Underground Hydrogen Storage Market Is Likely To Up Demand At A USD 5,049.94 MCM By 2030


 San Francisco, 10 June 2024: The Report Underground Hydrogen Storage Market Size, Share & Trends Analysis Report By Storage Type (Porous Media Storage, Salt Caverns, Engineered Cavities), By Region, And Segment Forecasts, 2024 - 2030

The global underground hydrogen storage market size is expected to reach 5,049.94 MCM by 2030, registering at a CAGR of 10.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. 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 infrastructure 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.

Access Research Report of Underground Hydrogen Storage Market @ https://www.grandviewresearch.com/industry-analysis/underground-hydrogen-storage-market-report

Underground Hydrogen Storage Market Report Highlights

  • In terms of volume, the salt caverns segment accounted for the largest share of 97.97% in 2023 and this segment is further expected to witness steady growth over the forecast period
  • In 2022, Europe accounted for the largest volume share of 58.76% in 2023. 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

Underground Hydrogen Storage Market Report Scope

Report Attribute

Details

Market demand volume in 2024

2,780.67 MCM

Volume forecast in 2030

5,049.94 MCM

Growth rate

CAGR of 10.5% from 2024 to 2030

Base year for estimation

2023

Historical data

2018 - 2022

Forecast period

2024 - 2030

List of Key Players in the Underground Hydrogen Storage Market

  • Air Liquide
  • Air Products and Chemicals, Inc.
  • Engie
  • Linde plc
  • Texas Brine Company, LLC
  • Uniper SE
  • WSP

Access Press Release of Underground Hydrogen Storage Market @ https://www.grandviewresearch.com/press-release/global-underground-hydrogen-storage-market

About Grand View Research

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.

For More Information: https://www.grandviewresearch.com/horizon

 

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