May 22, 2018
WELLESLEY, Mass., May 22, 2018–Environmental consciousness, economic development advancements and the drive for energy security are all helping to push growth of the global hydrogen market, according to a report by BCC Research.
The global market is expected to see a compound annual growth rate (CAGR) of 18.6% through 2022, when it could be worth $14.1 billion, according to the report The Global Hydrogen Economy: Technologies and Opportunities Through 2022.
Major players in the market include Acta, Ballard Power Systems, Ceramatec, Diversified Energy, E. I. Du Pont de Nemours, Fuel Cell Energy, General Atomics, H2scan, Innovatek, Linde, Makel Engineering, Nanomix, Plug Power, SECAT, TechnipFMC, Uhde and Weldship.
“The gap between the current technology for hydrogen production, storage and use and that needed for a fully viable hydrogen economy is too wide to bridge in incremental advances,” said report author and BCC Research analyst Andrew McWilliams. “Closing this gap will require fundamental breakthroughs in technology and massive investments in new infrastructure. Hydrogen advocates point out the advantages of a hydrogen-based economy to justify these investments.”
Hydrogen Economy Challenged By Storage
Storage is a key enabling technology for the advance of hydrogen and fuel cell tower technologies in applications such as transportation, stationary and portable applications. The main hurdle to overcome is finding the ability to store enough hydrogen to provide adequate operating abilities in mobile applications. Storage technologies currently under development have the ability to meet U.S. Department of Energy onboard storage targets for 2020 and 2025, including direct storage, hydrocarbons, metal hydrides, ammonia, zeolites and polymers.
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The Global Hydrogen Economy: Technologies and Opportunities Through 2022( EGY055D )
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