Hydrogen Storage Market to Register Growth Because of Advancements in Fuel Cell Technology

Posted April 16, 2020 by ManishBaghel

One of the technologies that have been developed to encourage and achieve sustainable living is the hydrogen storage technology.
Everybody has a basic idea of what energy efficiency is — making less usage of energy, using solutions that consume less energy, or using energy that is generated from renewable sources. The main idea behind energy efficiency is to reduce the release of greenhouse gases from vehicles, refrigerators, air conditioners, and numerous other equipment. As per the International Energy Agency, energy efficiency can even boost economic growth; however, the global rate of progress is slowing. Research around the world is bent on finding ways to make life on earth sustainable, since it's likely that if humans keep using the natural resources as they have till now, the environment will not be able to take the load.

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One of the technologies that have been developed to encourage and achieve sustainable living is the hydrogen storage technology. Much like electricity, hydrogen can be produced from renewable sources, but unlike electricity, it can be stored in large quantities for a long period of time. Attributed to this, hydrogen could potentially be the way to achieve energy transition, if it is produced on an industrial scale. Because of these reasons, the global hydrogen storage market is predicted to advance at a considerable pace in the coming years.

Hydrogen can easily be stored in batteries, due to which optimal energy storage for vehicles can be achieved via battery systems and hydrogen. For example, while the hydrogen system provides the bulk energy storage, a relatively small-capacity battery could meet the peak power demands, allow for regenerative braking, and buffer the fuel cell against the changes in load, in order to extend its lifetime. The adoption of hydrogen storage in the transportation sector is further rising because of the increasing need for fuel cell vehicles, as the gas has a low procurement cost and high storage performance.

The advancements in the fuel cell technology are further resulting in a growing demand for hydrogen storage. The fuel cell technology efficiently converts energy, which is locked in chemical bonds, to electricity. As fuel cells achieve this conversion in a single step, more useful energy is extracted from the same amount of fuel than by any other device. While fuel cells can make use of several other fuels, hydrogen is most commonly utilized for generating energy. Further advancements in the technology can aid individuals in producing energy at home, instead of buying it from the national electrical grid system.

Due to the swift rise in the utilization of hydrogen to produce methanol and growing adoption of eco-friendly transportation fuels, the Asia-Pacific region is predicted to make the most use of hydrogen storage in the coming years, rather than North America. Apart from these factors, the usage of ammonia is also increasing in the manufacturing facilities located in India, China, and various other South Asian countries, which is further expected to drive the requirement for the storage of this gas, and, in turn, the hydrogen storage market.

Hence, the demand for hydrogen storage is rising because of the innovations in the fuel cell technology and need for energy efficiency.
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Issued By Manish Kumar
Business Address Noida
Country India
Categories Energy , Industry , Research
Tags Hydrogen Storage Market , Hydrogen Storage Market growth , Hydrogen Storage Market size , Hydrogen Storage Market share , Hydrogen Storage Market demand , Hydrogen Storage market forecast , Hydrogen Storage Market report , Global Hydrogen Storage Market Overview
Last Updated April 16, 2020