Chicago, July 04, 2023 (GLOBE NEWSWIRE) -- Hydrogen Energy Storage Market size is projected to grow from USD 13.8 billion in 2022 to USD 119.2 billion by 2027, at a CAGR of 54.0% according to a new report by MarketsandMarkets™. Increasing demand of hydrogen in industrial sector and rising demand of stationary and mobile power applications are the key factors driving market growth. Hydrogen energy storage is the storage technique where the electrical energy is converted into hydrogen through electrolysis process, we can further reprocessed it as fuel in a fuel cell or combustion engines. Hydrogen can be stored in 3 different ways in dewars as liquid at – 253 degree C, in high-pressure tanks as compressed gas and in chemical form by either reacting or absorbing with chemicals or metal compounds. Thus, the hydrogen stored in different forms can be recovered afterwards when the supplies are low. Moreover, hydrogen can be stored for longer period of time, unlike the energy stored in batteries, which diminishes with the passage of time.
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Scope of the Report
| Report Metric | Details |
| Hydrogen Energy Storage Market Size Values |
|
| Base Year | 2022 |
| Forecast Period | 2022–2027 |
| Forecast Unit | Value (USD Billion) |
| Segments Covered | By State, Technologies, Application, End-User, Region |
| Geographic Regions Covered | North America, South America, Europe, Asia Pacific, Middle East & Africa |
| Companies Covered | Siemens Energy (Germany), Linde plc (Ireland), ENGIE (France), Air Liquide (France), Air Products Inc. (Pennsylvania), Nel ASA (Norway), Chart Industries (Georgia), GENH2 (Florida), Hexagon Purus (Norway), FuelCell Energy Inc. (US), ITM Power (UK), McPhy Energy S.A. (France), Hydrogenious LOHC Technologies (Germany), Hygear (Gelderland), Cockerill Jingli Hydrogen (China), Pragma Industries (France), Plug Power Inc. (US), INOX India Pvt Ltd (India), HPS Home Power Solutions GmbH (Germany), HYDROGEN IN MOTION (British Columbia) |
Gas is estimated to be the largest and the fastest growing in the state segment.
The Hydrogen Energy Storage Market, by gas, is segmented into gas, liquid and solid. Solid is estimated to have the largest market share and is expected to grow at the highest rate during the forecast period. The higher growth rate of this segment is because of its cost-efficient storing hydrogen in gas form.
The Industrial segment is expected to be the most significant Hydrogen Energy Storage Market, by end use.
The Hydrogen Energy Storage Market, by end use, is segmented into industrial, commercial and electric utilities. The industrial segment accounted for the largest share of 45.1% of the Hydrogen Energy Storage Market in 2021. The rising applications of hydrogen in chemicals industry to foster demand for hydrogen storage systems is expected to drive the industrial segment during the forecast period.
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Hydrogen energy storage entails using electricity generated from renewable sources, such as wind or solar power, to electrolyze hydrogen. When needed, this hydrogen can be stored and turned back into power using combustion or fuel cells. This procedure allows for the decoupling of energy production and consumption, allowing for the flexible and effective storage of excess renewable energy for later use.
During the projection period, compression is estimated to be the highest contributor to the market by technology.
The Hydrogen Energy Storage Market is divided into three technologies: compression, liquification, and material. In 2021, the compression sector accounted for 58.3% of the market. During the projected period, easy and cost-effective hydrogen storage by compression is likely to stimulate demand in the hydrogen energy storage.
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The European Hydrogen Energy Storage Market is expanding rapidly. The region has led the way in embracing renewable energy sources and transitioning to a low-carbon economy. The development of hydrogen energy storage technology has been hastened by the European Union's aggressive climate targets, supportive legislation, and major expenditures. Europe is spending heavily in large-scale projects to construct hydrogen infrastructure, such as electrolyzers, hydrogen production plants, and storage systems. Furthermore, alliances and partnerships among industrial companies, research institutes, and governments are propelling innovation and technological developments in the sector. As a result, the European Hydrogen Energy Storage Market is expanding rapidly, with enormous potential for grid balancing, renewable integration, and decarbonization across industries.
Key Market Players
Company profiles give a glimpse of the key players in the Hydrogen Energy Storage Companies with respect to business overview, financials, product offerings, and recent developments. In this new edition of the hydrogen energy storage manufacturers such as Siemens Energy (Germany), Linde plc (Ireland), ENGIE (France), Air Liquide (France), and Air Products Inc. (Pennsylvania), among others, have been profiled as they have emerged as key players in recent months due to various investments & expansions, partnerships & collaboration and merger & acquisitions in the Hydrogen Energy Storage Market. These strategic developments have challenged the status quo of industry leaders, and it was prudent to analyze the changing business landscape.
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