According to Ameco Research, the global market for Hydrogen Energy Storage will increase at a CAGR of more than 6% throughout the forecast period, reaching a market size of more than USD 23,100 Million by 2028.
Hydrogen may be made from a number of domestic resources while emitting almost no greenhouse gases. To release the energy, the gas can be used as fuel in a combustion engine or a fuel cell. Electrolysis is a method for converting electricity into hydrogen. The hydrogen can then be stored before being re-electrified. Today's storage technology has lower round-trip efficiency. Despite its low efficiency, hydrogen energy storage is gaining popularity due to its considerably bigger storage capacity than pumped hydro, batteries (small scale), and compressed air energy storage (large scale).
Population expansion and transportation electrification will drive increasing electricity consumption and continuing to rely on fossil fuels to meet that need will exacerbate the global warming catastrophe. According to the US Energy Information Administration, electricity production accounts for 33 percent of yearly carbon dioxide (CO2) emissions, with large-scale coal and natural gas power plants accounting for 65 percent of this total. As a result, the United States government recently set a statewide Net-Zero Emission goal for 2050, requiring the power industry, particularly power utilities and generation businesses, to supply their load with green energy by 2035 and the transportation sector to be totally electrified by 2050.
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The increasing investment in battery storage technologies fuels the hydrogen energy storage market growth
In recent years, the world's capacity for producing battery cells has dramatically increased. Currently, battery manufacturing companies throughout the world can generate roughly 320 gigawatt-hours (GWh) of batteries per year for use in electric vehicles. This is far more than the 100 GWh of batteries needed to power the 2.1 million electric cars sold in 2019. Increasing commercialization of power-to-gas technologies is another important factor fueling the industry demand. Power-to-Gas is a method that uses electrolysis to transform energy, mostly electricity, into hydrogen and oxygen, and then methane through a chemical reaction known as methanation. The end result is e-gas, which is a sort of synthetic natural gas or replacement natural gas (SNG).
Additionally, rising consumer interest in renewable end-products is creating a boom for the industry. For more than a decade, many governments throughout the world have been working intensively to construct renewable energy facilities. Renewable energy sources such as hydropower, biomass, wind, and solar will account for 18% of primary energy by 2035, according to the International Energy Agency (IEA). Furthermore, the increasing adoption of hydrogen storage systems for backup power application is likely to create several growth occasions for the market in the forthcoming years.
Global Hydrogen Energy Storage Market Segmentation
The global hydrogen energy storage segmentation includes state, storage technology, end-user, and geography. The state segment includes solid, liquid, and gas. Based on states, the gas type segment accumulated for the majority of the share in 2020 and is likely to attain a significant growth rate during the forecast period 2021 – 2028.
The storage technology segment is further categorized into compression, liquefaction, and material based. Based on storage technology, compression dominated the largest share of the market in 2020. However, the material-based segment is expected to register the fastest growth rate in the coming years. Moreover, the liquefaction segment is expected to grow with a stable growth rate owing to its preference for bulk gas suppliers.
On the basis of end-user, the market can be divided into industrial, commercial, and utility. Among them, the industrial segment occupied the largest share in 2020. Meanwhile, the utility segment is anticipated to achieve the fastest CAGR all over the forecast period 2021 – 2028.
The regional categorization comprises North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa. The Asia-Pacific region is leading the market with a significant amount of share during the projected years. Growing awareness regarding hydrogen energy storage and the adoption of foreign equipment by developing countries such as China and India are the factors that are supporting the Asia-Pacific hydrogen energy storage market growth. Moreover, the rising need for backup power in the region is also expected to drive the APAC industry. For instance, In Japan, approximately 200,000 fuel cells have been installed and large businesses such as Panasonic are emerging as key fuel cell suppliers for household or backup power.
The prominent players offered in the report include Cummins, Inc., Nedstack Fuel Cell Technology BV, Air Liquide, Engie, Air Products, Inc., Linde plc, Nel ASA, Iwatani Corp., ITM Power, and Steelhead Composites, Inc.
On November 2021 – Steelhead Composites announced that it would build a new plant in Wheatridge, Colorado, specializing in the manufacturing of composite overwrapped pressure vessels (COPVs) for compressed hydrogen storage.
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