Dublin, May 19, 2023 (GLOBE NEWSWIRE) -- The "Underground Hydrogen Storage Market Size, Share & Trends Analysis Report By Storage Type (Porous Media Storage, Salt Caverns, Engineered Cavities), By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global underground hydrogen storage market size is expected to reach 5.05 BCM by 2030. The market is expected to expand at a CAGR of 10.7% from 2023 to 2030.
Companies Mentioned
- Air Products and Chemicals, Inc.
- Air Liquide
- Linde Plc
- Engie
- Uniper SE
- Texas Brine Company, LLC
- WSP
- NEUMAN & ESSER GROUP
- Hychico S.A.
The underground hydrogen storage market is projected to observe significant growth over the estimated period owing to an increase in hydrogen production and a lack of viable alternatives for large-scale hydrogen storage. Underground hydrogen storage is currently the only viable large-scale storage technology for hydrogen due to its ability to safely store large quantities of hydrogen in a compact and secure location.
One of the main advantages of underground storage is that it is much safer than above-ground storage as hydrogen has a very low flash point and is highly flammable. Underground storage eliminates the risk of accidents or leaks as the hydrogen is stored deep below the ground in a sealed container. This also means that there is no risk of damage to the surrounding environment or infras
tructure in the event of an accident.
Salt caverns dominated the type segment in 2022 and this segment is expected to maintain its position over the forecast period. Salt caverns are developed from existing salt reserves. Underground salt caverns are considered the best option for bulk hydrogen storage due to their structural strength, which makes caverns capable enough against degradation to ensure the long life of the storage facility.
Demand for underground hydrogen storage is projected to rise over the forecast period owing to the increasing demand for hydrogen and programs to cut carbon emissions. The increasing investments in research and development for underground hydrogen storage in regions like North America, the Middle East & North Africa, and the Asia Pacific are expected to strengthen market growth.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 64 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $2.47 BCM |
| Forecasted Market Value (USD) by 2030 | $5.05 BCM |
| Compound Annual Growth Rate | 10.7% |
| Regions Covered | Global |
Underground Hydrogen Storage Market Report Highlights
- In terms of volume, salt caverns in the storage type segment accounted for a prominent share of the market in 2022 and this segment is further expected to witness steady growth over the forecast period
- In 2022, Europe accounted for more than 53.88% share of the overall market. Lower building and operational costs coupled with higher safety offered by salt caverns are expected to result in the growth of the salt caverns storage segment in the underground hydrogen storage market in regional economies
- Various strategic initiatives have been recorded over the past few years to boost the growth of the market. For instance, in January 2021, Storengy and HyPSTER collaborated for an investigation on the conversion of a salt cavern facility to underground hydrogen storage situated in Etrez, France
Key Topics Covered:
Chapter 1 Methodology & Scope
Chapter 2 Executive Summary
Chapter 3 Market Variables, Trends, & Scope
3.1 Penetration & Growth Prospect Mapping
3.2 Industry Value Chain Analysis
3.3 Regulatory Framework
3.3.1 Standards and Compliances
3.4 Hydrogen Underground Storage Market Dynamics
3.4.1 Market Driver Analysis
3.4.1.1 Increase in THE Adoption of hydrogen technologies
3.4.1.2 Lack of Viable Alternatives
3.4.2 Market Restraint Analysis
3.4.2.1 High cost of building and maintenance of Underground Hydrogen Storage
3.4.3 Market Opportunities
3.4.4 INDUSTRY ANALYSIS - PORTER'S
3.4.5 PESTEL ANALYSIS
3.5 Impact of COVID-19 on the Underground Hydrogen Storage Market
3.5.1 Impact Verdict - Medium
3.6 Comparison of Hydrogen Generation Vs Underground Hydrogen Stored
3.7 Number of wells drilled, by region, 2018-2021
3.8 Average spending on wells drilled, by region, 2018-2021 (USD thousand)
Chapter 4 Underground Hydrogen Storage Market: Storage Type Estimates & Trend Analysis
4.1 Underground Hydrogen Storage Market: Storage Type Movement Analysis, 2022 & 2030
4.2 Porous Media Storage
4.2.1 Underground Hydrogen Storage Market estimates and forecasts for Porous Media Storage, 2018 - 2030 (TCM)
4.3 Salt Caverns
4.3.1 Underground Hydrogen Storage Market estimates and forecasts for Salt Caverns, 2018 - 2030 (TCM)
4.4 Engineered Cavities
4.4.1 Underground Hydrogen Storage Market estimates and forecasts for Engineered cavities, 2018 - 2030 (TCM)
Chapter 5 Underground Hydrogen Storage Market: Regional Estimates & Trend Analysis
Chapter 6 Competitive Analysis
6.1 Recent Developments & their Impact on the Industry
6.2 Vendor Landscape
6.2.1 List of Key Distributors & Channel Partners
6.2.2 Company Market Positioning Analysis
Chapter 7 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/xthy1h
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.
Attachment
