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Global Hydrogen Energy Storage Market: By Technology: Compression, Liquefaction, Material Based; By Physical State: Solid, Liquid, Gas; By End use: Residential, Commercial, Industrial; By Application; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments

Global Hydrogen Energy Storage Market Outlook

The global hydrogen energy storage market reached a value of about USD 16.1 billion in 2021. The market is further estimated to grow at a CAGR of 5.60% in the forecast period of 2023-2028 to reach a value of around USD 22.3 billion by 2027.

 

Global Hydrogen Energy Storage Market

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Rising Demand for Compression Technology to Propel the Market Growth of Hydrogen Energy Storage

Based on the technology, the thriving compression segment is driving the market growth of hydrogen energy storage owing to its surging usage in storing gaseous hydrogen. The high efficiency (94%) of energy storage by hydrogen compression is providing impetus to the market expansion of hydrogen energy storage. The increasing hydrogen storage pressure increases the volumetric storage density, thereby invigorating the market. In addition, the pressure vessels used in hydrogen storage are easy to build and use, which is accelerating the development of the market.

Moreover, the utilisation of materials such as steel, aluminium, carbon fibre, epoxy resins, and polyethene in the production of pressure is not detrimental to the environment, thus fuelling the market growth. Further, the research activities to develop high-strength, lightweight and chemically inert materials for making pressure vessels with increased volumetric and gravimetric storage densities are expected to aid the market for hydrogen energy storage in the forecast period.

 

Market Segmentation

Hydrogen energy storage involves converting electricity into hydrogen by electrolysis, and then the hydrogen is stored and eventually re-electrified in fuel cells to use in various applications. Small amounts of hydrogen are stored in pressurised vessels, solid metal hydrides or nanotubes, while large quantities of hydrogen are stored in constructed underground salt caverns.

 

Global Hydrogen Energy Storage Market by Segments

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The market for hydrogen energy storage, by technology, is divided into:

  • Compression
  • Liquefaction
  • Material Based

Based on physical state, the market is classified into:

  • Solid
  • Liquid
  • Gas

On the basis of end user, the market is segmented into:

  • Residential
  • Commercial
  • Industrial

Based on application, the market is divided into:

  • Stationary Power
  • Transportation
  • Others

The regional markets for hydrogen energy storage can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global Hydrogen Energy Storage Market by Region

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Growing Demand for Renewable Energy to Drive the Market Growth of Hydrogen Energy Storage

The surging demand for renewable energy and the emerging need for better utilisation of such sources are leading to the identification of hydrogen as an energy carrier, thereby propelling the market for hydrogen energy storage. The development of renewable energy technologies at low cost and the disadvantages of batteries as a storage medium is further invigorating the market. In addition, the growing awareness about the importance of a hydrogen economy owing to growing environmental consciousness and the rising need to eradicate the use of fossil fuels is significantly catalysing the market development of hydrogen energy storage. Moreover, the use of hydrogen in various applications such as industries, electricity generation, vehicles, and exploring outer space is bolstering the market.

Also, the government initiatives in promoting hydrogen energy storage are playing a critical role in burgeoning the market of hydrogen energy storage. For instance, the Government of India is supporting a Research Development and Demonstration (R&D) programme on Hydrogen and Fuel Cell (HFC) to address the challenges in hydrogen production from renewable energy sources, efficient storage, and its utilisation in transport applications. Further, the investments in research activities by the market players for the development of efficient hydrogen energy storage technologies are anticipated to augment the market in the forecast period.

 

Key Players in the Global Hydrogen Energy Storage Market

The report gives a detailed analysis of the following key players in the global hydrogen energy storage market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • Linde plc
  • Air Products Inc.
  • ITM Power plc
  • Dufresne Private Ltd
  • Worthington Industries, Inc.
  • Chart Industries, Inc.
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

 

