Pune, Oct. 18, 2023 (GLOBE NEWSWIRE) -- Market Overview
Hydrogen energy storage is a cutting-edge technology that plays a pivotal role in the ever-evolving landscape of renewable energy and sustainability. It involves the capture, storage, and subsequent use of hydrogen gas as an energy carrier, which can be harnessed for various applications. Hydrogen enables the efficient storage of excess renewable energy, addressing the intermittency issues of wind and solar power. Hydrogen can store energy for extended periods, making it suitable for seasonal and long-term energy storage needs. Hydrogen energy storage promotes decentralized energy systems, allowing local communities to produce and store their own energy sustainably.
“The Hydrogen Energy Storage Market had a valuation of USD 15.24 billion in 2022 and is projected to reach USD 22.17 billion by 2030, with a compound annual growth rate (CAGR) of 4.8% anticipated during the 2023-2030 forecast period, as per the SNS Insider report.”
Market Analysis
The hydrogen energy storage market is experiencing significant growth driven by a combination of factors that are shaping the global energy landscape. The increasing adoption of renewable energy sources, such as wind and solar power, is creating intermittent energy generation. Hydrogen storage offers an effective solution for storing excess energy during periods of high generation and releasing it when needed, thus ensuring a stable and reliable energy supply. As the world strives to reduce carbon emissions and mitigate climate change, hydrogen plays a vital role in achieving these goals. It can be produced from clean energy sources and used as a zero-emission energy carrier, making it a crucial component in the transition to a low-carbon energy system. Many governments around the world are providing financial incentives, subsidies, and research funding to support the development and deployment of hydrogen storage technologies. This has significantly accelerated the growth of the market.
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Major Players Covered in this Report are:
- Taiyo Nippon Sanso Corporation
- Iwatani Corporation
- Cummins Inc.
- Nel ASA
- Steelhead Composites Inc.
- Air Products Inc.
- Linde plc
- Air Liquide
- ITM Power
- Nedstack Fuel Cell Technology BV
- Engie
- GKN Sinter Metals Engineering GmbH
- PlugPower Inc.
- Hygear & Other Players
Hydrogen Energy Storage Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 15.24 Bn |
| Market Size by 2030 | US$ 22.17 Bn |
| CAGR | CAGR of 4.8% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Key Takeaway from Hydrogen Energy Storage Market Study
- The compression segment is poised to revolutionize the market, offering a myriad of benefits and solutions to the growing demand for clean and sustainable energy. With innovations in compression technology, hydrogen gas is compressed and stored efficiently, making it an attractive option for energy storage and distribution.
- The compression segment stands out as a game-changer. Its growth and influence in the hydrogen energy storage market are undeniable, as it not only addresses the global need for clean energy but also offers a host of practical applications. The compression segment aligns perfectly with the global commitment to reduce greenhouse gas emissions. It facilitates the storage of excess renewable energy, thus promoting a greener, more sustainable energy grid.
Recent Developments
- EnerVenue, a renowned player in the energy storage industry, has secured a significant milestone by securing a contract for a 25 MWh metal-hydrogen energy storage project in the vibrant state of Florida. The project's magnitude reflects the growing demand for large-scale energy storage solutions, particularly in regions with a focus on integrating renewable energy sources into the grid.
- NTPC and Oil India, two prominent entities in the energy sector, are actively considering the prospect of collaboration in various areas, primarily focusing on renewable energy (RE), green hydrogen, and decarbonization initiatives. The collaboration between NTPC and Oil India in the realm of renewable energy represents a significant step toward reducing carbon emissions and achieving energy security.
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Market Dynamics Analysis
The hydrogen energy storage market is currently experiencing a dynamic interplay of drivers, restraints, challenges, and threats that shape its trajectory. One of the primary drivers propelling the market forward is the global push towards decarbonization and the transition to cleaner energy sources. Hydrogen, when produced through renewable methods, holds the promise of being a versatile and green energy carrier, attracting investments and policy support. Moreover, the growing demand for energy storage solutions, driven by the intermittency of renewable sources like wind and solar power, further fuels the market's growth. However, several restraints and challenges loom on the horizon. These include the high production and infrastructure costs associated with hydrogen, the need for technological advancements to improve efficiency, and the currently limited hydrogen infrastructure. Additionally, geopolitical tensions and supply chain vulnerabilities pose threats to the stability and accessibility of hydrogen as an energy storage medium, highlighting the importance of international cooperation and investment in a sustainable hydrogen ecosystem. In navigating these dynamics, the market is poised to transform the global energy landscape while facing multifaceted hurdles that require innovation and commitment to overcome.
Hydrogen Energy Storage Market Key Segmentation
By Technology
- Compression
- Liquefaction
- Material based
By Physical State
- Solid
- Liquid
- Gas
By End-user
- Residential
- Commercial
- Industrial
By Application
- Stationary Power
- Transportation
Key Regional Developments
North America is making significant investments in the hydrogen energy storage market, particularly in the transportation sector. Hydrogen fuel cell vehicles are gaining traction, and there is a growing interest in renewable hydrogen production and storage to support these vehicles. Europe is a global leader in hydrogen energy storage, driven by ambitious green energy targets. Countries like Germany, the Netherlands, and Norway have been at the forefront of hydrogen adoption. Asia-Pacific, led by China, Japan, and South Korea, is actively investing in hydrogen energy storage solutions, particularly for industrial use and transportation. These countries have set aggressive targets for the adoption of hydrogen technologies.
Impact of Recession on Hydrogen Energy Storage Market Growth
The recession has created a more competitive landscape, with various energy storage technologies vying for limited resources and hydrogen energy storage market share. Battery energy storage, for example, has seen substantial growth and can present stiff competition to hydrogen storage solutions, especially in markets with tighter budgets. However, despite these challenges, it's important to note that hydrogen energy storage still holds promise for the long term. As the world seeks to decarbonize its energy systems, hydrogen can play a critical role in providing long-duration energy storage and balancing intermittent renewable sources. Furthermore, governments and international organizations are increasingly recognizing the importance of clean energy technologies and may allocate resources to support the sector's recovery.
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Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Hydrogen Energy Storage Market Segmentation, By Technology
9. Hydrogen Energy Storage Market Segmentation, By Physical State
10. Hydrogen Energy Storage Market Segmentation, By End-user
11. Hydrogen Energy Storage Market Segmentation, By Application
12. Regional Analysis
13. Company Profile
14. Competitive Landscape
15. USE Cases and Best Practices
16. Conclusion
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