Hydrogen energy storage Market Overview:
The global hydrogen energy storage market is expected to grow from an estimated USD 13.7 billion in 2019 to USD 18.2 billion by 2024, at a CAGR of 5.8% during the forecast period. The growth of this market is driven by an increase in demand for hydrogen in the chemical industry and demand for hydrogen in stationary and portable power.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=107179995
Key Market Players:
The global hydrogen energy storage market is dominated by a few major players that have an extensive regional presence. The leading players in the hydrogen energy storage market are Hydrogenics (Canada), ITM Power (UK), Hexagon Composites (Norway), Worthington Industries (US), Linde (UK), Nel Hydrogen (Norway), Plug Power (US), Chart Industries (US), Air Liquide (France), Air Products and Chemicals (US) and Hydrogenious (Germany).
Air Liquide (France) is in the production and supply of gases for industrial, healthcare, and environment. It offers innovative solutions based on enhanced technologies and produces gases, such as hydrogen, oxygen, and nitrogen. It operates through 3 business segments, namely, gas & services, engineering & construction, and global markets & technologies. The engineering & construction segment designs and constructs air separation units, hydrogen, and synthetic gas production plants. The company holds the capabilities of providing hydrogen high-pressure storage in the gaseous form, very low-temperature storage in the liquid form, and hydride-based storage in the solid form.
ITM Power (UK) is one of the leading manufacturers of integrated hydrogen energy solutions for grid balancing, energy storage, and production of green hydrogen for transport, renewable heat, and chemicals. The company operates through 4 major business segments, namely, power-to-gas, renewable chemistry, refueling, and others. The power-to-gas business segment accounted for a 50% share of the total revenue generated by the company in 2018.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=107179995
North America is expected to dominate the global hydrogen energy storage market
Increasing use of hydrogen gas in oil refineries and chemical industry as well as growing demand for hydrogen-powered fuel cells is likely to drive the hydrogen energy storage market in North America. Furthermore, the growth in this region is also attributed to the rise in fuel cell applications, tight regulations with regard to emission control, and the use of cleaner fuels. Policies are also being framed to research and encourage the usage of clean fuels such as hydrogen for various energy needs.
