Market Research Future (MRFR) has published a cooked research report on the “Global Hydrogen Energy Storage Market” that contains information from 2022 to 2030. The Global Hydrogen Energy Storage Market is estimated to register a CAGR of 8.50% during the forecast period of 2022 to 2030.
MRFR recognizes the following companies as the key players in the Global Hydrogen Energy Storage Market— VRV S.P., AHbank Technologies Inc, Inoxcva, Mcphy Energy S.A.Luxfer Holdings PLC, Worthington Industries Inc, Praxair Inc, Linde AG, and Air Liquide.
Global Hydrogen Energy Storage Market is accounted to register a CAGR of 8.50% during the forecast period and is estimated to reach USD 30.53 Billion by 2030.
Hydrogen energy storage involves the capture and storage of hydrogen gas to be utilized as a clean and versatile energy carrier. This process typically entails producing hydrogen through water electrolysis or other methods, storing it in various forms such as compressed gas or liquid, and subsequently using it in fuel cells or other combustion processes to generate electricity or heat with minimal environmental impact, as its only byproduct is typically water. Hydrogen energy storage holds promise for balancing intermittent renewable energy sources, supporting grid stability, and enabling emission-free transportation and industrial applications.
The Global Hydrogen Energy Storage Market has been segmented based on Technology, and End-User.
Based on Technology, the market is segmented into Liquid Hydrogen, Metal Hydrides, Carbon Absorption, Underground Salt Caverns. The dominance of the Liquid Hydrogen category in the Hydrogen Energy Storage market is attributed to its higher energy density and efficient long-term storage capabilities.
Based on End-User, the market is segmented into Power Generation, Transportation, Chemicals, Metal Working, Others. The Power Generation category's dominance in the Hydrogen Energy Storage market is driven by its ability to provide grid stability through rapid response and load balancing using hydrogen fuel cells.
Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Hydrogen Energy Storage Market Research Report
The Global Hydrogen Energy Storage Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Global Hydrogen Energy Storage Market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Global Hydrogen Energy Storage Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World's Global Hydrogen Energy Storage Market comprises of Middle East, Africa, and Latin America.
In 2021, the North America hydrogen energy storage market recorded a valuation of USD 6.9 billion, with a projected substantial growth in its Compound Annual Growth Rate (CAGR) over the study period. The expansion of the North American hydrogen energy storage market is driven by factors such as escalating hydrogen demand across diverse sectors, stringent governmental regulations, and an increasing preference for eco-friendly energy sources.
Securing the second-largest revenue share, the Asia Pacific energy storage market encompasses major economies like China, Japan, South Korea, India, Australia, and other Southeast Asian nations. In light of electricity shortages in several Asia-Pacific regions, these nations are actively pursuing viable energy solutions, with hydrogen energy storage emerging as a promising remedy to address these challenges. This impetus drives the growth of the Asia-Pacific market.
The European market experiences surging demand due to the establishment of large-scale hydrogen energy storage facilities. Encompassing prominent nations like Russia, Spain, Germany, Italy, and the U.K., as well as smaller Eastern and Central European nations, the European hydrogen energy storage market is characterized by diverse end users, including industrial and commercial entities, with significant hydrogen generation needs.
Key Findings of the Study
- The Global Hydrogen Energy Storage Market is expected to reach USD 30.53 Billion by 2030, at a CAGR of 8.50% during the forecast period.
- The European market is witnessing a surge in demand driven by the establishment of extensive hydrogen energy storage facilities. Spanning notable countries such as Russia, Spain, Germany, Italy, and the U.K., along with smaller Eastern and Central European nations, the European market for hydrogen energy storage is notable for its diverse array of end users.
- Based on the Technology, the Market has been segmented into Liquid Hydrogen holding the largest market in 2022.
- VRV S.P., AHbank Technologies Inc, Inoxcva, Mcphy Energy S.A.Luxfer Holdings PLC, Worthington Industries Inc, Praxair Inc, Linde AG, and Air Liquide.