How big is the Global Underground Hydrogen Storage market?

According to MarkNtel Advisors study, The Global Underground Hydrogen Storage Market size is projected to grow at a CAGR of around 28.45% during the forecast period, i.e., 2024-30.

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Global Underground Hydrogen Storage Market Driver:

Consistently Widening Horizons for End Uses of Hydrogen – Due to the current heavy demand for hydrogen, primarily as an industrial feedstock and considering its zero-emission combustion properties, hydrogen has gained considerable traction in previous years. The need for a clean alternative fuel as an energy source has been a key motivator driving research & development in the hydrogen industry for the past decade.

The evolution of hydrogen production from green & other clean energy sources has further opened new pathways for its usage, contributing to a carbon-neutral world. Hence, the utilization of hydrogen as an automotive fuel, for electricity generation, as an energy carrier and storage medium, and for heating, cooling, and decarbonizing the metal industry is flourishing globally, further driving the Underground Hydrogen Storage Market.

Leading Companies in the Global Underground Hydrogen Storage market:

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Global Underground Hydrogen Storage Market Segmentation:

By Type of Storage

Salt caverns are the proven method for hydrogen storage and thus have dominated the Underground Hydrogen Storage Market.

By Hydrogen Purity

By End Users

Regional/ Countries Insight:

North America currently possesses a high share of underground gas storage (UGS) reservoirs along with special underground hydrogen storage facilities.

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About MarkNtel Advisors:

MarkNtel Advisors is a leading consulting, data analytics, and market research company that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.

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