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Based on state, the liquid segment valuation to exceeded 950 million in 2022, as a significant method for storing hydrogen for use in the power generation and industrial sectors. The global community strives to reduce its dependence on fossil fuels and curb greenhouse gas emissions, the demand for clean energy solutions has been steadily increasing. Liquid hydrogen has emerged as one of the cleanest available energy sources, as it generates only water vapor when burned. This environmental advantage has led to a surge in investments from both the public and private sectors to promote the adoption of liquid hydrogen as an energy storage medium.
Based on method, the field of material-based hydrogen storage is undergoing rapid evolution, primarily due to notable advancements in material science. These advancements encompass the development of novel materials designed for efficient and safe hydrogen storage. Among these materials are carbon nanotubes and metal hydrides, which have demonstrated their effectiveness in storing hydrogen securely. In response to these developments, various companies and organizations are engaging in collaborations and partnerships aimed at the development and commercialization of material-based hydrogen storage systems. These partnerships often involve cooperative efforts between energy companies and research institutions with the objective of creating new materials for application in Fuel Cell Electric Vehicles (FCEVs) and other hydrogen-related technologies.
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Based on application, the industrial segment is set to grow at a CAGR of more than 7.2% through 2032. Hydrogen storage plays a pivotal role in shaping a clean, cost-effective, and secure energy future, making the supply of hydrogen to industrial users a major global business. The ongoing significant advancements in hydrogen storage technologies, aimed at improving efficiency and reducing costs, are expected to drive business growth. The increasing adoption of hydrogen energy storage within the chemicals and fertilizers industry is poised to stimulate the overall industry landscape.
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The hydrogen energy storage market across China held around 32.3% of the market share in 2022. China has been actively investing in the development and adoption of hydrogen fuel cell vehicles. Several Chinese automakers have been working on hydrogen-powered vehicles, and the government has introduced policies and incentives to support the growth of this industry. Hydrogen has gained significant attention as a clean and sustainable energy carrier. The Chinese government has announced plans to promote hydrogen as part of its efforts to reduce carbon emissions. The country is exploring ways to produce green hydrogen, which is considered more environmentally friendly. Moreover, China has been collaborating with international partners on hydrogen-related projects.