Hydrogen Energy Storage Industry Overview
The global hydrogen energy storage market size was valued at USD 14.69 billion in 2021 and is expected to reach USD 21.66 billion by 2030, at a CAGR of 4.4% from 2022 to 2030.
The market growth can be primarily attributed to the swift industrialization of developing countries and increasing acceptance of alternative forms of energy. The U.S. market is projected to witness significant growth over the forecast period owing to the ongoing research & development and construction of full-scale storage projects in the country. The Hydrogen Fueling Infrastructure Research and Station Technology (H2FIRST) is a part of an initiative undertaken by the Fuel Cell Technologies Office, based on prevalent and upcoming technologies at national labs.
Gather more insights about the market drivers, restrains and growth of the Global Hydrogen Energy Storage Market
Development and construction of cost-effective and energy-saving hydrogen stations across the country are among the key objectives planned by the government. Such factors are expected to boost the growth of the market in the U.S. Increased hydrogen applications across a variety of industries are predicted to fuel market expansion. Hydrogen, for example, can be used for industrial applications in oil refineries, power generation in stationary fuel cells, as a fuel in fuel cell vehicles, and stored as a cryogenic liquid, compressed gas, or loosely bonded hydride chemical compound.
According to the International Renewable Energy Agency (IRENA), for renewable hydrogen to be competitive with fossil fuel-produced hydrogen, it should be generated at less than USD 2.5 per kg. The cost is determined by a number of factors, including the location of production, market segment, renewable energy power tariffs, future electrolyzer investments, and others. Because of the low cost of hydrogen manufacturing, more energy storage systems will be deployed. The industry participants are substantially forward integrated. Demand for stored hydrogen in a variety of end-use applications, including fuel cell automobiles, grid services, and telecommunications, is forcing market players to integrate their facilities with the end-use industries.
Hydrogen Energy Storage Market Segmentation
Based on the Technology Insights, the market is segmented into Compression, Liquefaction and Material Based.
- The compression storage technology segment accounted for the largest revenue share of over 40.0% in 2021.
- Over the projection period, the material-based storage technology segment is predicted to increase at a high rate. In comparison to other storage technologies, this technology includes hydride storage systems, liquid hydrogen carriers, and surface storage systems, all of which have a high volumetric storage density.
Based on the Physical State Insights, the market is segmented into Solid, Liquid and Gas.
- The solid segment held the largest revenue share of over 45.0% in 2021. The storage of hydrogen in solid form, i.e., stored in another material, is one of the emerging areas in the market.
Based on the Application Insights, the market is segmented into Residential, Commercial and Industrial.
- The industrial application segment held the largest revenue share of over 40.0% in 2021.
- The commercial application segment includes hydrogen refueling stations and micro-CHP fuel cell-based installation for commercial applications.
Based on the Hydrogen Energy Storage Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa
- The Asia Pacific region held the largest revenue share of over 35.0% in 2021.
- Due to rigorous pollution control rules, the use of cleaner fuels, and an increase in fuel cell applications, the market in North America is predicted to rise at a high rate. Because of the rising hydrogen demand in chemical companies and oil refineries across the country, the U.S. has the greatest market share in the area.
Market Share Insights:
- June 2020: Cummins Inc. signed an agreement to form a joint venture with NPROXX for hydrogen storage tanks. The joint venture will continue under the name NPROXX. The joint venture aims to provide customers with hydrogen and compressed natural gas storage products for both on-highway and rail applications.
Key Companies Profile:
Enhanced level of forwarding integration, strong research and development, security of renewable energy power supply, and cost of storage are among the significant factors driving the competitiveness of the hydrogen energy storage industry.
Some prominent players in the global Hydrogen Energy Storage market include
- Air Liquide
- Air Products Inc.
- Cummins Inc.
- ITM Power
- Iwatani Corporation
- Linde plc
- Nedstack Fuel Cell Technology BV
- Nel ASA
- Steelhead Composites Inc.
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