All updated as on -
The market size for hydrogen energy storage was estimated at USD 15.9 billion in 2022. The market for hydrogen energy storage is anticipated to increase from USD 17.25 billion in 2022 to USD 30.53 billion in 2030, at a compound annual growth rate (CAGR) of 9.50% from 2023 to 2030. The main market factors boosting the expansion of hydrogen energy storage are rising R&D spending and a growing need for energy efficiency.
The growth of the hydrogen energy storage industry, which consumes extra electrical energy, is anticipated to be the main factor influencing market expansion. Hydrogen energy storage is pricey because the market uses too much electrical energy. This is done so that any extra electrical energy can be used by the market to store hydrogen energy. One of the main factors driving the market's growth will be the rising use of hydrogen storage as an alternative to fossil fuels by a number of end-users. This is due to the advantages of hydrogen storage over fossil fuel. A growth in the usage of hydrogen storage as a fossil fuel substitute will have the greatest impact on this. For instance, Hydrogenics and Enbridge Gas Distribution, a Canadian natural gas distributor, inaugurated a power-to-gas plant using the Markham hydrogen energy storage facility in Ontario, Canada, in July 2018. Additionally, the market revenue for hydrogen energy storage will be boosted by the rising popularity of sustainable energy services.
Customers are becoming more and more interested in environmentally friendly power sources. The growth in visibility of services related to sustainable energy will also stimulate the development of the hydrogen energy storage sector. The growing acceptance of alternative energy is to blame for this. In the long run, hydrogen energy could benefit both the transportation industry and the electrical grid. Due to the increased attention that governments all over the world are providing to environmentally friendly electricity generation, the market for hydrogen energy storage is anticipated to grow throughout the forecasted period. This is due to governments' vigorous efforts to lower carbon dioxide emissions, which have a detrimental effect on the environment. This is just one of many factors that are significantly boosting the market CAGR.
The government has made the development and construction of affordable and energy-efficient hydrogen stations around the country one of its key objectives. These factors are predicted to hasten the market expansion for hydrogen energy storage in the US. The market for hydrogen energy storage is expected to rise as more hydrogen is applied in various industries. For instance, hydrogen is used for industrial applications in oil refineries, stationary fuel cells, and fuel cell cars and can be kept as a cryogenic liquid, compressed gas, or loosely bonded hydride chemical complex.
According to the International Renewable Energy Agency (IRENA), in order for renewable hydrogen to be competitive with hydrogen made from fossil fuels, it must be produced and priced at less than USD 2.5 per kilogramme. The manufacturing location, market sector, renewable energy power tariffs, forthcoming electrolyzer investments, and other factors are just a few of the many factors that influence the pricing. The low cost of manufacturing hydrogen will lead to the installation of more energy storage devices. The participants in the sector have a solid forward integration. Energy Storage with Hydrogen Due to the requirement for stored hydrogen in a variety of end-use applications, such as fuel cell cars, grid services, and telecommunications, market participants are pushed to connect their facilities with the end-use sectors.
Government support and a substantial investment. For instance, the Energy Storage Organisation, the national trade organisation for the energy storage industry in the United States, sponsored the energy storage tax incentive and deployment act. The purpose of this policy is to encourage the use of energy storage technology. This legislation's writers aimed to promote and increase access to energy storage technology.
Report Coverage
Global Hydrogen Energy Storage research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Hydrogen Energy Storage report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Hydrogen Energy Storage competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Hydrogen Energy Storage market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Hydrogen Energy Storage market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Hydrogen Energy Storage market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
VRV S.P.A, Hbank Technologies Inc., Inoxcva, Mcphy Energy S.A, Luxfer Holdings PLC, Worthington Industries Inc., Praxair Inc, Linde AG., Air Liquide.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Hydrogen Energy Storage market based on the below-mentioned segments:
Global Hydrogen Energy Storage Market, By Technology
Liquid Hydrogen
Metal Hydrides
Carbon Absorption
Underground Salt Caverns
Global Hydrogen Energy Storage Market, By End User
Power Generation
Transportation
Chemicals
Metal Working
Others
Global Hydrogen Energy Storage market, Regional Analysis
The growth of the hydrogen energy storage industry, which consumes extra electrical energy, is anticipated to be the main factor influencing market expansion. Hydrogen energy storage is pricey because the market uses too much electrical energy. This is done so that any extra electrical energy can be used by the market to store hydrogen energy. One of the main factors driving the market's growth will be the rising use of hydrogen storage as an alternative to fossil fuels by a number of end-users. This is due to the advantages of hydrogen storage over fossil fuel. A growth in the usage of hydrogen storage as a fossil fuel substitute will have the greatest impact on this. For instance, Hydrogenics and Enbridge Gas Distribution, a Canadian natural gas distributor, inaugurated a power-to-gas plant using the Markham hydrogen energy storage facility in Ontario, Canada, in July 2018. Additionally, the market revenue for hydrogen energy storage will be boosted by the rising popularity of sustainable energy services.
