Hydrogen Energy Storage Market Report 2024 by Delvens offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The global Hydrogen Energy Storage Market size is projected to reach a CAGR of 7.3% from 2023-2030.
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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
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.
Competitive Landscape
• Air Products and Chemicals
• FuelCell Energy
• Hexagon Composites
• Hydrogenics
• ITM Power
• Linde
• Nel Hydrogen
• Plug Power
• Worthington Industries
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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.
• 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.
• 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 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.
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.
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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