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Underground Hydrogen Storage Market Size, Share 2024
| Market size in 2023 |
US$ 4.8 million
|
Forecast Market size by 2030 |
US$ 32.7 million
|
| Growth Rate |
CAGR of 35.0% |
Number of Pages |
61 Pages |
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
| Report Attributes |
Report Details |
| Report Title |
Underground Hydrogen Storage Market, Global Outlook and Forecast 2024-2030 |
| Market size in 2023 |
US$ 4.8 million
|
| Forecast Market size by 2030 |
US$ 32.7 million
|
| Growth Rate |
CAGR of 35.0% |
| Historical Year |
2018 to 2022 (Data from 2010 can be provided as per availability) |
| Base Year |
2023 |
| Forecast Year |
2031 |
| Number of Pages |
61 Pages |
| Customization Available |
Yes, the report can be customized as per your need. |
TABLE OF CONTENTS
1 Introduction to Research & Analysis Reports
1.1 Underground Hydrogen Storage Market Definition
1.2 Market Segments
1.2.1 Market by Type
1.2.2 Market by Application
1.3 Global Underground Hydrogen Storage Market Overview
1.4 Features & Benefits of This Report
1.5 Methodology & Sources of Information
1.5.1 Research Methodology
1.5.2 Research Process
1.5.3 Base Year
1.5.4 Report Assumptions & Caveats
2 Global Underground Hydrogen Storage Overall Market Size
2.1 Global Underground Hydrogen Storage Market Size: 2024 VS 2030
2.2 Global Underground Hydrogen Storage Market Size, Prospects & Forecasts: 2024-2030
2.3 Key Market Trends, Opportunity, Drivers and Restraints
2.3.1 Market Opportunities & Trends
2.3.2 Market Drivers
2.3.3 Market Restraints
3 Company Landscape
3.1 Key Underground Hydrogen Storage Players in Global Market
3.2 Global Companies Underground Hydrogen Storage Product & Technology
4 Underground Hydrogen Storage Companies Profiles
4.1 Gravitricity
4.1.1 Gravitricity Company Summary
4.1.2 Gravitricity Business Overview
4.1.3 Gravitricity Underground Hydrogen Storage Product Offerings & Technology
4.1.4 Gravitricity Underground Hydrogen Storage R&D, and Plans
4.2 Air Liquide
4.2.1 Air Liquide Company Summary
4.2.2 Air Liquide Business Overview
4.2.3 Air Liquide Underground Hydrogen Storage Product Offerings & Technology
4.2.4 Air Liquide Underground Hydrogen Storage R&D, and Plans
4.3 Air Products
4.3.1 Air Products Company Summary
4.3.2 Air Products Business Overview
4.3.3 Air Products Underground Hydrogen Storage Product Offerings & Technology
4.3.4 Air Products Underground Hydrogen Storage R&D, and Plans
4.4 EWE AG
4.4.1 EWE AG Company Summary
4.4.2 EWE AG Business Overview
4.4.3 EWE AG Underground Hydrogen Storage Product Offerings & Technology
4.4.4 EWE AG Underground Hydrogen Storage R&D, and Plans
4.5 Linde
4.5.1 Linde Company Summary
4.5.2 Linde Business Overview
4.5.3 Linde Underground Hydrogen Storage Product Offerings & Technology
4.5.4 Linde Underground Hydrogen Storage R&D, and Plans
4.6 Engie
4.6.1 Engie Company Summary
4.6.2 Engie Business Overview
4.6.3 Engie Underground Hydrogen Storage Product Offerings & Technology
4.6.4 Engie Underground Hydrogen Storage R&D, and Plans
4.7 Texas Brine
4.7.1 Texas Brine Company Summary
4.7.2 Texas Brine Business Overview
4.7.3 Texas Brine Underground Hydrogen Storage Product Offerings & Technology
4.7.4 Texas Brine Underground Hydrogen Storage R&D, and Plans
4.8 Uniper
4.8.1 Uniper Company Summary
4.8.2 Uniper Business Overview
4.8.3 Uniper Underground Hydrogen Storage Product Offerings & Technology
4.8.4 Uniper Underground Hydrogen Storage R&D, and Plans
4.9 WSP
4.9.1 WSP Company Summary
4.9.2 WSP Business Overview
4.9.3 WSP Underground Hydrogen Storage Product Offerings & Technology
4.9.4 WSP Underground Hydrogen Storage R&D, and Plans
4.10 DEEP Underground Engineering
4.10.1 DEEP Underground Engineering Company Summary
4.10.2 DEEP Underground Engineering Business Overview
4.10.3 DEEP Underground Engineering Underground Hydrogen Storage Product Offerings & Technology
4.10.4 DEEP Underground Engineering Underground Hydrogen Storage R&D, and Plans
4.11 HyPSTER
4.11.1 HyPSTER Company Summary
4.11.2 HyPSTER Business Overview
4.11.3 HyPSTER Underground Hydrogen Storage Product Offerings & Technology
4.11.4 HyPSTER Underground Hydrogen Storage R&D, and Plans
4.12 Vattenfall
4.12.1 Vattenfall Company Summary
4.12.2 Vattenfall Business Overview
4.12.3 Vattenfall Underground Hydrogen Storage Product Offerings & Technology
4.12.4 Vattenfall Underground Hydrogen Storage R&D, and Plans
4.13 Keuper Gas Storage Limited (KGSL)
4.13.1 Keuper Gas Storage Limited (KGSL) Company Summary
4.13.2 Keuper Gas Storage Limited (KGSL) Business Overview
