The global hydrogen energy storage market is projected to reach USD 196.8 billion by 2028 from an estimated USD 11.4 billion in 2023, at a CAGR of 76.8% during the forecast period. The growing emphasis on environmental sustainability, rising adoption of fuel cell vehicles, intermittent renewable energy integration accelerates the growth of the hydrogen energy storage market.
This report segments the hydrogen energy storage market based on application into three categories: electric utilities, industrial, and commercial. Electric Utilities is expected to hold the largest market share in the hydrogen energy storage market during the forecast period. The demand for hydrogen energy storage is increasing in electric utilities applications due to integration of renewable energy and grid stability and reliability. Hydrogen energy storage can provide backup power during grid outages and can be used to balance supply and demand on the grid by storing excess electricity during times of low demand are the factors that are expected to drive the growth of the electric utilities segment during the forecast period.
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Based on the Storage form, the hydrogen energy storage market is segmented into solid, liquid and gas. The gas segment is expected to dominate the market during the forecast period as gas form is more efficient and can easily be transported. Hydrogen energy storage as gas results in fewer energy losses during the storage process and there is already established infrastructure for transporting and distributing gaseous hydrogen energy.
Based on the technology, the hydrogen energy storage market is segmented into compression, liquefaction and material-based. The compression segment is expected to be the fastest growing market during the forecast period owing to the low energy losses compared to other methods and high energy density per unit volume. Compression technology is cost effective as compared to other storage technologies, which is expected to drive the growth of the medium voltage segment in the forecasted period.
This report segments the hydrogen energy storage market based on application into stationary power and transportation. During the forecast period, the stationary power segment holds the largest market share due to its higher efficiency, safety, and ability to provide a steady energy supply for grid integration and industrial processes. The Stationary systems are well-suited for critical facilities, sustainability goals, and avoiding transportation challenges.
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Key Market Players
The major players in the hydrogen energy storage market include Linde plc (Ireland), Plug Power Inc. (US), ENGIE (France), Iwatani Corporation (Japan), and FuelCell Energy, Inc. (US).