Customers are becoming more and more interested in environmentally friendly power sources. The growth in visibility of services related to sustainable energy will also stimulate the development of the hydrogen energy storage sector. The growing acceptance of alternative energy is to blame for this. In the long run, hydrogen energy could benefit both the transportation industry and the electrical grid. Due to the increased attention that governments all over the world are providing to environmentally friendly electricity generation, the market for hydrogen energy storage is anticipated to grow throughout the forecasted period. This is due to governments' vigorous efforts to lower carbon dioxide emissions, which have a detrimental effect on the environment. This is just one of many factors that are significantly boosting the market CAGR.
The government has made the development and construction of affordable and energy-efficient hydrogen stations around the country one of its key objectives. These factors are predicted to hasten the market expansion for hydrogen energy storage in the US. The market for hydrogen energy storage is expected to rise as more hydrogen is applied in various industries. For instance, hydrogen is used for industrial applications in oil refineries, stationary fuel cells, and fuel cell cars and can be kept as a cryogenic liquid, compressed gas, or loosely bonded hydride chemical complex.
According to the International Renewable Energy Agency (IRENA), in order for renewable hydrogen to be competitive with hydrogen made from fossil fuels, it must be produced and priced at less than USD 2.5 per kilogramme. The manufacturing location, market sector, renewable energy power tariffs, forthcoming electrolyzer investments, and other factors are just a few of the many factors that influence the pricing. The low cost of manufacturing hydrogen will lead to the installation of more energy storage devices. The participants in the sector have a solid forward integration. Energy Storage with Hydrogen Due to the requirement for stored hydrogen in a variety of end-use applications, such as fuel cell cars, grid services, and telecommunications, market participants are pushed to connect their facilities with the end-use sectors.
Government support and a substantial investment. For instance, the Energy Storage Organisation, the national trade organisation for the energy storage industry in the United States, sponsored the energy storage tax incentive and deployment act. The purpose of this policy is to encourage the use of energy storage technology. This legislation's writers aimed to promote and increase access to energy storage technology.
Report Coverage
Global Hydrogen Energy Storage research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Hydrogen Energy Storage report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Hydrogen Energy Storage competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Hydrogen Energy Storage market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | VRV S.P.A, Hbank Technologies Inc., Inoxcva, Mcphy Energy S.A, Luxfer Holdings PLC, Worthington Industries Inc., Praxair Inc, Linde AG., Air Liquide. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Hydrogen Energy Storage Market from 2021 to 2030.
- Market Forecast for Hydrogen Energy Storage Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Hydrogen Energy Storage competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Hydrogen Energy Storage
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Hydrogen Energy Storage market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Hydrogen Energy Storage market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
VRV S.P.A, Hbank Technologies Inc., Inoxcva, Mcphy Energy S.A, Luxfer Holdings PLC, Worthington Industries Inc., Praxair Inc, Linde AG., Air Liquide.
Primary Target Market
- Market Players of Hydrogen Energy Storage
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Hydrogen Energy Storage market based on the below-mentioned segments:
Global Hydrogen Energy Storage Market, By Technology
Liquid Hydrogen
Metal Hydrides
Carbon Absorption
Underground Salt Caverns
Global Hydrogen Energy Storage Market, By End User
Power Generation
Transportation
Chemicals
Metal Working
Others
Global Hydrogen Energy Storage market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
You will get in-depth and extensive hydrogen energy storage market market research and competitor analysis for your business to help you develop more profound insights into the hydrogen energy storage market Market.
Through INFINITIVE Data Expert is a professional Market Research services, I will identify the hydrogen energy storage market market size, demand & opportunities, growth rate, and target audience with a comprehensive analysis of your competitors.