Underground Hydrogen Storage Market

During the period between 2023 and 2031, the underground hydrogen storage market is projected to grow at a CAGR of 10.5%. The expansion of the underground hydrogen storage market is primarily attributable to advancements in hydrogen technologies and the increasing acceptance of alternative energy sources. It is anticipated that expanding applications of hydrogen across a variety of industries will contribute to market growth. Hydrogen storage is a cutting-edge technology that requires intricate manufacturing components and technical expertise. To manufacture and maintain the structural integrity of underground hydrogen storage facilities, numerous regulations and procedures must be followed. As a result of the vast quantities of hydrogen produced in the United States, it is anticipated that the market will experience substantial growth during the forecast period.

The United States is one of the earliest adopters of clean energy solutions for manufacturing, transportation, and power generation in the world. The underground hydrogen storage market in the United States has expanded as a result of technological advancements, the delivery of real-time data related to gas injection, and a growing awareness of hydrogen gas as a clean fuel. In the United States, salt formations dominate the underground hydrogen storage market due to their high deliverability and cycling rates. Massive investments in the construction of underground hydrogen storage facilities have helped expand the underground hydrogen storage market in the United States.

Porous media storage, salt caverns, and engineered cavities are discussed in the segment on storage types. In 2022, the salt caverns market segment accounted for 99.9% of the global volume share. Salt caverns are salt domes and bedded salts with a ten- to twenty-day cycle and a high deliverability. These caverns are the most expensive type of storage due to the need for new infrastructures and solution mining. Salt caverns require approximately 20–30% less cushion gas injection compared to depleted reservoirs.

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The second largest market share for underground hydrogen storage was held by porous media storage. Its storage consists of limestone, formations, shale, and conglomerates, which offer high permeability and void fractions for hydrogen storage. There are depleted gas fields and aquifers present. To achieve a balance between renewable energy supply and seasonal demand, porous media storage has been proposed as an effective and sustainable method for underground hydrogen storage. Mine shafts have been converted into underground hydrogen storage facilities known as engineered cavities. The establishment of hydrogen storage facilities utilising engineered cavities is still in the research and development phase, and a positive outcome is expected in the near future. While conceptual designs of these facilities are being developed, a number of pilot projects have been conducted to determine their anticipated outcomes.

In 2022, Europe dominated the global market with a volume share of more than 55%. Europe has invested heavily in hydrogen energy as an alternative energy source. To achieve energy independence, countries in the region are increasing their underground hydrogen storage capacities. The British government has made significant investments in its hydrogen production and storage capacities. The country intends to play a major role in the emerging hydrogen economy. Due to technological advancements, real-time data delivery related to gas injection, and growing awareness of natural gas as a clean fuel, North America is projected to become the leading regional market for underground hydrogen storage over the forecast period.

Due to the widespread use of hydrogen in industrial applications such as oil refining and the production of methanol and ammonia, Asia Pacific is anticipated to have a significant demand for underground hydrogen storage facilities over the next several years. The presence of numerous refineries in China and India is anticipated to increase the demand for underground hydrogen storage in the region. In addition, countries such as Japan and Australia are evaluating greener and cleaner technologies for hydrogen production, which is expected to increase the demand for underground hydrogen facilities in the region during the forecast period.

Globally, the underground hydrogen storage industry is a highly competitive market due to the presence of relatively concentrated and highly competitive major industries. Air Liquide, Air Products and Chemicals, Inc., Engie, Linde plc, Texas Brine Company, LLC, Uniper SE, and WSP are among the leading underground hydrogen storage market participants.

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