Market Research Report
Hydrogen Energy Storage Market Size, Share & Trends Analysis Report By Technology (Compression, Liquefaction, Material Based), By Physical State (Solid, Liquid, Gas), By Application, And Segment Forecasts, 2020 - 2027
|Published by||Grand View Research, Inc.||Product code||943802|
|Published||Content info||90 Pages
Delivery time: 2-3 business days
|Hydrogen Energy Storage Market Size, Share & Trends Analysis Report By Technology (Compression, Liquefaction, Material Based), By Physical State (Solid, Liquid, Gas), By Application, And Segment Forecasts, 2020 - 2027|
|Published: June 4, 2020||Content info: 90 Pages||
The global hydrogen energy storage market size is expected to reach USD 18.6 billion by 2027, escalating at a CAGR of 5.1% over the forecast period, according to a new report by Grand View Research, Inc. Growing applications of fuel cell technologies such as transportation, portable power, and stationary power are likely to strengthen the rising demand for energy storage systems over the forecast period.
Surplus amount of unused renewable energy is being used in the production of green hydrogen through renewable powered electrolysis. Market players across several countries practice forward integration as they sell the gas produced from on-site renewable sources, to large industrial consumers.
The market is majorly driven by growing adoption of energy storage systems in utility, commercial, and residential sector. Huge industrial demands for the gas in metal treatment, petroleum refining, and food processing is expected to boost industry growth. Potential opportunity for the market lies in increasing 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.
Industry participants are entering into partnerships with the research organizations in order to construct full scale projects. For instance, U.S. utility provider Xcel Energy partnered with National Renewable Energy Laboratory (NREL) to construct 110 kW capacity projects that would utilize surplus wind energy to produce the gas through electrolysis and store it for later use.
Industrial segment dominated the market and accounted for largest revenue share in 2019. This is attributed to increasing number of industrial applications including food processing, petroleum refining, and metal treatment. Petroleum refiners need large amount of the gas for lowering the sulfur content in fuels. The solid physical state segment dominated the market and accounted for the largest revenue share in 2019.