Global Hydrogen Energy Storage Market Size (By State: Solid, Liquid, and Gas; By Storage Technology: Compression, Liquefaction, and Material-Based; and By End-User: Industrial, Commercial, Utility) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2021 – 2028
From 2021 to 2028, the worldwidemarket for hydrogen energy storage market is anticipated to rise at a CAGR of 6.3%, from US$ 14,415 million in 2020 to US$ 23,103 million by 2028.
Hydrogen is the most adaptable kind of energy storage since it can be created and stored at any scale, and it can be used as a fuel, a chemical substance, or a natural gas replacement.Hydrogen storage is a critical enabler for hydrogen and fuel cell technology growth in applications such as fixed power, portable power, and mobility. Hydrogen fuel cells could help offer a greener solution to power generating demands, including powering everything from small electronic gadgets to vehicles, aircraft, and even entire buildings, as part of international efforts to cut emissions and the usage of carbon-based fuels.Hydrogen has the highest energy per mass of any fuel, but it has the lowest energy per unit volume due to its low ambient temperature density, necessitating the development of better storage technologies with the potential for higher energy density.
The key aspect driving the worldwide hydrogen energy storage market is the increased usage of stored hydrogen for stationery and backup power applications. Adobe, Apple, AT&T, Coca-Cola, Google, Honda, Microsoft, and Walmart are just a few of the firms that are using fuel cells for primary and backup power. According to FCHEA's tracking and surveys, more than 550 megawatts (MW) of stationary fuel cells have been installed in the United States as of January 2020, providing clean, reliable, and distributed power to clients across the country. Organizations are looking at fuel cells as an attractive option for reliable backup power, recognizing the dangers of grid dependency. The DOE and the US Department of Defense are also assessing how fuel cells work in real-world operations as part of an interagency relationship, identifying changes manufacturers could make to improve the value proposition, and showcasing the benefits of fuel cells for diverse applications.
In addition, greater use of hydrogen storage as a fossil fuel alternative by a variety of end-users is expected to boost the industry's growth.Traditional combustion technologies are two to three times less efficient than hydrogen-powered fuel cells. A standard combustion-based power plant produces energy at about 35% efficiency, whereas fuel cell systems can generate electricity at up to 60% efficiency. Thus, the demand for hydrogen energy storage is expanding at a significant rate. The market is however restricted by a few factors such as the high cost of hydrogen energy storage systems and the presence of efficient renewable energy technologies.
Furthermore, the growing dependency on hydrogen energy storage systems has made many public and private organizations invest in the technology. For instance, the number of countries with policies actively encouraging investment in hydrogen technology and the sectors they target is increasing. Currently, there are over 50 targets, criteria, and policy incentives in place to promote hydrogen, with the majority of them focusing on transportation. Furthermore, in recent years, national governments have boosted their expenditures on hydrogen energy research, development, and demonstration.
State, storage technology, end-user, and regions is the basic categorization offered in this report on global hydrogen energy storage market. By state, the market is categorized into solid, liquid, and gas. Hydrogen can be stored as both a gas and a liquid. High-pressure tanks (350-700 bar or 5000-10,000 psi) are typically used for hydrogen gas storage, whereas cryogenic temperatures are required for liquid hydrogen storage to prevent it from boiling back into a gas (which occurs at 252.8°C). Hydrogen can also be stored on the surface of solid materials (adsorption) or within them (absorption).
Based on storage technology, the market is split into compression, liquefaction, and material-based. Currently, compression technology has dominated the storage technology segment with the highest shares. Under high pressures, hydrogen can be compressed and stored as a gas. Hydrogen can be kept in a variety of ways, including compressed as a gas or as a liquid. There are three types of hydrogen storage materials: those that store hydrogen on the surface of the material, those that store hydrogen within the material, and hydride storage, which employs a combination of solid and liquid materials.
Industrial, commercial, and utility are the categorization of the end-user segment. Among them, utilities are predicted to be the fastest-growing market as electricity demand grows, and the use of renewable energy sources is likely to lift the demand for hydrogen energy storage in the utility sector. However, industrial and commercial end-users are contributing to a significant share of the segment.
Hydrogen Energy Storage Market Regional Overview
North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa are the segmentation of the global hydrogen energy storage industry. Among all the regions, Asia-Pacific has conquered a considerable amount of share in 2020 supported by factors such as the impact of productivity improvements, technological advancement, and increasing application of these systems in major countries such as China, Japan, and India. However, the North American region is expected to cultivate with the fastest CAGR during the forecast period 2021 – 2028. Favorable government regulations and the existence of a large number of key companies are driving the North American hydrogen energy storage market demand.
Global Hydrogen Energy StorageMarket Segmentation
Market By State
Market By Storage Technology
Market By End-User
Companies Covered in the Report
This section of the report identifies the market's major players. Air Liquide, Nedstack Fuel Cell Technology BV, Air Products, Inc., Cummins, Inc., Engie, Linde plc, ITM Power,Nel ASA, Iwatani Corp.,and Steelhead Composites, Inc.are the key companies mentioned in the research.
· Rest of Europe
· Rest of Latin America
· South Korea
· Rest of Asia-Pacific
Middle East & Africa
· South Africa
· Rest of Middle East & Africa