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Solid State Hydrogen Storage Solution Market Size to Grow USD 423.9 Million by 2030 at a CAGR of 31.6% | Valuates Reports

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BANGALORE, India, June 21, 2024 /PRNewswire/ — Solid State Hydrogen Storage Solution Market is Segmented by Type (Physical Adsorption Hydrogen Storage, Chemical Hydride Hydrogen Storage), by Application (Power Battery, Transportation, Others): Global Opportunity Analysis and Industry Forecast, 2024-2030.

The global Solid State Hydrogen Storage Solution market was valued at USD 65 million in 2023 and is anticipated to reach USD 423.9 million by 2030, witnessing a CAGR of 31.6% during the forecast period 2024-2030.

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Major Factors Driving the Growth of Solid State Hydrogen Storage Solution Market:

The market for solid-state hydrogen storage solutions is rising quickly because there is an increasing need for safe and effective hydrogen storage solutions for a range of uses, such as industrial operations, transportation, and renewable energy. The use of solid-state storage systems has several benefits over more conventional techniques, including reduced pressure for storing hydrogen, increased energy density, and enhanced safety. These advantages are essential for hydrogen’s acceptance as a clean energy source, particularly for fuel cell automobiles and renewable energy projects. Investments in solid-state hydrogen storage technologies are rising as the need for sustainable energy solutions grows on a worldwide scale. This is propelling industry expansion and encouraging innovation in materials and storage methods.

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TRENDS INFLUENCING THE GROWTH OF THE SOLID STATE HYDROGEN STORAGE SOLUTION MARKET

The market for solid-state hydrogen storage solutions is expanding due to the availability of chemical hydride hydrogen storage, which is a convenient, secure, and effective way to store hydrogen under ambient circumstances. This is especially true for applications involving transportation. With the use of chemical substances like metal hydrides, this technique offers a high-density hydrogen storage choice by releasing hydrogen gas when it reacts with water or breaks down thermally. These qualities fit the needs of the transportation industry very well, since fuel cell vehicles need portable and dependable hydrogen storage options. Therefore, the growing use of hydrogen in transportation as a clean energy source is encouraging the advancement and commercialization of solid-state hydrogen storage technologies, increasing their marketability and scalability.

The market for solid-state hydrogen storage solutions is expanding due to physical adsorption hydrogen storage, which makes use of cutting-edge materials including carbon-based nanomaterials and metal-organic frameworks (MOFs). These materials offer a high storage capacity in a compact shape because they can absorb significant amounts of hydrogen at low temperatures and moderate pressures. Applications like fuel cell vehicles that need for efficient and lightweight hydrogen storage will find this technology very appealing. Innovation and the use of physical adsorption techniques are propelling advances and investments in the solid-state hydrogen storage market as the need for clean and sustainable energy solutions grows.

The solid-state hydrogen storage solution market is expanding as a result of increased demand for power batteries, especially for electric and hybrid cars. The limits of conventional batteries in terms of energy density and charge durations underscore the need for supplementary energy storage solutions as the car industry shifts to greener technology. Solid-state hydrogen storage is a desirable addition or substitute for conventional batteries since it provides faster refueling and higher energy densities. As industries work to incorporate adaptable and efficient energy storage systems to fulfill a variety of power demands, this synergy is stimulating research and development in solid-state hydrogen storage technology.

The market for solid-state hydrogen storage solutions is significantly influenced by environmental sustainability. There is a deliberate attempt to switch from fossil fuels to greener energy sources as public awareness of climate change and the negative effects of greenhouse gas emissions grows. For many energy applications, hydrogen presents an emission-free option, especially when derived from renewable resources. Transportation, industry, and domestic energy sectors can all benefit from the broad adoption of solid-state hydrogen storage systems like metal hydrides and chemical hydrides, which offer a safe and effective way to store hydrogen. These solutions support the objectives of global sustainability by lowering the carbon footprint. To encourage the use of hydrogen, governments and international organizations are enacting strict rules and providing incentives, which is further propelling the market’s growth.

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SOLID STATE HYDROGEN STORAGE SOLUTION MARKET SHARE ANALYSIS

NPROXX, H2GO Power, Shanghai Hyfun Energy Technology, GKN Hydrogen, Whole Win (Beijing) New Energy Technology, and other prominent global players in the Solid State Hydrogen Storage Solution market. Nearly 40% of all manufacturers worldwide are in the top five.

With a market share of about 40%, Asia-Pacific is the largest market for solid state hydrogen storage solutions, followed by North America and Europe.