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment

  • Technology
  • Physical State
  • End use
  • Application
  • Region
Breakup by Technology
  • Compression
  • Liquefaction
  • Material Based
Breakup by Physical State
  • Solid
  • Liquid
  • Gas
Breakup by End use
  • Residential
  • Commercial
  • Industrial
Breakup by Application
  • Stationary Power
  • Transportation
  • Others
Breakup by Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Linde plc
  • Air Products Inc.
  • ITM Power plc
  • Dufresne Private Ltd
  • Worthington Industries, Inc.
  • Chart Industries, Inc.
  • Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Hydrogen Energy Storage Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Hydrogen Energy Storage Historical Market (2018-2022) 
    8.3    Global Hydrogen Energy Storage Market Forecast (2023-2028)
    8.4    Global Hydrogen Energy Storage Market by Technology
        8.4.1    Compression
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2022)
            8.4.1.3    Forecast Trend (2023-2028)
        8.4.2    Liquefaction
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2022)
            8.4.2.3    Forecast Trend (2023-2028)
        8.4.3    Material Based
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2018-2022)
            8.4.3.3    Forecast Trend (2023-2028)
    8.5    Global Hydrogen Energy Storage Market by Physical State
        8.5.1    Solid
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2022)
            8.5.1.3    Forecast Trend (2023-2028)
        8.5.2    Liquid
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022)
            8.5.2.3    Forecast Trend (2023-2028)
        8.5.3    Gas
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2018-2022)
            8.5.3.3    Forecast Trend (2023-2028)
    8.6    Global Hydrogen Energy Storage Market by End use
        8.6.1    Residential
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2022)
            8.6.1.3    Forecast Trend (2023-2028)
        8.6.2    Commercial
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2022)
            8.6.2.3    Forecast Trend (2023-2028)
        8.6.3    Industrial
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2018-2022)
            8.6.3.3    Forecast Trend (2023-2028)
    8.7    Global Hydrogen Energy Storage Market by Application
        8.7.1    Stationary Power
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2018-2022)
            8.7.1.3    Forecast Trend (2023-2028)
        8.7.2    Transportation
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2018-2022)
            8.7.2.3    Forecast Trend (2023-2028)
        8.7.3    Others    
    8.8    Global Hydrogen Energy Storage Market by Region
        8.8.1    North America
            8.8.1.1    Market Share
            8.8.1.2    Historical Trend (2018-2022) 
            8.8.1.3    Forecast Trend (2023-2028)
        8.8.2    Europe
            8.8.2.1    Market Share
            8.8.2.2    Historical Trend (2018-2022) 
            8.8.2.3    Forecast Trend (2023-2028)
        8.8.3    Asia Pacific
            8.8.3.1    Market Share
            8.8.3.2    Historical Trend (2018-2022) 
            8.8.3.3    Forecast Trend (2023-2028)
        8.8.4    Latin America
            8.8.4.1    Market Share
            8.8.4.2    Historical Trend (2018-2022) 
            8.8.4.3    Forecast Trend (2023-2028)
        8.8.5    Middle East and Africa
            8.8.5.1    Market Share
            8.8.5.2    Historical Trend (2018-2022) 
            8.8.5.3    Forecast Trend (2023-2028)
9    North America Hydrogen Energy Storage Market Analysis
    9.1    United States of America 
        9.1.1    Market Share
        9.1.2    Historical Trend (2018-2022) 
        9.1.3    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Market Share
        9.2.2    Historical Trend (2018-2022) 
        9.2.3    Forecast Trend (2023-2028)
10    Europe Hydrogen Energy Storage Market Analysis
    10.1    United Kingdom
        10.1.1    Market Share
        10.1.2    Historical Trend (2018-2022) 
        10.1.3    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Market Share
        10.2.2    Historical Trend (2018-2022) 
        10.2.3    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Market Share
        10.3.2    Historical Trend (2018-2022) 
        10.3.3    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Market Share
        10.4.2    Historical Trend (2018-2022) 
        10.4.3    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific Hydrogen Energy Storage Market Analysis
    11.1    China
        11.1.1    Market Share
        11.1.2    Historical Trend (2018-2022) 
        11.1.3    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Market Share
        11.2.2    Historical Trend (2018-2022) 
        11.2.3    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Market Share
        11.3.2    Historical Trend (2018-2022) 
        11.3.3    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Market Share
        11.4.2    Historical Trend (2018-2022) 
        11.4.3    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Market Share
        11.5.2    Historical Trend (2018-2022) 
        11.5.3    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America Hydrogen Energy Storage Market Analysis
    12.1    Brazil
        12.1.1    Market Share
        12.1.2    Historical Trend (2018-2022) 
        12.1.3    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Market Share
        12.2.2    Historical Trend (2018-2022) 
        12.2.3    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Market Share
        12.3.2    Historical Trend (2018-2022) 
        12.3.3    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa Hydrogen Energy Storage Market Analysis
    13.1    Saudi Arabia
        13.1.1    Market Share
        13.1.2    Historical Trend (2018-2022) 
        13.1.3    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Market Share
        13.2.2    Historical Trend (2018-2022) 
        13.2.3    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Market Share
        13.3.2    Historical Trend (2018-2022) 
        13.3.3    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Market Share
        13.4.2    Historical Trend (2018-2022) 
        13.4.3    Forecast Trend (2023-2028)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value  Chain Analysis
16    Competitive Landscape

