Hydrogen Energy Storage Market is projected to grow at a CAGR of 8.50% during the forecast period 2022 - 2030, with valuation of USD 27.18 billion. Increasing need for energy conservation is expected to drive global Hydrogen Energy Storage Market.
Today, the importance of energy conservation is high in many regions. Especially, the use and conservation of hydrogen energy are massive. The increasing application of hydrogen energy in industries is creating more storage requirements of the energy. Hydrogen gas is extracted from electrolysis that is mainly used for power generation purposes.
There is plenty of storage solution in the hydrogen energy storage global market. The hydrogen is stored as a compressed gas, cryogenic liquid or chemical compounds. The need for hydrogen energy storage is increasing more than ever in the forecast year. During the forecast year, there is going to plenty of market expansions and developments. All these factors completely develop the Market Outlook. The demand for hydrogen fuel cell vehicles will fuel the market demand immensely.
The outbreak of covid 19 has plenty of effects on the Hydrogen Energy Storage Industry. Some of the industries are unable to cope up with the losses. The Hydrogen Energy Storage Market is showing a declining trend in recent years. The hindrance in hydrogen energy storage products and solutions are less. However, post this situation, the production and supply chain procedures will happen smoothly.
The annulment of ships during the pandemic is a crucial challenge for the hydrogen energy storage market. Also, the travel bans and the immobility of vehicles on road in affecting the overall hydrogen storage market growth. However, post the pandemic, the tax investments on the hydrogen energy market will raise. All these factors will help the market n the recovery process. The governmental support for the market will prove beneficial for the market growth.
The key players of the Hydrogen Energy Storage Market are -
Hydrogen energy storage is an essential process to extract hydrogen gas from electricity. It is possible to re-electrify the same with extracted hydrogen. Hydrogen is sustainable gas energy. The storage of hydrogen gas is encouraged by plenty of governments across the globe. There is a high need to reduce the use of conventional fuels for vehicles. Conventional fuels and petroleum are harmful and release carbon emissions. Due to the increasing awareness of sustainable energy conservation, the hydrogen energy storage market value will rise.
The conservation of sustainable energy is the key driver for the market. In the transportation sector, hydrogen is a crucial element. It is used in plenty of vehicles models as a fuel cell. Recently, the manufacturing of vehicles with a fuel cell is increasing massively. The increasing demand for the fuel cell vehicle market is the crucial driver for the market. From light-duty to heavy-duty vehicles require hydrogen for their fuel cell technology. Due to these two crucial drivers, the global Market Trends will be positive.
The hydrogen energy storage market has plenty of segments. The hydrogen liquid, gas and solid are the three crucial variations. The need for storing the cost-effective storage solution is high in the forecast year. This requirement will offer plenty of growth prospects for the overall market. The rising need for the hydrogen gas segment will ultimately open up new growth possibilities in this market. Also, the main reason for this requirement is the cost efficiency of storing this hydrogen gas.
The cost-effective storage solution of hydrogen gas attracts new end-users and enhances the overall profitability in the upcoming years. Also, the technological advancement in the fuel cell vehicle market will offer massive growth opportunities. There are constant upgrades in the fuel cell market. The top vehicle manufactures are planning to offer more advancement in fuel cell vehicles. It will ultimately increase the use of hydrogen energy in the upcoming years. As per the Market Analysis, these market growth opportunities will help the market to reach the highest profitability rate in the forecast year.
Hydrogen energy storage is a sophisticated process. The electricity is tried to convert into hydrogen energy. It is an artificial method to produce sustainable hydrogen energy. This method may not offer natural hydrogen energy found in fossil fuels. However, it is possible to produce such natural hydrogen energy through this artificial process.
There are plenty of stringent rules to produce hydrogen energy from electrolysis. The conversion of electricity to hydrogen is allowed only 2.5 kg at a time. All these factors hamper the production of hydrogen energy. Due to these restrictions, the overall hydrogen extracts and storage process slows down. Also, it can affect the demand for end-users due to the prolonged storage cycle. It is a serious restraint to the market that can have a declining effect in the forecast period.
Producing hydrogen through electricity is a high-end procedure. Plenty of raw materials and quality storage solutions are required in this process. Most of the natural and sustainable gases are cost-efficient. Due to the sophisticated process, this hydrogen energy may come with a high initial cost. The high initial cost is a significant challenge that can curb the overall market growth.
End-users of the market such as the vehicle manufacturers may hesitant to purchase it due to the high initial cost. The initial cost may also affect the demand and growth opportunities in the market. It is a challenging factor for the market as there are not many ways to cut down cost. The initial cost factor can have a declining effect on the global market.
The hydrogen energy storage market is experiencing an exceptional growth rate in the forecast period. The market is witnessing crucial developments and growth in recent years. The production rate of the market will ultimately increase during the forecast period. The crucial drivers of the market will offer plenty of demand and profitability. Also, the market growth opportunities will enhance and prepare the market for the future. Plenty of market expansions and product developments will take place during this period. Also, the key players of the market are increasing the R&D. It will ultimately have a positive effect on the overall growth of the market.
North America holds the highest Market Share. America is known for its energy conservation measures. The awareness to conserve sustainable energy is higher in this region. Also, the regions have plenty of well-established market players. The experience of the market players plays a major role in the high demand and supply rate. The increasing fuel cell vehicle application is the crucial drivers in this region. Also, there are stringent policies to reduce the usage of conventional petroleum. All these factors fuel the overall market in North America. During the forecast, North America will witness a higher revenue rate.
The hydrogen energy storage market is diversified into North America, Europe, Asia Pacific, Latin America and the middle-east. North America holds the maximum market share. It is the most profitable market among the regional players. During the forecast period, North America will witness new product developments and advancements.
The European market is the second-largest shareholder. The demand for sustainable energy is higher in this fuel cell vehicle production is continually propelling the market growth. The use of hydrogen for other industrial purpose is the demand driving factors in this region. The Asia Pacific will witness Market Revenue. Industrial applications are the crucial market driving factors in this region. Also, cost-effectiveness will drive market growth in the middle-east and Latin America.
|CAGR||8.50% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology and End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||VRV S.P.A, Hbank Technologies Inc., Inoxcva, Mcphy Energy S.A, Luxfer Holdings PLC, Worthington Industries Inc., Praxair Inc, Linde AG., and Air Liquide|
|Key Market Opportunities||Growing investments in research and development|
|Key Market Drivers||
8.50% CAGR is the rate at which the market is growing.
Hyundai, Toyota, and Honda are on the top listed companies in the market share.
The technological advancement is assisting to grow the fuel cell demand which is triggering the global hydrogen energy storage market.
The growing requirement for sustainable energy is a crucial factor. Also, reduced usage of conventional petroleum is another crucial factor.
The key payers of the market are Air Liquide, VRV S.P.A, Praxair Inc, Hbank Technologies Inc, Linde AG, Murphy Energy S.A and Luxfer Holdings PLC.