Key Players:

Shanghai Hyfun Energy TechnologyGKN HydrogenGrz TechnologiesLAVOMcPhyH2GO PowerWhole Win (Beijing) New Energy TechnologyGeneral Research Institute for Nonferrous MetalsHystorsysPlasma KineticsAE&MNPROXX

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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!

–  Solid Hydrogen Storage Material Market

–  Hydrogen Gas Market

–  The global Hydrogen Fuel Cells market size is estimated to be worth USD 4526 million in 2022 and is forecast to a readjusted size of USD 25510 million by 2028 with a CAGR of 33.4% during the review period.

–  The global green hydrogen market was valued at USD 2.5 Billion in 2022, and is projected to reach USD 143.8 Billion by 2032, growing at a CAGR of 50.3% from 2023 to 2032.

–  The global Blue Hydrogen market was valued at USD 2124 million in 2023 and is anticipated to reach USD 4645 million by 2030, witnessing a CAGR of 12.0% during the forecast period 2024-2030.

–  Hydrogen Generation Systems Market

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–  The global Hydrogen Generation Rectifier market was valued at USD 258 million in 2023 and is anticipated to reach USD 549 million by 2030, witnessing a CAGR of 9.7% during the forecast period 2024-2030.

–  Catalyst For Hydrogen Production Market

–  The global market for Hydrogen Analyzers was estimated to be worth USD 143 million in 2023 and is forecast to a readjusted size of USD 180.2 million by 2030 with a CAGR of 3.7% during the forecast period 2024-2030

–  Hydrogen Fuel Cell Catalyst Market

–  The global Hydrogen Water Machine market was valued at USD 775 million in 2023 and is anticipated to reach USD 1117.4 million by 2030, witnessing a CAGR of 5.4% during the forecast period 2024-2030.

–  Hydrogen Priority Panel Market

–  Hydrogen Fuel Cell Gas Diffusion Layer was estimated at USD 611.16 million in the year 2022, is projected to reach a revised size of USD 4,059.74 million by 2029, growing at a CAGR of 30.14% during the forecast period 2023-2029.

–  Renewables-to-Hydrogen Technology Service Market

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–  The global Hydrogen Gas market size is expected to reach USD 223770 million by 2029, growing at a CAGR of 2.7% from 2023 to 2029.

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–  The global Vehicle Hydrogen Storage Bottle Valve market was valued at USD 127 million in 2023 and is anticipated to reach USD 1103 million by 2030, witnessing a CAGR of 37.2% during the forecast period 2024-2030.

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–  The global Nitrogen Hydrogen Tracer Gas Leak Detectors (Nitrogen-Hydrogen Air Leak Testers) market was valued at USD 100 million in 2023 and is anticipated to reach USD 125.6 million by 2030, witnessing a CAGR of 3.2% during the forecast period 2024-2030.

–  Hydrogen Fuel Cell Vehicle-Mounted Hydrogen Supply System Market

–  Hydrogen Inhalers Market

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–  The global market for Cryogenics Liquid Hydrogen Storage was estimated to be worth USD 61 million in 2023 and is forecast to a readjusted size of USD 128.4 million by 2030 with a CAGR of 10.6% during the forecast period 2024-2030.

–  Type III Hydrogen Storage Tank and Type IV Hydrogen Storage Tank Market

–  The global Hydrogen-Powered Aircraft market was valued at USD 172 million in 2023 and is anticipated to reach USD 1114.6 million by 2030, witnessing a CAGR of 28.9% during the forecast period 2024-2030.

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Technology

Concerns Around Ethical Risks of Generative AI Remain High Amid Increased Adoption: ‘Deloitte State of Ethics and Trust in Technology’ Report

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Over half (54%) of professionals surveyed believe technologies like Generative AI pose the highest ethical risk compared to other emerging technologies

NEW YORK, Sept. 23, 2024 /PRNewswire/ — While widespread use of Generative AI (GenAI) has broadened awareness of its potential benefits, concerns about the risks its misuse poses to businesses and individuals remain top of mind, according to Deloitte’s third annual report on the “State of Ethics and Trust in Technology.” Among the over 1,800 professionals surveyed for 2024’s report, 46% of individuals believe cognitive technologies have the potential to create the most social good when used responsibly, up from 39% in 2023. However, like last year’s report, over half (57% in 2023 and 54% in 2024) of respondents also said that cognitive technologies like AI and GenAI present the most severe ethical risks compared to other emerging technologies, underscoring the sustained need for ethical guidelines to govern its use.

