Hydrogen has the highest energy per mass when compared to other fuels; however, due to its low ambient temperature density, the resulting energy per unit volume is low. To achieve a higher energy density, in order to use hydrogen as a fuel efficiently, the development of advanced storage methods is required. This is where hydrogen storage technology comes in; different hydrogen storage methods help the advancement of hydrogen and fuel cell technologies in various applications such as portable and stationary power and transportation.
Since hydrogen is economically viable, it is preferred as a transportation fuel to power fuel-cell vehicles and electric vehicles. In addition, the demand for hydrogen storage is also rising because of its high storage performance. It is because of such factors that the hydrogen storage market is projected to reach $991.7 million, growing with a CAGR of 7.6% in the coming years. Apart from tanks or cylinders, the different methods of storing hydrogen include merchant/bulk, on-site and on-board.
Due to the harmful effects of traditional fuels on the environment, the requirement for low-emission fuels is growing rapidly. In regions such as North America and Europe the requirement for hydrogen-powered vehicles is on the rise owing to the implementation of strict emission standards in countries such as the U.S. and the U.K. Due to stringent government regulations, awareness regarding the significance of using low-emission fuels and clean energy is predicted to increase. Readily available hydrogen filling infrastructure is also among the main factors leading to the growing adoption of hydrogen as a fuel. As stated by the U.S. Environmental Protection Agency (EPA), in 2015 more than 10,000 fuel stations in the U.S. provided alternative fuels, and that number is expected to increase in the near future.
These countries are increasingly focusing on manufacturing zero-emission hydrogen vehicles and government funds are also encouraging the switch to hydrogen-fueled vehicles. For example, the U.K. government announced an investment of $2.21 million in May 2016 to bring 100 hydrogen cars and vans in the next few years. While the regulations in developed nations regarding the use of low-emission fuels are already strict, it is the shift toward such fuels in emerging economies such as India and China that is projected to drive demand for hydrogen storage technology in the coming years. The Asia-Pacific region as a whole is expected to dominate the market due to the growing use of methanol and ammonia, which are made from the hydrogen present in gasoline. Moreover, countries including South Korea, Japan, and China are mooting stricter government regulations to produce cleaner fuels. These factors are expected to drive demand for hydrogen fuel technology in the near future.
