Dublin, Feb. 07, 2024 (GLOBE NEWSWIRE) -- The "Hydrogen Energy Storage Market - Global Industry Size, Share, Trends Opportunity, and Forecast 2018-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Hydrogen Energy Storage Market has reached a noteworthy valuation of USD 12.08 billion in 2022 and presents an optimistic growth forecast through 2028, experiencing an estimated CAGR of 14.19%. This report accentuates the remarkable surge of hydrogen as an emerging energy storage contender, highlighting the integration of renewable energy, decarbonization endeavors, energy security strategies, and innovative advancements as pivotal market drivers.
Renewable energy sources and their successful incorporation play a significant role in the advancements of the hydrogen energy storage market. The perennial nature of sources such as solar and wind power brings forward the necessity for an efficient energy management system, where hydrogen energy storage offers a dynamic solution by storing the surplus and delivering it in high-demand scenarios.
The hydrogen energy storage market thrives on its pivotal contribution to meeting climate goals through its clean energy profile. Hydrogen, known for its potent ability to store energy without harmful emissions, is gaining ground, especially with countries setting ambitious climate targets, pushing for a significant thrust in market expansion.
Moreover, the transportation sector is undergoing a transformative shift towards sustainable mobility with hydrogen fuel cell vehicles at the forefront, leading to an increased enthusiasm in hydrogen energy storage technologies. This shift is instrumental in meeting stringent emission regulations across the globe.
The report illuminates several factors steering the hydrogen energy storage market—from the strides in renewable energy integration bolstered by government incentives to the growing applications in stationary power, showcasing the largest market share in 2022. The Asia Pacific region, in particular, is expected to be a frontrunner, propelled by aggressive renewable energy goals, burgeoning support for hydrogen technologies, and a thriving transportation sector leaning on clean energy.
In the face of strong market-driven enablers, the hydrogen energy storage market is also navigating through challenges such as attaining cost competitiveness and improving energy conversion efficiencies. Nonetheless, the anticipated technological advancements and international collaborations promise solutions that can potentially vanquish these barriers.
The comprehensive analysis presented in the market research covers diverse aspects including product type segmentation with an emphasis on the gas segment's dominance, and the stationary power application's rapid growth potential. Regional insights highlight the vital contributions of the Asia-Pacific and European markets, owing to their robust infrastructural development and clean energy initiatives.
- Segmental Overview: The report provides in-depth analysis of the different segments within the hydrogen energy storage market, including liquid, solid, and gas storage types, across various applications and end-users.
- Regional Analysis: An extensive regional perspective is offered, taking into account the growth projection in crucial markets of North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
- Competitive Landscape: A detailed account of the major market players provides insights into their strategic position, strengthening the market's competitive dynamics.
The hydrogen energy storage market continues to flourish, influenced by a synergistic blend of technological innovation, policy frameworks, and market initiatives. As the industry seeks to optimize energy systems and embrace clean technologies, hydrogen energy storage stands out as a resilient and progressive field.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 171 |
| Forecast Period | 2022-2028 |
| Estimated Market Value (USD) in 2022 | $12.08 Billion |
| Forecasted Market Value (USD) by 2028 | $27.02 Billion |
| Compound Annual Growth Rate | 14.1% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes:
- Air Liquide SA
- Linde PLC
- Praxair Inc
- Iwatani Corporation
- Nel ASA
- McPhy Energy SAS
- Siemens AG
- Toyota Motor Corporation
- Hyundai Motor Company
- Honda Motor Company Limited
For more information about this report visit https://www.researchandmarkets.com/r/3adatl
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