    16.1    Market Structure
    16.2    Company Profiles
        16.2.1     Linde plc
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    Air Products Inc.
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3    ITM Power plc
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    Dufresne Private Ltd
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
            16.2.3.4    Certifications
        16.2.5    Worthington Industries, Inc.
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6    Chart Industries, Inc.
            16.2.6.1    Company Overview
            16.2.6.2    Product Portfolio
            16.2.6.3    Demographic Reach and Achievements
            16.2.6.4    Certifications
        16.2.7     Others
17    Key Trends and Developments in the Market

 

List of Figures and Tables

1.    Global Hydrogen Energy Storage Market: Key Industry Highlights, 2017 and 2021
2.    Global Hydrogen Energy Storage Historical Market: Breakup by Technology (USD Million), 2018-2022
3.    Global Hydrogen Energy Storage Market Forecast: Breakup by Technology (USD Million), 2023-2028
4.    Global Hydrogen Energy Storage Historical Market: Breakup by Physical State (USD Million), 2018-2022
5.    Global Hydrogen Energy Storage Market Forecast: Breakup by Physical State (USD Million), 2023-2028
6.    Global Hydrogen Energy Storage Historical Market: Breakup by End-user (USD Million), 2018-2022
7.    Global Hydrogen Energy Storage Market Forecast: Breakup by End-user (USD Million), 2023-2028
8.    Global Hydrogen Energy Storage Historical Market: Breakup by Application (USD Million), 2018-2022
9.    Global Hydrogen Energy Storage Market Forecast: Breakup by Application (USD Million), 2023-2028
10.    Global Hydrogen Energy Storage Historical Market: Breakup by Region (USD Million), 2018-2022
11.    Global Hydrogen Energy Storage Market Forecast: Breakup by Region (USD Million), 2023-2028
12.    North America Hydrogen Energy Storage Historical Market: Breakup by Country (USD Million), 2018-2022
13.    North America Hydrogen Energy Storage Market Forecast: Breakup by Country (USD Million), 2023-2028
14.    Europe Hydrogen Energy Storage Historical Market: Breakup by Country (USD Million), 2018-2022
15.    Europe Hydrogen Energy Storage Market Forecast: Breakup by Country (USD Million), 2023-2028
16.    Asia Pacific Hydrogen Energy Storage Historical Market: Breakup by Country (USD Million), 2018-2022
17.    Asia Pacific Hydrogen Energy Storage Market Forecast: Breakup by Country (USD Million), 2023-2028
18.    Latin America Hydrogen Energy Storage Historical Market: Breakup by Country (USD Million), 2018-2022
19.    Latin America Hydrogen Energy Storage Market Forecast: Breakup by Country (USD Million), 2023-2028
20.    Middle East and Africa Hydrogen Energy Storage Historical Market: Breakup by Country (USD Million), 2018-2022
21.    Middle East and Africa Hydrogen Energy Storage Market Forecast: Breakup by Country (USD Million), 2023-2028
22.    Global Hydrogen Energy Storage Market Structure

Key Questions Answered in the Report

In 2021, the global hydrogen energy storage market attained a value of nearly USD 16.1 billion.

The market is assessed to grow at a CAGR of 5.60% between 2023 and 2028.

The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach almost USD 22.3 billion by 2027.

The major industry drivers include the expanding utilisation of hydrogen in various applications, emerging need to eradicate the use of fossil fuels, and the investments in research activities by the market players to develop advanced hydrogen energy storage technologies.

The key industry trends guiding the growth of the market include the development of renewable energy technologies and use of hydrogen as an energy carrier, growing environmental consciousness, and government initiatives.

The major regions in the industry are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The various technologies used in hydrogen energy storage include compression, liquefaction, and material based.

The significant market divisions, based on physical state, include solid, liquid, and gas.

The major end users of the market include residential, commercial, and industrial.

The different applications of the market include stationary power, and transportation, among others.

The major players in the industry are the Linde plc, Air Products Inc., ITM Power plc, Dufresne Private Ltd, Worthington Industries, Inc., and Chart Industries, Inc., among others.

Analyst Review

The global hydrogen energy storage market attained a value of nearly USD 16.1 billion in 2021, driven by the expanding adoption of renewable energy sources and use of hydrogen as an energy carrier. Aided by the growing environmental consciousness, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 5.60%. The market is estimated to reach about USD 22.3 billion by 2027.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. The market for hydrogen energy storage, by technology, is divided into compression, liquefaction, and material based. Based on physical state, the market is segmented into solid, liquid, and gas. On the basis of end user, the market is classified into residential, commercial, and industrial. Based on application, the market is divided into stationary power, and transportation, among others. The major regional markets for hydrogen energy storage are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Linde plc, Air Products Inc., ITM Power plc, Dufresne Private Ltd, Worthington Industries, Inc., and Chart Industries, Inc., among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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