Hydrogen Storage Market Will Reach USD 6.47 Billion By 2025

 Global Hydrogen Storage Market is anticipated to reach USD 6.47 billion by 2025. Hydrogen storage is a key technology for the development of fuel and hydrogen cell technologies in applications comprising portable power, transportation, and stationary power. The factors that propel the growth of the hydrogen storage market include surge in the consumption of oil across the globe, increase in the demand for transportation fuels, decline of global crude oil quality, and strict environmental standards for the production of cleaner fuels.

On the other hand, there are factors that may hamper the growth of the market including restricted accessibility of hydrogen refilling infrastructure in the emerging economies. Hydrogen storage industry is anticipated to grow at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.

The important trend observed in the hydrogen storage industry is increasing focus on R&D for the growth of hydrogen storage technology. In recent times, the U.S., India, and England have been progressively focusing on R&D activities that could support the technological improvements in hydrogen and fuel cell technologies.

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The market of hydrogen storage may be explored by form of storage, type of storage, application, and geography. The market may be explored by form of storage as Material-based and Physical. The “Physical” segment led the hydrogen storage market in 2016 and is anticipated to maintain its dominance by 2025. The key factor that may attributed to the growth of market includes high demand across various applications.

Based on type of storage, the market may be classified as On-board, Merchant/bulk, Cylinder, and On-site. The “Cylinder” segment led the hydrogen storage industry in 2016 and is anticipated to maintain its dominance by 2025. The key factor that may attributed to the growth of market includes increase in demand for end-use applications, such as food, electronics industries and metal working.

The key applications that could be explored in the market of hydrogen storage include General Industry, Oil Refining, Chemical, Metal Working, and Transportation. The “Transportation” segment led the hydrogen storage industry in 2016 and is anticipated to maintain its dominance by 2025. The key factor that may attributed to the growth of market includes increasing demand for hydrogen powered fuel cell vehicles in North America and Europe.

Asia-Pacific accounted for the major share of the Hydrogen Storage Market Size in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include strong requirement for ammonia and methanol from emerging nations, such as India, China and Malaysia and increasing demand forH2 and fuel cells. Asia-Pacific is likely to be followed by the North American region.

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Some of the key players that fuel the growth of the market of hydrogen storage comprise Praxair Technology, Inc., H Bank Technology Inc., Hexagon Composites ASA, Air Liquide, The Linde Group, Cella Energy Limited, Pragma Industries, VRV S.P.A, McPhy Energy S.A., and Eutectix LLC. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.

Market Segment:

Type Outlook By Revenue (USD Million, 2014 - 2025)
• Physical Based
• Material Based

Application Outlook By Revenue (USD Million, 2014 - 2025)
• Stationary Power
• Portable Power
• Transportation

Regional Outlook By Revenue (USD Million, 2014 - 2025)
• North America
• U.S.
• Canada
• Mexico
• Europe
• UK
• Germany
• RoE
• Asia Pacific
• India
• China
• RoAPAC
• CSA
• MEA

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Flywheel Energy Storage Market Is Likely To Gain A Significant CAGR In The Forecast Period

 The flywheel energy storage market is driven by rising industrialization and inclination towards eco-friendly sources of energy. Flywheel offers excellent properties such as low costs for maintenance and is an eco-friendly alternative. Rising demand for uninterrupted power supply and backup supplies is likely to boost up the market growth in the forecast period. Surge in demands for efficient energy supplies from the automotive industry is likely to pump the market growth during the forecast period.

Application segment for flywheel energy storage market includes distributed energy generation, transport, data centers and UPS. Geographical segmentation flywheel energy storage market includes North America, South America, Europe, Asia-Pacific, Middle East and Africa. Asia-Pacific market is likely to gain a significant CAGR in the forecast period owing to rise in population, significant investments and advances in the grid infrastructure in developing countries.

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North American and European markets are likely to gain a significant CAGR in the forthcoming period due to the presence of manufacturing unit and setups. Significant investments and advances in the grid infrastructure in these regions is likely to propel the market growth in the forecast period. Middle East and African countries account for a remarkable market share owing to rise in product design and technological advances.

