The global hydrogen energy storage market is projected to reach USD 18.2 billion by 2024 from an estimated USD 13.7 billion in 2019, at a CAGR of 5.8% during the forecast period. Increase in demand for stored hydrogen in chemical industry and demand for stored hydrogen in stationary and portable power application are the primary drivers of the hydrogen energy storage market.
Key Market Players
The major players in the hydrogen energy storage market are Air Liquide (France), Linde (UK), Air Products and Chemicals (US), ITM Power (UK), Hydrogenics (Canada), Worthington Industries (US), Chart Industries (US), Hexagon Composites (Norway), FuelCell Energy (US), Nel Hydrogen (Norway), Plug Power (US) and others.
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North America is expected to be the largest market during the forecast period
North America is estimated to be the largest growing hydrogen energy storage market during the forecast period. The growth of this region is driven primarily by countries such as the US and Canada. Increase in demand for hydrogen gas in oil refineries and chemical industry is expected to drive the hydrogen energy storage market in the North American region.
The hydrogen energy storage market is segmented by state, into liquid, gas, and solid. The gas segment accounted for the major share of the market in 2019. This is attributed to the growing multiple cost-effective methods to store hydrogen as a gas via compression in the major regions such as North America and Europe.
The hydrogen energy storage, by storage technology, is segmented into compression, liquefaction, and material-based. Compression segment is expected to be the largest and the fastest-growing segment among all the segments. This is majorly because of the compression provides easy and cost-efficient hydrogen storage.
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The hydrogen energy storage market has been categorized, based on end-users, into industrial, commercial, and utilities. Utilities segment is expected to be the fastest-growing end-users of hydrogen energy storage followed by industries. This is because of the growing demand for power generation through renewable energy sources.
Key Questions Addressed by the Report
- What are the revolutionary technology trends that will be seen over the next five years?
- Which of the hydrogen energy storage market elements will lead by 2024?
- Which of the type segment will have the maximum opportunity to grow during the forecast period?
- Which will be the leading region with the highest market share by 2024?
- How are companies implementing organic and strategies to gain increased market share?
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Report Objectives
- To define, describe, segment, and forecast the hydrogen energy storage market based on state, storage technologies, end-user, and region
- To provide detailed information on the significant factors influencing the growth of the hydrogen energy storage market (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze the hydrogen energy storage market for individual growth trends, prospects, and contributions of each segment to the market
- To analyze market opportunities for stakeholders and to provide a detailed competitive landscape for market leaders
- To forecast the revenue of the market segments for five main regions (along with countries), namely, North America, Europe, Asia Pacific, the Middle East & Africa, and South America
- To strategically profile key players and comprehensively analyze their market ranking and core competencies
- To track and analyze competitive developments such as new product developments, contracts & agreements, investments & expansions, and mergers & acquisitions in the hydrogen energy storage market
