Green Hydrogen Production Spurs New Spending in Green Hydrogen Storage Facilities

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February 26, 2024--Researched by Industrial Info Resources (Sugar Land, Texas)--Owing to the crucial role that green hydrogen has to play in the energy transition, substantial investments are flowing into green hydrogen production on a global scale. This, in turn, is spurring investments in associated infrastructure, especially hydrogen storage facilities at green hydrogen production as well as distribution sites.

The green hydrogen storage market is driven by the expansion of green hydrogen infrastructure across the world, especially to decarbonize heavy industries such as petrochemicals and steelmaking.

Industrial Info is tracking more than 180 active projects, worth nearly US$11 billion, geared toward green hydrogen storage. A major share of this investment is being driven by Asia, with investments worth US$6.25 billion. Europe follows with an investment of US$3.7 billion, while Africa stands at US$900 million. Subscribers to Industrial Info's Global Market Intelligence (GMI) Chemical Processing Project Database can click here for a list of detailed project reports.

By country, India, Oman and Saudi Arabia are the top three contributors to the green hydrogen storage market. India is driving the largest potential spend of US$3.57 billion. Oman and Saudi Arabia follow with investments worth US$1.15 billion and US$1.1 billion, respectively.

OQ (Oman), Public Investment Fund (Riyadh, Saudi Arabia) and ReNew Power Private Limited (NASDAQ:RNW) (Gurgaon, India) are some of the prominent players dominating the hydrogen storage market with substantial investments.

OQ is investing about US$850 million across five projects related to green hydrogen storage. A US$300 million project is aimed at the construction of green hydrogen and nitrogen storage additions with the capacity to store up to 596,347.2 cubic meters per day of green hydrogen and 24,720 cubic meters per day of nitrogen at a site in Salalah (Dhofar), Oman. Subscribers can click here for the project report.

Public Investment Fund is planning an investment worth US$600 million to set up a green hydrogen and nitrogen storage facility at a planned green hydrogen complex in Yanbu Al Bahr, Saudi Arabia. The facility is scheduled to kick off by December 2025. Subscribers can click here for the project report.

Renew Power Private Limited plans to invest US$590 million across two projects that aim to set up green hydrogen storage addition facilities in India. Subscribers can click here for the Mangalore, India, project report.

Subscribers can click here for the project reports mentioned in this article and click here for the related plant profiles.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).