Hydrogen Energy Storage Market Overview:
Hydrogen Energy Storage Market share is projected to be worth USD 27.18 billion by 2028, registering a CAGR of 8.50% during the forecast period (2021 - 2028).
The hydrogen energy storage market is growing rapidly. Hydrogen energy storage (HES) increases sustainable energy supply systems in the electric grid, gas pipeline systems, and transportation fuels. Also, hydrogen is used as fuel for fuel cell vehicles (FCEVs), which increases the prominence of these energy storage. Besides, the market growth attributes to the growing need for energy conservation and reduced petroleum fuel consumption.
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Report Attribute | Details |
Forecast Period | 2022 - 2030 |
Market Growth value | 8.50 % CAGR |
Revenue forecast in 2022-2030 | USD 27.18 billion |
Base year for estimation | 2021 |
Historical data | 2019 – 2020 |
Unit | USD Billion, CAGR (2022 – 2030) |
Segmentation | By Application, By End-Use, and By Region |
Moreover, technological advances escalate market demand, improving hydrogen technologies. According to Market Research Future (MRFR), the global hydrogen energy storage market is projected to grow at approximately 8.50% CAGR during the review period (2016 – 2022). Augmenting demand for clean and effective energy sources, alongside the advantages of hydrogen energy storage, such as reducing carbon emissions and reliable power, substantiate the market demand.
Additionally, the penetration of light-duty vehicles and increasing product development boost the growth of the market. The rising applications of hydrogen storages in material-handling equipment and portable power banks influence market growth. Moreover, growing RD investments and the development of fuel cell technology increase the market size, presenting the opportunity for industry expansion.
The market proliferation of hydrogen fuel-powered vehicles due to their zero-emission quality accelerates the development of the market. Government initiatives to promote clean energy and the rising focus on hydrogen fuel cell technology push the growth of the market. Substantial investments in developing green energy sources create vast market demand. Various countries and government have reformed their energy policy to fulfill the growing demand for power due to the ever-increasing population.
Global Hydrogen Energy Storage Market - Segments
The report is segmented into three dynamics;
By Technology : Liquid Hydrogen, Metal Hydrides, Carbon Absorption, Underground Salt Caverns, and others.
By End-User : Power Generation, Transportation, Chemicals, Metal Working, and others.
By Regions : North America, Europe, APAC, and Rest-of-the-World.
Hydrogen Energy Storage Market - Geographical Analysis
North America dominates the global hydrogen energy storage market. The largest market share attributes to the presence of notable industry players in the region. Besides, well-established infrastructure in the region supports the development and faster implementation of advanced storage technologies. Moreover, increased renewable energy activities drive market growth, meeting the energy demand in the region. The North American hydrogen energy storage market is projected to retain its dominance throughout the estimated period.
The Asia Pacific region stands second in the global hydrogen energy storage market. The market growth is fostered by the growing population and rising disposable income of demographics. Additionally, the increasing demand to reduce carbon emissions pushes the regional market growth, encouraging the usages of renewables to efficiently meet electricity needs.
Government initiatives to control the rising carbon footprints due to fossil fuel energy sources boost the growth of the regional market. Rapidly growing economies, such as India, China, Japan, and South Korea, account for leading shares in the regional market. The Asia Pacific hydrogen energy storage market is expected to create a substantial revenue pocket during the forecast period.
Europe owns a sizable share in the global hydrogen energy storage market. The European Strategic Energy Technology (SET) Plan influences the market growth, denoting hydrogen technologies crucial for meeting the integrated European energy and climate policy goals for 2020 and beyond. The EU2020 is a strategy proposed by the European SET to improve the infrastructure and decrease the fuel cell cost. The European hydrogen energy storage market is anticipated to grow at an impressive CAGR during the forecast period.
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Hydrogen Energy Storage Market – Competitive Landscape
Highly competitive, the global hydrogen Energy Storage market appears fragmented due to the presence of several well-established players. To gain a larger competitive share in the market, industry players incorporate strategic initiatives such as mergers acquisitions, collaboration, expansion, and technology launch. Some other strategies adopted by these market players include greater commercialization of their products and promotion initiatives through trade exhibitions. Manufacturers strive to improve the performance and design of their cells.
Industry/ Innovation/ Related News:
September 24, 2020 ---- Entergy Corporation (the US), an integrated energy company, announced its collaboration with a Japanese multinational thermal-power and environmental technology company - Mitsubishi Power, Ltd. (Japan) to drive utility’s decarbonization projects in Arkansas, Louisiana, Mississippi, and Texas. Entergy Corporation is engaged in electric power production and retail distribution operations.
The collaboration would enable the company to drive the decarbonizing power fleet via hydrogen, energy storage. A major part of the collaboration would be focused on hydrogen-fueled technologies. Hydrogen does not contain a carbon atom and can be produced via electrolysis fueled by renewable or carbon-free nuclear resources.
Major Players
Players leading the global hydrogen energy storage market include Hbank Technologies Inc., VRV S.P.A, Inoxcva, Luxfer Holdings PLC, Mcphy Energy S.A, Worthington Industries Inc., Linde AG., Praxair Inc, and Air Liquide, among others.
