Global Underground Hydrogen Storage Market Set for Remarkable Growth by 2030, Driven by Transition to Clean Energy

News provided by

Feb 01, 2024, 22:30 ET

DUBLIN, Feb. 1, 2024 /PRNewswire/ -- The "Underground Hydrogen Storage Market Report: Trends, Forecast and Competitive Analysis to 2030" report has been added to ResearchAndMarkets.com's offering.

Exciting opportunities await in the global underground hydrogen storage market with the industry forecasted to expand at a compound annual growth rate (CAGR) of 10.6% from 2024 to 2030

An insightful study has been added to a notable research collection, providing an in-depth analysis of trends, forecasts, and competitive dynamics reaching into the next decade.

The comprehensive research casts a spotlight on key segments by storage type, including depleted oil & gas reservoirs, salt caverns, mines, and other forms of hydrogen storage. It divulges significant data, revealing that depleted oil & gas reservoirs are tipped to be the fastest-growing segment given their extensive capacity and cost-effectiveness.

With an emphasis on the application spectrum, the report classifies the market into transportation, power generation, industrial processes, and other uses. The transportation segment is projected to dominate market share, owing primarily to the emerging trend of hydrogen-fueled vehicles.

Geographically, the Asia Pacific region is anticipated to experience the most substantial growth, attributable to rising investments and proactive initiatives supporting hydrogen infrastructure development. Likewise, North America and Europe are also expected to contribute significantly to the industry's ascent.

In analyzing competitive strategies, the study suggests industry players are focusing on expanding manufacturing facilities, embarking on research and development initiatives, and pursuing technological innovation. This strategic direction aims to satisfy the burgeoning demand, enhance cost-effectiveness, and secure a stronghold in the market.

Announcement of these insightful market findings will aid stakeholders in making informed business decisions and developing strategic plans that align with the industry's growth trajectory. The analysis offers a crystal-clear view of the sector, pinpointing growth opportunities, strategic actions taken by key players, and the competitive landscape.

The report provides an exhaustive evaluation of market dynamics, unfolding trends, customer demands, and recent developments led by industry front-runners. This extensive research underscores the transformative potential of underground hydrogen storage, heralding a future where clean energy is not just envisioned but implemented.

Market Dynamics and Competitive Insights

Detailed examination of market drivers, including the escalating demand for reliable energy and a global imperative to diminish carbon emissions.
Segmentation analysis by value offered for various storage types and applications from 2018 to 2030.
Forecasts illustrating regional market growth, with a special focus on Asia Pacific's dominant role.
Comprehensive mapping of growth opportunities by storage type, application, and geography.
Incisive strategic analysis including mergers & acquisitions, product innovations, and Porter's Five Forces model to gauge competitive intensity.

A selection of companies mentioned in this report includes

Linde
Air Liquide
Praxair
ITM Power
Iwatani
Hexagon Composites
Mcphy Energy

For more information about this report visit https://www.researchandmarkets.com/r/yjxwa2

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo - https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets