Hydrogen has been gaining increasing attention as a potential energy carrier for the transition towards a more sustainable and decarbonized energy system. In addition to its use as a fuel for transportation, hydrogen can also be utilized for energy storage, either directly or through conversion to other forms of energy such as electricity or heat.
According to a report, the global hydrogen energy storage market is projected to reach USD 119.2 Billion by 2027 from an estimated market size of USD 13.8 Billion in 2022, at a CAGR of 54.0% during the forecast period. Increasing demand of hydrogen in industrial sector and rising demand of stationary and mobile power applications are the key factors driving market growth.
Key Market Players
The global hydrogen energy storage market is dominated by a few globally established players such as Siemens Energy (Germany), Linde plc (Ireland), ENGIE (France), Air Liquide (France), and Air Products Inc. (Pennsylvania). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.
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This research report categorizes the hydrogen energy storage market by state, technologies, application, end-user, region.
On the basis of by state:
- Gas
- Liquid
- Solid
On the basis of by technologies:
- Compression
- Liquification
- Material based
On the basis of by application:
- Stationary power
- Transportation
On the basis of by end use:
- Industrial
- Commercial
- Electric utilities
On the basis of region:
- North America
- South America
- Europe
- Asia Pacific
- Middle East & Africa
The compression is expected to be the largest contributor to the market, by technologies, during the forecast period
The hydrogen energy storage market, by technologies, is segmented into compression, liquification and material based. The compression segment accounted for a 58.3% share of the market in 2021. Easy and cost-efficient hydrogen storage via compression is likely to generate its demand in the hydrogen energy storage during the forecast period.
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Despite these challenges, the hydrogen energy storage market presents significant opportunities for innovation and growth, particularly in the areas of technology development, infrastructure deployment, and policy support. Governments and private sector players are investing in research and development efforts to reduce the costs of hydrogen production and improve its efficiency and reliability.