When it comes to the development of ethical guidelines for emerging technologies, just over one-quarter (27%) of respondents report their organizations have distinct ethical standards for GenAI. Report findings suggest organizations where ethical guidelines are absent or underutilized may continue to be exposed to risks and miss opportunities to enhance stakeholder trust and build social, reputational and financial value.

The study, led by Deloitte’s Technology Trust Ethics practice, surveyed over 1,800 business and technical professionals globally to understand how organizations value and implement ethical principles for emerging technologies. The practice interviewed 26 specialists and leaders across industries and within Deloitte to gather insights in support of the survey’s findings.

“The accelerated adoption of GenAI and other emerging technologies demands a collaborative approach among organizations, leaders, and professionals with diverse experiences and perspectives to define and implement appropriate ethical standards,” said Lara Abrash, chair, Deloitte US. “Future generations will look back on the decisions made today. It is important to honor the collective responsibility for those who will inherit the world shaped during this time.” 

Key findings

Safety first: In this year’s survey, 78% of respondents selected “safe and secure” as one of the top three ethical technology principles, a 37% increase from respondents in the previous year’s survey. When it comes to concerns around AI, respondents highlighted data privacy as the most significant, with 40% of respondents ranking data privacy as their top concern.

Organizations face challenges building trust among employees: Trust in one’s organization and its emerging technologies may be declining and more pronounced in younger generations. In 2023, 87% of millennial and 81% of Gen Z respondents reported buy-in to their organization’s ethical messaging; in 2024 those figures decreased to 77% and 65% respectively. Overall buy-in fell from 89% to 81%, indicating employees of all ages are aligned with their organizations but may decline if left unaddressed.

Reputation is top of mind: When asked to rank the potential negative outcomes to organizations if ethical standards are not followed for emerging technologies, respondents rated reputational damage (82%), financial damage (66%), and regulatory penalties (60%) as their top three concerns.

Trainings and tools outpace other ethics approaches: Investment in technology ethics training is on the rise, with 80% of respondents required to complete mandatory technology ethics training, an increase of seven percentage points since 2022. Furthermore, two-thirds (67%) of respondents reported their organization provides internal tools to familiarize employees with AI. However, diverse focus groups appear to be less utilized in enacting ethical technology standards with 36% of respondents indicating their organizations used diverse focus groups in the development of standards, the same response rate as last year.

“Widespread availability and adoption of GenAI may have raised respondents’ familiarity and confidence in the technology, driving up optimism about its potential for good,” said Beena Ammanath, executive director, Global Deloitte AI Institute and Trustworthy AI leader, Deloitte LLP. “The continued cautionary sentiments around its apparent risks underscores the need for specific, evolved ethical frameworks that enable positive impact. Designated ethics leaders, diverse working groups, trainings and internal AI tools are methods that should be applied concurrently to help increase the pace and success of ethical guidance efforts.”

Deloitte’s Technology Trust Ethics practice is part of the US Purpose & DEI Office and focuses on embedding ethical decision-making into the development and use of emerging technology, to build trust in those technologies and expand the equitable opportunities of a tech-savvy world to all people.

The practice developed a Technology Trust Ethics framework to help organizations assess the ethical implications of emerging technologies and guide responsible decision-making in the design, operation and governance of those technologies.

Methodology
Deloitte’s research included interviews in April and May 2024 with 26 executives and surveyed more than 1,800 business and technical professionals involved in developing, consuming or managing emerging technologies. Respondents represented industry sectors including technology, media and telecommunications; financial services; life sciences and health care; consumer; energy, resources and industrials; academia; government and public service; and nonprofit. The survey spanned the impact of Generative AI on organizations, the understanding of and value placed on ethical principles for emerging technologies, and mechanisms to implement ethical behavior throughout their organizations. 

About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 460,000 people worldwide connect for impact at www.deloitte.com.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

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Green Security Welcomes Anton Vishnyak as Chief Technology Officer to Fuel Growth

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Vishnyak to drive innovation in compliance and access management SaaS platform

CLEARWATER, Fla., Sept. 23, 2024 /PRNewswire-PRWeb/ — Green Security LLC, a leading provider of SaaS healthcare compliance and access management solutions, announced today that it appointed Anton Vishnyak as its Chief Technology Officer (CTO). Vishnyak has more than a decade of experience building and scaling software engineering organizations.

“We are thrilled to welcome Anton to the Green Security team,” said Mickey Meehan, Chief Executive Officer of Green Security. “His expertise in technology strategy, coupled with his experience in managing high-performing engineering teams, will be pivotal as we continue to scale our platform and expand our offerings. Anton’s ability to engage with developers, architects, customers, and partners at all levels of detail will enhance our capacity to innovate and deliver exceptional service.”