The global Flywheel Energy Storage Market is anticipated to reach USD 477.8 million during the forecast period. Energy storage systems (ESS) enables a means of enhancing the competency level of electrical systems in cases of imbalance between demand and supply. Fundamentally, they are the vital elements to enhance the permanence and quality in electrical networks. Flywheels have a high life, durability and augmented efficiency and readily stores loads of energies when aligned with storage banks. Commercially, with the rise in issues pertaining to energy crisis, flywheel energy storages have gained a positive traction.

The key players mentioned in the flywheel energy storage industry include EnSync Energy, Beacon Power, Vycon Energy, Active Powder, Temporal Power Ltd, Pentadyne Power Corporation, and Kinetech Power Company.

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Market Segment:

Application Outlook (Capacity, KW; Revenue, USD Thousand, 2013 - 2024)
• UPS
• Distributed Energy Generation
• Transport
• Data Centers
• Others

Regional Outlook (Capacity, KW; Revenue, USD Thousand, 2013 - 2024)
• North America
• U.S.
• Europe
• Germany
• UK
• Asia Pacific
• South Korea
• Japan
• Latin America
• Brazil
• MEA

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Pressure Vessel Market Will Grow as Rising Demand for Power Generation Capacity

 Global Pressure Vessel Market is anticipated to reach USD 225.84 billion by 2024. Pressure vessels, as the name suggests, store high-pressure gases and liquids. The factors that propel the growth of the market include rising demand for power generation capacity and growing upstream & downstream activities in oil & gas manufacturing. On the other hand, there are factors that may hamper the growth of the market including growing environmental consciousness involving mining activities.

Pressure Vessel industry is anticipated to grow at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe. The market may be explored by material type, product, end users, and geography. The industry may be explored by material type as Composite, Steel Alloy, and Other Alloy.

The Pressure Vessels Market could be explored based on product as Separator, Boiler, Nuclear Reactor, and Other. The “Boiler” segment led the Pressure Vessel Industry in 2015 and is anticipated to maintain its dominance by 2024 owing to growing demand for petrochemicals and chemicals, and growing power plants in Asia Pacific as boilers are used in these plants for generating electricity.

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The market may be analyzed by end users as Chemical Industry, Petrochemical, Coal Chemical Industry, Non-Ferrous Metal, Nuclear Power, and Other. The “Chemical Industry” segment led the Pressure Vessel Market in 2015 and is anticipated to maintain its dominance by 2024 owing to growing chemical schemes in emerging counties including the Asia Pacific, and Middle East.

Asia-Pacific accounted for the major share of the Pressure Vessel Market Size in 2015 and will continue to lead in the forecast period. The factors that could be attributed to the growth include growing demand for power generation and electricity capacity embellishments, growing focus on renewable power generation and transformation of current power organization is expected to additionally increase the demand for pressure vessels in the Asian region. The economies such as Japan, Malaysia, and South Korea have high-growth projections in the Asia-Pacific’s pressure vessel industry.

Some of the key players that fuel the growth of the Pressure Vessels industry comprise China First Heavy Industries, IHI Corporation, CB&I, Kobelco, L&T, MITSUBISHI HEAVY INDUSTRIES, KNM Group, Doosan Mecatec, Mersen, Hanson, Samuel Pressure Vessel Group, JSW, NK, BELLELI ENERGY, Springs Fabrication, Sunpower Technology, Beijing Tianhai Industry, Suzhou THVOW Technology, and CIMC Group. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.

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Market Segment:

Global Pressure Vessel Material Outlook (Revenue, USD Billion, 2014 - 2024)
• Steel Alloy
• Other Alloy
• Composite

Global Pressure Vessel Product Outlook (Revenue, USD Billion, 2014 - 2024)
• Boiler
• Nuclear Reactor
• Separator
• Other

Global Pressure Vessel End-Use Outlook (Revenue, USD Billion, 2014 - 2024)
• Oil & Gas
• Chemical
• Power Generation
• Others

Global Pressure Vessel Regional Outlook (Revenue, USD Billion, 2014 - 2024)
• North America
• U.S
• Canada
• Mexico
• Europe
• Germany
• UK
• France
• Italy
• Asia Pacific
• China
• India
• Japan
• South Korea
• Middle East and Africa
• Saudi Arabia
• UAE
• Qatar
• Central & South America
• Brazil
• Venezuela
• Argentina

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