Underground Hydrogen Storage Market, Global Outlook and Forecast 2024-2030
The global Underground Hydrogen Storage market was valued at US$ 4.8 million in 2023 and is projected to reach US$ 32.7 million by 2030, at a CAGR of 35.0% during the forecast period. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes
Underground hydrogen storage isthe practice of hydrogen storage in caverns, salt domes and depleted oil/gas fields.
This report contains market size and forecasts of Underground Hydrogen Storage in Global, including the following market information:
- Global Underground Hydrogen Storage Market Size 2025-2030, ($ millions)
Underground hydrogen storage is a pivotal technology in the transition to a clean energy future, enabling the efficient and large-scale storage of hydrogen. This method involves storing hydrogen in geological formations such as salt caverns, depleted oil and gas fields, and aquifers. Here are some key statistics and insights regarding end-user applications and benefits:
Industrial Applications
- Chemical Industry: Approximately 55% of the hydrogen stored underground is utilized by the chemical industry. Hydrogen is a critical feedstock for the production of ammonia, methanol, and other chemicals.
- Refineries: Around 30% of the stored hydrogen is used in petroleum refining. Hydrogen is essential for desulfurization processes, helping to produce cleaner fuels.
- Steel Manufacturing: The steel industry accounts for 10% of the stored hydrogen usage. Hydrogen is increasingly being used as a reducing agent in steel production, replacing carbon-intensive methods.
Energy Sector
- Power Generation: Roughly 20% of the stored hydrogen is earmarked for power generation. Hydrogen-powered turbines and fuel cells provide a flexible and clean energy source, particularly for balancing intermittent renewable energy supplies.
- Grid Storage: About 15% of stored hydrogen is used for grid energy storage. Hydrogen offers a long-duration energy storage solution, stabilizing the grid and ensuring energy security.
Transportation
- Fuel for Vehicles: 25% of the stored hydrogen supports the transportation sector. Hydrogen fuel cell vehicles (FCEVs) are gaining traction, especially in heavy-duty applications like trucks and buses, due to their high energy density and fast refueling capabilities.
- Aviation and Maritime: Emerging sectors like aviation and maritime transport are projected to consume about 5% of the stored hydrogen by 2030, as hydrogen-powered engines and fuel cells become more viable.
Residential and Commercial Use
- Heating and Power: Approximately 10% of the stored hydrogen is used for residential and commercial heating and power. Hydrogen can be blended with natural gas or used in pure form to heat buildings, reducing carbon emissions.
- Backup Power: Around 5% of stored hydrogen is allocated for backup power systems. Fuel cells provide a reliable backup power source for critical infrastructure, including hospitals and data centers.
Environmental and Economic Impact
- Emissions Reduction: The utilization of underground hydrogen storage is expected to reduce global CO2 emissions by approximately 200 million metric tons annually by 2030.
- Economic Growth: The underground hydrogen storage market is projected to grow at a compound annual growth rate (CAGR) of 10.5% from 2024 to 2030, driven by increased investments in hydrogen infrastructure and technology.
We surveyed the Underground Hydrogen Storage companies, and industry experts on this industry, involving the revenue, demand, product type, recent developments and plans, industry trends, drivers, challenges, obstacles, and potential risks.
Total Market by Segment:
Global Underground Hydrogen Storage Market, by Type, 2025-2030 ($ millions)
Global Underground Hydrogen Storage Market Segment Percentages, by Type
- Porous Media Storage
- Salt Caverns
- Engineered Cavities
Global Underground Hydrogen Storage Market, by Application, 2025-2030 ($ millions)
Global Underground Hydrogen Storage Market Segment Percentages, by Application
- Oil & Gas
- Energy
- Industrial
- Other
Global Underground Hydrogen Storage Market, By Region and Country, 2025-2030 ($ Millions)
Global Underground Hydrogen Storage Market Segment Percentages, by region and country
- United States
- Europe
- Asia
- China
- Rest of World
Competitor Analysis
The report also provides analysis of leading market participants including:
- Key companies Underground Hydrogen Storage revenues in global market, 2019-2024 (estimated), ($ millions)
- Key companies Underground Hydrogen Storage revenues share in global market, 2023 (%)
Further, the report presents profiles of competitors in the market, key players include:
- Gravitricity
- Air Liquide
- Air Products
- EWE AG
- Linde
- Engie
- Texas Brine
- Uniper
- WSP
- DEEP Underground Engineering
- HyPSTER
- Vattenfall
- Keuper Gas Storage Limited (KGSL)
- Mitsubishi Power Americas
