The global Hydrogen Energy Storage Market size is projected to reach a CAGR of 7.3% from 2023–2030.
Hydrogen is produced through the electrolysis of water and the gas is stored in medium or large-sized containers according to the requirements. The gas can be converted into energy in a combustion engine or a fuel cell. Usually, hydrogen energy is stored in three forms; liquid, solid, and gaseous form. Store hydrogen in gas form, requires high high-pressure tanks, whereas it can be stored in liquid form only under cryogenic temperature. Hydrogen storage is widely used in fuel cell technologies for stationary power and transport applications.
The hydrogen energy storage market has plenty of segments. The hydrogen liquid, gas, and solid are the three crucial variations. The need for storing a 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 overall profitability in the upcoming years. Also, the technological advancement in the fuel cell vehicle market will offer massive growth opportunities
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. 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.
The outbreak of covid 19 has had plenty of effects on the Hydrogen Energy Storage Industry. Some industries are unable to cope with the losses. The market is showing a declining trend in recent years. The hindrance in hydrogen energy storage products and solutions is 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 affect the overall hydrogen storage market growth. However, post the pandemic, the tax investments in the hydrogen energy market will raise. All these factors will help the market in the recovery process. Governmental support for the market will prove beneficial for market growth.
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Delvens Industry Expert’s Standpoint
The demand for hydrogen gas is on the rise, which is expected to bring about new opportunities for growth in the market. One of the primary drivers behind this demand is the cost efficiency associated with storing this gas. This cost-effective storage solution is attracting a growing number of end-users, which is expected to drive profitability in the coming years. As a result, the hydrogen gas segment is expected to witness significant growth in the market, opening up new avenues for growth and innovation in the years ahead.
Key Findings
- The state segment is further segmented into Gas, Liquid, and Solid. The gas segment is anticipated to dominate the market during the forecast period. Hydrogen as a gas is colorless, highly flammable, and lightest of all other elements, because of which there are multiple cost-effective methods to store hydrogen as a gas via compression this is expected to drive the state segment of the hydrogen energy storage market during the forecast period.
- The compression segment is further fragmented into compression, liquefaction, and material based. The compression segment is expected to dominate the market during the forecast period. Easy and cost-efficient hydrogen storage via compression is likely to generate its demand in hydrogen energy storage during the forecast period.
- The transportation segment is further segmented into stationary power and transportation. The transportation segment is expected to hold the highest CAGR and dominate the market during the forecast period. The growing focus to increase decarbonize the transportation sector is driving the application segment, hence, increasing the demand for hydrogen energy storage in the coming years.
- The end-user segment is further segmented into electric utilities, industrial and commercial. The industrial segment is anticipated to dominate the market during the forecast period. Increasing applications of hydrogen energy storage in the chemical industry & fertilizers are likely to foster its demand for hydrogen energy storage during the forecast period.
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Regional Analysis
Europe to Dominate the Market
- The Europe region is estimated to be the largest market for the hydrogen energy storage market, followed by Asia Pacific. The European region is projected to be the fastest-growing market during the forecast period.
- The growth of the Europe hydrogen energy storage market is expected to be driven by an increasing number of fuel cell projects and following government initiatives for its implementation in residential and commercial sectors.
Competitive Landscape
- Air Products and Chemicals
- FuelCell Energy
- Hexagon Composites
- Hydrogenics
- ITM Power
- Linde
- Nel Hydrogen
- Plug Power
- Worthington Industries
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Recent Developments
- In January 2022, Linde plc signed an agreement with Yara to construct and deliver a 24 MW green hydrogen plant.
- In December 2021, Chart Industries collaborated with Howden to deliver advanced hydrogen solutions and incorporated the gas compression system of Howden into the offerings of chart hydrogen.
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