As CTO, Vishnyak will lead the company’s technology strategy and oversee software solution development, reinforcing Green Security’s position in healthcare access management, compliance and safety.

“I am excited to join Green Security and help drive its next growth phase,” said Anton Vishnyak. “Green Security’s commitment to safeguarding healthcare facilities through advanced software solutions resonates strongly with me. We have an impressive team, and I look forward to working closely with them on enhancing our technology offerings and continuing to set new standards for automated access compliance solutions.”

Vishnyak’s impressive career includes roles as Head of Engineering at Venice Music where he created the first AI manager for recording artists, VP of Software Engineering at ATLAS Lift Tech where he led the development of a hospital patient monitoring system to prevent Hospital Acquired Pressure Injuries (HAPI) – saving hospitals millions of dollars yearly in litigation and worker compensation costs (patent pending), and the CTO position at b8ta, where he led the creation of a patented innovative retail platform that powered over 35 stores in addition to joint ventures with Macy’s, Toys’R’Us and international b8ta locations in the Middle East and Japan.

Furthermore Vishnyak led development of an enterprise platform that powered contract negotiation and benchmarking required by modern hospital procurement departments at purchased services tech firm Conductiv (formerly Medpricer), and led the development of a retail design platform used by Apple to manage their worldwide non-owned store retail displays and an inventory/rep scheduling platform powering Stryker and J&J distributors across their sales and surgical visits at Mobitor Corporation.

Vishnyak is the company’s third executive hire this summer, following the appointment of Mickey Meehan to Chief Executive Officer and Rhonda Harms to Chief Financial Officer.

About Green Security LLC

Green Security is a leading provider of enterprise access compliance and safety solutions for the healthcare providers, creating a safe and secure visitor environment, while efficiently managing visits from more than 120,000 approved vendors representatives across more than 130 healthcare systems representing more than 1,500 facilities across the United States. Their innovative platform automates vendor background checks and access management, ensuring only authorized personnel can enter healthcare facilities. By elevating security standards and streamlining processes, Green Security empowers healthcare organizations to protect patients, staff, and facilities while maintaining operational efficiency.

Media Contact

Kim Peterson, Green Security, 1 (720) 316-4517, Kim.Peterson@kp-communications.com, https://www.greensecurityllc.com/ 

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Open XR Optics Forum Releases Management Requirements White Paper

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SAN JOSE, Calif., Sept. 23, 2024 /PRNewswire/ — The Open XR Optics Forum is excited to announce the publication of its Management Requirements White Paper. With 17 authors of 13 forum member companies, this pivotal document provides an in-depth evaluation of the management interface and API requirements essential for advancing the development and adoption of next generation advanced pluggable transceivers, including Open XR optics products and services.

Key Highlights:

Relevance to Next-Generation Pluggable Transceivers: The white paper’s findings are crucial for managing all next-generation advanced pluggable transceivers, ensuring seamless integration and interoperability across multi-vendor environments.Focus on Multivendor Integration: Emphasizing the importance of decoupling host and module functionalities, the white paper lays the groundwork for a multivendor operational environment and seamless automation of Open XR Optics networks.Alignment with Industry Standards: The document ensures that Open XR management requirements are reflected in API and data model definitions, aligning closely with existing industry standards to facilitate smooth network evolution.Future Steps: Recommendations for further evaluation and standards activities include analyzing potential gaps in the OpenConfig definition and propose extensions to OpenConfig to support XR Optics functionality.

The Open XR Optics Forum continues to drive innovation and standardization to better enable the wide scale deployment of coherent pluggable transceiver technology in a variety of host devices across a variety of network applications. This white paper is a testament to the collaborative efforts and dedication of our member companies and contributors.

For more information and to download the white paper, visit Open XR Optics Forum at www.openxropticsforum.org.

About Open XR Optics Forum
Open XR Optics Forum was founded to foster collaboration between its members to facilitate the adoption and accelerate the growth of network architectures leveraging intelligent point-to-point and point-to-multipoint coherent pluggable transceivers. Members will work to ensure the products and services developed align with existing standards and operational models by driving the standardization of network interfaces and electro-mechanical hardware interfaces, demonstrating interoperability, establishing multi-sourcing potential, and developing and publishing new specifications as needed. This will accelerate the wide adoption and deployment of XR optics’ innovative technology by a broad spectrum of network operators in a wide variety of applications. Open XR Optics Forum membership is intended for network operators, network equipment vendors, and component suppliers.

Media Contact
Engage PR for Open XR Optics Forum
Jeannette Bitz
jbitz@engagepr.com 

 

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