Hydrogen Energy Storage Market 2022: Industry Drivers, Opportunity, Growth, Regions and Forecast by 2027

According to IMARC Group latest report titled “Hydrogen Energy Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on hydrogen energy storage market share. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The market reached a value of US$ 16.73 Billion in 2021. The global Hydrogen Energy Storage Market to reach US$ 25.25 Billion by 2027, exhibiting at a CAGR of 6.60% during 2022-2027.

Hydrogen energy storage (HES) refers to a process involving the utilization of power electrolysis via the surplus energy generated by renewables during the low energy demand. It aids in increasing the reliability of supply, reducing carbon emissions, and the overall consumption of conventional petroleum fuels. Hydrogen energy storage provides ancillary grid services and power for material handling equipment (MHE), including forklifts and airport tugs. In line with this, it offers high storage capacity as compared to pumped storage hydropower (PSH) and compressed air energy storage (CAES). As a result, HES is extensively used to store hydrogen as compressed gas, cryogenic liquid, and loosely bonded hydride compound.

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Market Trends:

The inflating need for HES to utilize excess electric energy is among the key factors stimulating the hydrogen energy storage market. Moreover, the increasing applications of stationary power for providing efficient, clean, and reliable off-grid power to homes, businesses, utilities, etc., are also positively influencing the global market. Apart from this, the rising usage of hydrogen as a fuel, as it does not emit greenhouse gases and harmfully affects the environment, is acting as another significant growth-inducing factor. Furthermore, the widespread adoption of HES to increase resiliency and enhance the economics of energy supply systems comprising electric grid and gas pipelines is propelling the market growth. Besides this, the implementation of numerous stringent regulations by government bodies across several countries to encourage the use of sustainable energy sources is bolstering the global market. Additionally, various key market players are extensively investing in R&D activities to develop enhanced equipment for improving production efficiencies, which is anticipated to fuel the hydrogen energy storage market over the forecasted period.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Air Liquide
• Air Products Inc.
• Caterpillar Inc.
• Chart Industries Inc.
• Cummins Inc.
• H2go Power
• Hexagon Composites ASA
• ITM Power
• Linde plc
• McPhy Energy S.A.
• Plug Power Inc.
• Pragma Industries

Hydrogen Energy Storage Market Segmentation:

Our report has categorized the market based on region, product type, technology, application and end user.

Breakup by Product Type:

• Liquid
• Solid
• Gas

Breakup by Technology:

• Compression
• Liquefaction
• Material Based

Breakup by Application:

• Stationary Power
• Transportation

Breakup by End User:

• Industrial
• Commercial

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: We are in the process of updating our reports. If you want to receive the latest research data covering the time period from 2023 to 2028, along with industry trends, market size, and competitive analysis, click on the request sample report. The team would be able to deliver the latest version of the report in a quick turnaround time.

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