Hydrogen Energy Storage Industry Overview
The global hydrogen energy storage market size is expected to reach USD 21.66 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.4% from 2022 to 2030. The supportive developments and policy support from countries around the world will boost the growth of the market in the near future.
Over the forecast period, growing applications of fuel cell technologies such as transportation, portable electricity, and stationary power are expected to bolster the expanding need for hydrogen energy storage. Through renewable-powered electrolysis, an excess amount of wasted renewable energy is used to produce green hydrogen. Forward integration is used by market actors in numerous countries when selling hydrogen produced on-site from renewable sources to major industrial users.
The increased deployment of hydrogen energy storage in the utility, commercial, and residential sectors is driving the industry. The sector is predicted to grow due to high industrial demand for hydrogen in metal treatment, petroleum refining, and food processing. Potential opportunity for the market lies in increasing the commercialization of power-to-gas technology. In this technology, hydrogen can be converted back to electricity and used for powering the electric grid during peak hours.
Hydrogen Energy Storage Market Segmentation
Grand View Research has segmented the global hydrogen energy storage market based on technology, physical state, application, and region:
Based on the Technology Insights, the market is segmented into Compression, Liquefaction, and Material Based.
- The compression storage technology segment accounted for the largest revenue share of over 40.0% in 2021. This can be attributed to the wide applications of compressed hydrogen in various sectors. Compressed hydrogen is utilized in on-site stationary power generation, hydrogen filling stations, and road transportation fuel cell vehicles.
- Bulk industrial gas suppliers such as Linde, Air Liquide, and Air Products & Chemicals Inc. prefer liquefaction technology to deliver hydrogen in bulk to industrial end users such as the oil and gas and chemical industries. Liquefaction technology is used by industrial end users who demand bulk hydrogen in their processes.
- The material-based storage technology segment is predicted to increase at a high rate. In comparison to other storage technologies, this technology includes hydride storage systems, liquid hydrogen carriers, and surface storage systems, all of which have a high volumetric storage density.
Based on the Physical State Insights, the market is segmented into Solid, Liquid, and Gas.
- The solid segment held the largest revenue share of over 45.0% in 2021. The storage of hydrogen in solid form, i.e., stored in another material, is one of the emerging areas in the market. Methods for storing hydrogen in the solid form include techniques involving the absorption or adsorption mechanisms of hydrogen by a material.
- The storage of hydrogen in the liquid form is being reserved for certain special applications, i.e., in high-tech areas such as space travel and for bulk storage applications at industrial levels. For example, the tanks on the Ariane launcher, which are designed and manufactured by Air Liquide, contain 28 tons of liquid hydrogen, which provides fuel to the central engine.
Based on the Application Insights, the market is segmented into Residential, Commercial, and Industrial.
- The industrial application segment held the largest revenue share of over 40.0% in 2021. The use of hydrogen energy storage for residential applications is limited around the world. Countries such as Japan, Germany, France, and Belgium are strengthening their legislative frameworks, which is likely to catalyze the utilization of fuel cells in residential applications for micro combined heat and power.
- The commercial application segment includes hydrogen refueling stations and micro-CHP fuel cell-based installation for commercial applications. The total number of hydrogen refueling stations around the world has more than doubled in the last five years from 181 in 2014 to more than 540 as of 2020. The continuous growth in deployment is led by the European and Asian regions.
Hydrogen Energy Storage Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile
Enhanced level of forwarding integration, strong research and development, security of renewable energy power supply, and cost of storage are among the significant factors driving the competitiveness of the hydrogen energy storage industry.
Some prominent players in the global hydrogen energy storage market include:
- Air Liquide
- Air Products Inc.
- Cummins Inc.
- ITM Power
- Iwatani Corporation
- Linde plc
- Nedstack Fuel Cell Technology BV
- Nel ASA
- Steelhead Composites Inc.
Order a free sample PDF of the Hydrogen Energy Storage Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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