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High costs and institutional challenges are the greatest barriers to the growing market
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Oct 28, 2021, 05:15 ET
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BOULDER, Colo., Oct. 28, 2021 /PRNewswire/ — A new report from Guidehouse Insights provides forecasts for the market potential for hydrogen storage technologies and includes all major global regions over a 10-year forecast period through 2030.
Sector-coupling, an avenue in which green hydrogen is an integral fuel for facilitating a transition to net zero, is gaining momentum. To satisfy this forecast hydrogen demand, scaling up infrastructure across generation, transmission, distribution, and storage is imperative. Due to inherent variability along the hydrogen supply-demand chain, hydrogen storage is critical to the development of the hydrogen economy. According to a new report from Guidehouse Insights, Europe is anticipated to remain the largest market globally for hydrogen storage technologies through 2028, when it is expected to be surpassed by North America.
"Although hydrogen storage is still a nascent market, it has significant growth potential," says Shantanu Chakraborty, senior research analyst with Guidehouse Insights. "Hydrogen’s decarbonization potential, an increase in demand for reliable and flexible power, the possibility to reuse existing infrastructure and networks, and global government support are all drivers for hydrogen storage technologies."
While strong growth is expected, there are certain barriers to progress. The most pressing issues facing the hydrogen storage market are high costs and institutional challenges associated with incentivizing technologies and enabling cross-policy alignment for infrastructure planning. The market also faces R&D challenges associated with individual storage technologies, according to the report.
The report, Hydrogen Storage Technologies Market, provides forecasts for the market potential for hydrogen storage technologies. The chief objective of this report is to determine the status of this emerging industry and the potential future growth of hydrogen technologies. All major global regions are included (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa), and the report examines a 10-year forecast period through 2030. The report also notes market drivers and barriers and technology trends in the hydrogen storage technologies space. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
Guidehouse is a leading global provider of consulting services to the public sector and commercial markets, with broad capabilities in management, technology, and risk consulting. By combining our public and private sector expertise, we help clients address their most complex challenges and navigate significant regulatory pressures focusing on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that help our clients outwit complexity and position them for future growth and success. The company has more than 12,000 professionals in over 50 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit www.guidehouse.com.
* The information contained in this press release concerning the report, Hydrogen Storage Technologies Market, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
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SOURCE Guidehouse Insights
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