Demand for Underground Hydrogen Storage and Impact of COVID-19……..Posted by Mrudula Anil Karmarkar on June 23rd, 2023 San Francisco, 23 June 2023: The ReportUnderground Hydrogen Storage Market Size, Share & Trends Analysis Report By Storage Type (Porous Media Storage, Salt Caverns, Engineered Cavities), By Region, And Segment Forecasts, 2023 - 2030 The global underground hydrogen storage market size is expected to reach 5.05 BCM by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.7% from 2023 to 2030. 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. The growth of the underground hydrogen storage market is primarily attributed to research & development in hydrogen technologies and increasing acceptance of alternative forms of energy. Increasing applications of hydrogen across several sectors are expected to further propel market growth. Hydrogen storage is a leading-edge technology that involves detailed technical expertise and components used for manufacturing. Therefore, various regulations and procedures must be followed to manufacture and maintain the structural integrity of underground hydrogen storage facilities. The U.S. market is anticipated to witness substantial growth in the forecast period owing to the large volumes of hydrogen produced in the country. 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
Underground Hydrogen Storage Market Report Scope
List of Key Players in the Underground Hydrogen Storage Market
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