Global Hydrogen Energy Storage Market Overview
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.
Increasing global efforts to reduce greenhouse gas emissions and combat climate change play a pivotal role. Governments and organizations are incentivizing the transition to cleaner energy sources, making hydrogen an attractive option due to its potential for zero-emission energy storage and transportation. Additionally, the integration of hydrogen energy storage with renewable energy sources such as wind and solar power addresses the intermittency challenge, making it a reliable and sustainable solution for grid stabilization. However, the market faces certain restraints as well. One major challenge is the high production cost of green hydrogen, primarily derived from renewable sources, which limits its widespread adoption. Infrastructure development, including hydrogen production, storage, and distribution, also presents hurdles, as it requires substantial investment and time.
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Hydrogen Energy Storage Market, By Technology
- Compression
- Material-Based
- Liquefaction
Hydrogen Energy Storage Market, By End User
Renewable Energy Integration: The renewable energy sector is a significant end consumer of hydrogen energy storage. Hydrogen is used to store excess energy created by sources such as wind and solar power during periods of low demand or when production exceeds consumption. This stored hydrogen can then be used to generate power using fuel cells or transformed back into electricity as needed.
Industrial Applications: Hydrogen is used in a variety of industrial processes, including hydrogenation, desulfurization, and metal processing. Hydrogen energy storage allows these businesses to have a consistent and ongoing supply of hydrogen, which is critical to their operations.
Hydrogen Energy Storage Market Ecosystem:
The hydrogen energy storage market ecosystem is a complex and dynamic network of interrelated businesses and technologies that work together to maximize hydrogen’s potential as a clean and adaptable energy transporter. Hydrogen production is supplemented by improved storage and transportation options, which include high-pressure tanks, pipelines, and even liquefaction procedures for efficient handling and distribution of hydrogen. The market’s demand side is made up of industries and end users, including as power generation, transportation, and industrial sectors, which are pushing the adoption of hydrogen-based energy solutions. Furthermore, government agencies, research institutions, and private entities. Linde plc (Ireland), Plug Power Inc. (US), ENGIE (France), Iwatani Corporation (Japan), and FuelCell Energy, Inc. are among the market’s leading players.
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Recent Developments
- In April 2023, Linde plc signed an MOU with Snam to develop clean hydrogen projects and related infrastructure in Europe. Linde and Snam will work in the areas of production, distribution, compression, and storage.
- In November 2021, Iwatani Corporation of America, a wholly owned subsidiary of Iwatani Corporation, and ITM Power, the energy storage and clean fuel company, partnered to deploy multi-megawatt electrolyzer-based hydrogen energy systems in North America.
- In October 2021, Plug Power Inc. acquired Applied Cryo Technologies, Inc. (ACT). The acquisition of ACT adds significant capabilities, expertise, and technologies to Plug Power Inc. that will help the company expand the green hydrogen ecosystem.
- In August 2021, Linde plc inked a long-term agreement with Infineon Technologies for the on-site production and storage of high-purity green hydrogen.
- In January 2021, ENGIE and Total signed a cooperation agreement to build to develop, build, and operate the Masshylia project, France’s largest renewable hydrogen production site at Châteauneuf-les-Martigues in the South region. A cutting-edge management approach will be put into practice to oversee the production and storage of hydrogen.
