Hydrogen Energy Storage Market Size is valued at USD 13.76 Bn in 2022 and is predicted to reach USD 572.56 Bn by the year 2031 at a 51.5% CAGR during the forecast period for 2023-2031.
The global market for hydrogen energy storage pertains to the industry engaged in the manufacturing, storing, and distributing hydrogen as an energy storage medium. Hydrogen is recognized as an environmentally friendly and sustainable energy source, capable of being generated from water through renewable sources like solar or wind energy.
The storage of hydrogen can be achieved through various methods, encompassing compressed gas, liquid form, and solid-state storage systems. Its versatile application fuels various uses, including transportation, heating and cooling systems, and power generation. The demand for hydrogen energy storage solutions is rising in response to the global drive for reduced carbon emissions and a transition toward sustainable energy. With escalating investments in hydrogen technology research and commercialization, the global hydrogen energy storage market is anticipated to mark tremendously in the upcoming years.
Additionally, several driving factors underpin the growth of the global hydrogen energy storage market, including climate change concerns and environmental regulations, the expansion of renewable energy capacities, technological advancements, heightened demand for fuel cells, and the imperative of energy security. Climate change awareness and regulatory restrictions are propelling the demand for hydrogen energy storage systems, while the increasing capacity of renewable energy sources is augmenting the need for effective energy storage solutions. Furthermore, technological advancements are rendering hydrogen storage solutions more cost-efficient and operationally effective. Pursuing enhanced energy security also fosters the adoption of hydrogen energy storage technologies.
Competitive Landscape
Some Major Key Players In The Hydrogen Energy Storage Market:
- ITM Power
- Worthington Industries
- Siemens Energy
- Linde Plc
- Engie
- Air Liquide
- Air Products Inc.
- Chart Industries
- Nel ASA
- Hexagon Purus
- Fuelcell Energy Inc.
- Hydrogenious Lohc Technologies
- Genh2
- Hygear
- HPS Home Power Solutions Gmbh
- Hydrogen In Motion
- Pragma Industries
- Inox India Pvt Ltd
- Cockerill Jingli Hydrogen
- Plug Power
- Mcphy Energy S.A.
- Cummins Inc.
- Steelhead Composites Inc.
Market Segmentation
The Hydrogen Energy Storage Market is segmented based on states of matter, technology and end users. Based on the state of matter, the hydrogen energy storage market is segmented as liquid, gas, and solid technology; the market is segmented into compression, liquefaction, and material based. Based on end users, the hydrogen energy storage market is segmented as industrial, commercial, and utilities.
Based On Product, The Industrial Segment Is Accounted As A Major Contributor In The Hydrogen Energy Storage Market.
The industrial category will hold a major share of the global Hydrogen Energy Storage market. Hydrogen finds application across industries, particularly in manufacturing processes where its energy is a requirement. Additionally, the stored hydrogen plays a role in electricity generation. Hydrogen energy storage setups offer a solution to fulfil energy demands in the industrial sector, align with carbon reduction targets, receive governmental backing, achieve cost efficiencies, and provide flexibility. They serve as a means for businesses to adhere to clean energy policies and regulations, curtail energy expenses, and enhance overall energy efficiency. In doing so, these systems contribute to diminishing energy wastage and advancing efficiency levels.
The Liquidation Segment Witnessed Growth At A Rapid Rate.
The liquification segment is projected to grow rapidly in the global hydrogen energy storage market. Liquefaction technology finds application in storing substantial energy quantities for industrial needs. This technology significantly facilitates the smooth transmission and transportation of energy, thereby fostering the advancement of this segment.
The North America Hydrogen Energy Storage Market Holds A Significant Revenue Share In The Region.
The North American hydrogen energy storage market is expected to register the highest share in revenue shortly. This geographical area boasts a robust industrial foundation, housing numerous enterprises engaged in hydrogen production and advancing hydrogen energy storage systems. This has cultivated a conducive setting for expanding this region's hydrogen energy storage market. The locale experiences a notable thirst for clean energy, positioning hydrogen energy storage systems as pivotal remedies to fulfil this energy demand.
Remarkably, this region's transportation domain is a substantial energy consumer, driving an escalating desire for hydrogen fuel cell vehicles as an eco-friendly mobility solution. This phenomenon paved the way for substantial market potential for hydrogen energy storage systems within this area.
In addition, Asia Pacific is projected to grow rapidly in the global Hydrogen Energy Storage market. Countries within the APAC region, notably Japan, South Korea, and China, have initiated efforts to encourage the uptake of hydrogen energy storage solutions. These endeavours encompass financial backing for research and development, incentives to support hydrogen production and utilization, and tax advantages for enterprises investing in hydrogen-related technologies.
Hydrogen Energy Storage Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 13.76 Bn |
|
Revenue Forecast In 2031 |
USD 572.56 Bn |
|
Growth Rate CAGR |
CAGR of 51.5% from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By States of matter, By Technology Type, By End-User |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ; France; Italy; Spain; South Korea; South East Asia |
|
Competitive Landscape |
ITM Power, Worthington Industries, Siemens Energy, Linde Plc, Engie, Air Liquide, Air Products Inc., Chart Industries, Nel ASA, Hexagon Purus, Fuelcell Energy Inc., Hydrogenious Lohc Technologies, Genh2, Hygear, HPS Home Power Solutions Gmbh, Hydrogen In Motion, Pragma Industries, Inox India Pvt Ltd, Cockerill Jingli Hydrogen, Plug Power, Mcphy Energy S.A., Cummins Inc., Steelhead Composites Inc. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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