Increasing urbanization and rapid economic growth have raised the demand for energy-efficient devices. Overarching progress in providing people with electricity is evident; according to the International Renewable Energy Agency, the number of people with a lack of access to electricity has dropped down to around 840 million as of 2019, as compared to over 1 billion in 2016, and 1.2 billion in 2010. For instance, in 2018, the global energy demand grew by 2.3% in China, whereas the U.S. and India together accounted for nearly 70% of the rise in energy demand. Simultaneous growth in the power demand while struggling with energy losses prompts the dire need of energy-efficient devices; metal hydrides have high volumetric density, where a tremendous amount of energy can be stored and undergo endothermic reactions to generate power by absorbing heat from the surroundings.
Europe to Cannabilize the Existing Pipelines For Hydrogen Gas Transportation
Europe is expected to witness healthy growth, owing to the burgeoning transportation and automotive sector. The transportation sector in Germany consumes more energy as compared to other economies in Europe.. Europe has the potential to be an economy powered by hydrogen gas by using existing gas pipelines, which can be used to transport hydrogen gas. Conversion of these gas pipelines for hydrogen transportation is anticipated to engender massive demand for metal hydrides in the region. Additionally, Europe has initiated a program named H2ME (Hydrogen Mobility Europe), under which it plans to build hydrogen refueling stations for vehicles running on fuel cells. The project was started in 2015 and is expected to complete by mid-2020. The project aims at providing more than 1400 fuel cell cars, deploy more than 45 hydrogen refueling stations across Europe, and has a funding of around USD 74 million. These developments are expected to fuel the demand for metal hydrides, which can bond with hydrogen and aid in its storage, transportation, and fuel cell applications.
U.S to Utilize Metal Hydride in Space and Cold Storage Solutions
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The U.S. is one of the pioneering countries leading space programs. NASA (National Aeronautics and Space Agency) has been using hydrogen and fuel cell properties for many purposes. With its recent futuristic plan of sending humans to moon and mars, the scope for handling and storing hydrogen is vast thereby positively impacting the metal hydride market in the region. Moreover, North America is also a global leader in the cold storage industry, which is one of the applications where metal hydride is expected to witness considerable growth. For instance, 13 of the top 25 cold storage companies are from North America.
On the basis of metal hydride, the market is segmented into alloy metal hydride and complex metal hydride. Alloys metal hydride is further segmented into solid solutions, intermetallic compounds, and others. Moreover, intermetallic compound is further sub segmented into AB5, AB2, A2B, and others. Complex metal hydrides are an evolving class of metal hydrides, which can extensively be used in an array of applications, especially in the energy storage domain
NiMH Battery-Powered Medical Devices to Flourish in the Wake of Affordable Healthcare Facilities
The hydrogen storage segment finds its application across various sectors — power, transportation, buildings, and industries, thereby boosting the segment’s growth. The NiMH batteries segment follows the hydrogen storage segment in market share. Government and private organizations are taking initiatives to promote affordable healthcare facilities in the emerging economies, which is expected to boost the demand for NiMH battery-powered medical devices.
Metal Hydride Market: Segmentation
By Metal Hydride
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