4.13.3 Keuper Gas Storage Limited (KGSL) Underground Hydrogen Storage Product Offerings & Technology
4.13.4 Keuper Gas Storage Limited (KGSL) Underground Hydrogen Storage R&D, and Plans
4.14 Mitsubishi Power Americas
4.14.1 Mitsubishi Power Americas Company Summary
4.14.2 Mitsubishi Power Americas Business Overview
4.14.3 Mitsubishi Power Americas Underground Hydrogen Storage Product Offerings & Technology
4.14.4 Mitsubishi Power Americas Underground Hydrogen Storage R&D, and Plans
5 Sights by Region
5.1 By Region - Global Underground Hydrogen Storage Market Size, 2025 & 2030
5.2 By Region - Global Underground Hydrogen Storage Revenue, (2025-2030)
5.3 United States
5.3.1 Key Players of Underground Hydrogen Storage in United States
5.3.2 United States Underground Hydrogen Storage Development Current Situation and Forecast
5.4 Europe
5.4.1 Key Players of Underground Hydrogen Storage in Europe
5.4.2 Europe Underground Hydrogen Storage Development Current Situation and Forecast
5.5 China
5.5.1 Key Players of Underground Hydrogen Storage in China
5.5.2 China Underground Hydrogen Storage Development Current Situation and Forecast
5.6 Rest of World
6 Sights by Product
6.1 By Type - Global Underground Hydrogen Storage Market Size Markets, 2025 & 2030
6.2 Porous Media Storage
6.3 Salt Caverns
6.4 Engineered Cavities
7 Sights by Application
7.1 By Application - Global Underground Hydrogen Storage Market Size, 2025 & 2030
7.2 Oil & Gas
7.3 Energy
7.4 Industrial
7.5 Other
8 Conclusion
9 Appendix
9.1 Note
9.2 Examples of Clients
9.3 Disclaimer
LIST OF TABLES & FIGURES
List of Tables
Table 1. Underground Hydrogen Storage Market Opportunities & Trends in Global Market
Table 2. Underground Hydrogen Storage Market Drivers in Global Market
Table 3. Underground Hydrogen Storage Market Restraints in Global Market
Table 4. Key Players of Underground Hydrogen Storage in Global Market
Table 5. Global Companies Underground Hydrogen Storage Product & Technology
Table 6. Gravitricity Company Summary
Table 7. Gravitricity Underground Hydrogen Storage Product Offerings
Table 8. Air Liquide Company Summary
Table 9. Air Liquide Underground Hydrogen Storage Product Offerings
Table 10. Air Products Company Summary
Table 11. Air Products Underground Hydrogen Storage Product Offerings
Table 12. EWE AG Company Summary
Table 13. EWE AG Underground Hydrogen Storage Product Offerings
Table 14. Linde Company Summary
Table 15. Linde Underground Hydrogen Storage Product Offerings
Table 16. Engie Company Summary
Table 17. Engie Underground Hydrogen Storage Product Offerings
Table 18. Texas Brine Company Summary
Table 19. Texas Brine Underground Hydrogen Storage Product Offerings
Table 20. Uniper Company Summary
Table 21. Uniper Underground Hydrogen Storage Product Offerings
Table 22. WSP Company Summary
Table 23. WSP Underground Hydrogen Storage Product Offerings
Table 24. DEEP Underground Engineering Company Summary
Table 25. DEEP Underground Engineering Underground Hydrogen Storage Product Offerings
Table 26. HyPSTER Company Summary
Table 27. HyPSTER Underground Hydrogen Storage Product Offerings
Table 28. Vattenfall Company Summary
Table 29. Vattenfall Underground Hydrogen Storage Product Offerings
Table 30. Keuper Gas Storage Limited (KGSL) Company Summary
Table 31. Keuper Gas Storage Limited (KGSL) Underground Hydrogen Storage Product Offerings
Table 32. Mitsubishi Power Americas Company Summary
Table 33. Mitsubishi Power Americas Underground Hydrogen Storage Product Offerings
Table 34. By Region? Global Underground Hydrogen Storage Revenue, (US$, Mn), 2025 & 2030
Table 35. By Region - Global Underground Hydrogen Storage Revenue, (US$, Mn), 2025-2030
Table 36. By Type ? Global Underground Hydrogen Storage Market Size, (US$, Mn), 2025 & 2030
Table 37. By Application? Global Underground Hydrogen Storage Market Size, (US$, Mn), 2025 & 2030
List of Figures
Figure 1. Underground Hydrogen Storage Segment by Type in 2030
Figure 2. Underground Hydrogen Storage Segment by Application in 2030
Figure 3. Global Underground Hydrogen Storage Market Overview: 2023
Figure 4. Key Caveats
Figure 5. Global Underground Hydrogen Storage Market Size: 2024 VS 2030 (US$, Mn)
Figure 6. Global Underground Hydrogen Storage Revenue, 2018-2029 (US$, Mn)
Figure 7. By Region - Global Underground Hydrogen Storage Revenue Market Share, 2025-2030
Figure 8. By Type - Global Underground Hydrogen Storage Revenue Market Share, 2025-2030
Figure 9. By Application - Global Underground Hydrogen Storage Revenue Market Share, 2025-2030
