Market Segmentation Analysis

Industrial (Feedstock & Reducing Agent) Segment Expected to Hold Major Market Share

Based on the end users, the market is segmented into Energy (power generation & heating), Industrial (feedstock & reducing agent), and Transportation (logistics & mobility). Among them, the Industrial segment is expected to account for the majority share of the Underground Hydrogen Storage Market owing to rising demand from manufacturing sectors. Hydrogen is used as a key feedstock to produce numerous products & processes such as fertilizers, active pharmaceutical ingredients, synthesis of oils and surfactants for the FMCG industry, etc.

With the burgeoning global population and urbanization, there has been a soaring need for hydrogen to support the industrial manufacturing sector in China, India, Brazil, and Europe. The Indian government has allocated a budget of more than USD90 million to the Department of Chemicals & Petroleum to boost the chemical & petrochemical sector. Moreover, similar investments & initiatives by other countries are anticipated to enhance the Global Underground Hydrogen Storage Market size in the forthcoming years.

North America is Anticipated to Account for a Prominent Market Share

North America is poised to witness considerable growth in the forecast years. In line with the presence of more than 400 underground gas storage (UGS) facilities in the region showcases a high potential to store large-scale hydrogen in the future. The current developed hydrogen storage capacity in the region is less than 0.1% of the total potential storage capacity. However, with the increasing investments by the global energy players for the advancement of the hydrogen industry of the region, the North America Underground Storage Market is predicted to grow considerably higher as compared to the other regions.

Competitive Landscape

ACES Delta LLC, HyStock (A Gasunie Company), RAG Austria AG, EWE, Enagas SA, Air Liquide, Linde Plc, Engie, Uniper SE, Texas Brine Company, LLC, WSP, Hychico SA, H2eart for Europe, Atco Mining Inc., and others, are the top players in Global Underground Hydrogen Storage Market.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Volume, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the Global Underground Hydrogen Storage Market?
  3. What key factors would propel and impede the industry across the globe?
  4. How has the industry been evolving in terms of geography & solution adoption?
  5. How has the competition been shaping across various regions?
  6. How has the buying behavior, customer inclination, and expectations from key stakeholders been evolving during 2019-30?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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