PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1443356
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1443356
Hydrogen Energy Storage Market size was valued at USD 12,512 Million in 2023, expanding at a CAGR of 75.5% from 2024 to 2032.
Hydrogen energy storage encompasses the storage of energy in the form of hydrogen gas, with the purpose of utilizing it at a later time. This state-of-the-art technology is gaining momentum as a feasible solution for storing renewable energy sources like solar and wind power, which may not always be dependable. Recent advancements in hydrogen energy storage have facilitated its efficient integration with limited renewable generation. By amalgamating hydrogen production, storage, and utilization technologies with renewable generation, significant industrial and commercial consumers can play a pivotal role in stabilizing the power grid. This can be achieved by intelligently managing their electricity consumption and integrating hydrogen production and storage systems either directly or indirectly through the existing power grid.
Hydrogen Energy Storage Market- Market Dynamics
Increase in Consumer Demand for Environmentally Friendly Power Sources are expected to drive the growth of Hydrogen Energy Storage Market
The demand for eco-friendly power sources among consumers has been steadily rising in recent years, driven by increasing worries about climate change and environmental sustainability. This change in consumer preferences is anticipated to fuel substantial growth in the hydrogen energy storage sector. In 2022, utility-scale electricity generation facilities in the United States produced approximately 4,231 billion kilowatthours (kWh) (equivalent to about 4.23 trillion kWh) of electricity. Of this total, around 60% came from fossil fuels such as coal, natural gas, petroleum, and other gases. Nuclear energy accounted for about 18%, while renewable energy sources contributed approximately 21%. Moreover, continuous advancements in hydrogen production, storage, and utilization technologies are creating opportunities for market expansion. Nevertheless, the high initial costs and safety concerns may impede the growth of the market.
Hydrogen Energy Storage Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 75.5% over the forecast period (2024-2032)
Based on Physical State segmentation, Solid was predicted to show maximum market share in the year 2023
Based on Technology segmentation, Compression was the leading type in 2023
Based on Application segmentation, Industrial was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Hydrogen Energy Storage Market is segmented on the basis of Physical State, Technology, Application, and Region.
The market is divided into three categories based on Physical State: Solid, Liquid and Gas. The dominant segment in the market is the Solid category. When it comes to hydrogen storage, solid-state materials provide potential benefits in terms of safety and handling compared to gaseous or liquid storage methods. Solid materials are known for their stability and reduced risks of leakage or combustion, making them highly suitable for industrial applications where safety is of utmost
The market is divided into three categories based on Technology: Compression, Liquefaction and Material Based. Compression technology holds the largest share in the market. Hydrogen, being a gas, requires compression for effective storage. Compression enhances the hydrogen density, enabling more hydrogen to be stored in a specific volume. This is crucial for scenarios requiring substantial hydrogen storage, like industrial-scale energy storage plants or hydrogen refueling stations for fuel cell vehicles.
The market is divided into three categories based on Application: Residential, Commercial and Industrial. The dominant sector in the market is the Industrial application. Industrial facilities frequently necessitate substantial amounts of hydrogen for different chemical procedures, including hydrogenation, desulfurization, and ammonia production. Hydrogen energy storage systems allow industries to securely store and manage hydrogen gas on their premises, guaranteeing a consistent and uninterrupted supply for their production processes.
Hydrogen Energy Storage Market- Geographical Insights
Geographically, this market spans across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further segmented by countries contributing to business activities. The growth of the Hydrogen Energy Storage Market is anticipated to be led by Asia Pacific, owing to the significant demand for Hydrogen Energy Storage solutions. The Asia-Pacific region is currently witnessing rapid economic development, resulting in an increase in energy consumption and a rising requirement for sustainable and dependable energy solutions. Hydrogen energy storage offers a promising opportunity to fulfill this demand while decreasing carbon emissions and advocating for environmental sustainability. As per the China Hydrogen Alliance, it is projected that the demand for hydrogen in China will reach 35 million tons annually by 2030, representing 5% of the final energy system, and hydrogen energy is expected to constitute over 10% of the final energy system by 2050. Europe and North America are also poised to steer the market growth in the upcoming years due to the escalating demand for low-emission fuel.
Various Manufactures are engaged in a competitive race to develop and commercialize advanced hydrogen storage technologies. These technologies include solid-state hydrogen storage, metal hydrides, chemical hydrogen storage, and hydrogen compression technologies. The key focus for these companies is to introduce innovations that enhance efficiency, reduce costs, improve safety, and increase energy density. By achieving these goals, they gain a competitive advantage in the market. In addition to technological advancements, companies also strive to secure contracts and partnerships for supplying hydrogen storage solutions to different sectors. These sectors include energy utilities, industrial manufacturers, transportation companies, and renewable energy developers. To penetrate the market effectively, companies employ strategies that involve demonstrating the reliability, scalability, and performance of their hydrogen storage systems. This is achieved through pilot projects and commercial deployments. One notable player in the industrial gases sector, Air Liquid, has made significant investments in hydrogen energy storage solutions. The company focuses on hydrogen production, storage, and distribution infrastructure. With its involvement in various projects worldwide, Air Liquid has positioned itself as a key player in the hydrogen economy.
In December 2023, with its metal-hydrogen batteries, EnerVenue has introduced an integrated energy storage system (ESS) solution that it says can run for at least 30,000 cycles. Assuming EnerVenue's claims about the ESVs' ability to cycle two or three times a day without stopping, their 30-year, 30,000 cycle lifespan, and their two-to-twelve-hour discharge rates are accurate, then this makes them three to five times more durable than lithium-ion batteries-and without the risk of thermal runaway. Orders for its Energy Racks can be placed now, with delivery anticipated in 2024.
GLOBAL HYDROGEN ENERGY STORAGE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Air Liquide
Air Products Inc.
Cummins Inc.
Engie
ITM Power
Iwatani Corporation
Linde plc
Nedstack Fuel Cell Technology BV
Nel ASA
Steelhead Composites Inc.
Others