Underground Hydrogen Storage Market Observe Significant Growth Of USD 5,049.94 MCM By 2030Posted by Neha Bora on June 10th, 2024 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
Underground Hydrogen Storage Market Report Scope
List of Key Players in the Underground Hydrogen Storage Market
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 Like it? Share it!More by this author |