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Hydrogen Storage--Advances in Hydrogen Production and Storage Technologies (Technical Insights)
Frost & Sullivan, Dec 2004
Hydrogen Technologies Show Tremendous Potential for Commercialization
Hydrogen is being touted as a promising replacement for conventional hydrocarbon fuels, especially for its abilities to provide green power, fuel efficiency, and savings. Once researchers fine-tune the technologies of hydrogen production and storage, little can be done to hold these technologies back from the commercial market. Hydrogen production using solar power, solid state reactions, and bacterial hydrogen is being explored for commercial value. Similarly, storage systems that use chemical hydride, carbon nanotubes, as well as nanoporous materials have been identified as having strong market prospects. Cost reductions and technology advancements are also likely to expand hydrogen technologys market scope.
This Technical Insights study, Hydrogen Storage: Advances in Hydrogen Storage and Production Technologies, examines various noteworthy technological developments and their applications in hydrogen storage and production. The study analyzes technological trends that might influence industry size and growth, and identifies commercial prospects. It also includes technology adoption factor analysis and assessments of innovation and opportunities.
Hydrogen to Shortly Occupy Conventional Hydrocarbon Fuels Space
Hydrogen has strong potential to excel in all applications - right from powering homes and industries to personal transport and mass transportation. Hydrogen, when used along with a fuel cell, can provide unlimited power, and therefore, is an ideal candidate for military applications. Apart from the high-end military applications, hydrogen could be generated on-board in vehicles and can be fed along with the conventional fuel to the combustion engine. This technology has demonstrated fuel savings and efficiency.
With the development of hydrogen infrastructure, hydrogen is expected to be widely used in fueling stations for powering vehicles. Coupled with the developments in fuel cells, hydrogen fuel cell powered vehicles are likely to become a commercially viable option. Hydrogen could also be used in portable applications such as laptops, cellular phones, and backup power applications such as UPS and batteries, says the analyst of this research.
Immense Market for Hydrogen Technology Holds Promise of Huge Market Revenue
The increasing need for unlimited backup power and green power coupled with the depletion of natural resources would help hydrogen-powered applications to gain a strong foothold in the market. The number of light vehicles (cars and light trucks) in North America is estimated to be around 245 million in 2004 and it is projected to grow by 2 percent per annum. Therefore, having even a meager share of this market can make a company a billion dollar enterprise.
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