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The global hydrogen energy storage market reached a value of about USD 17.95 billion in 2023. The market is further estimated to grow at a CAGR of 5.60% in the forecast period of 2024-2032 to reach a value of around USD 29.28 billion by 2032.
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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.
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.
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The market for hydrogen energy storage, by technology, is divided into:
Based on physical state, the market is classified into:
On the basis of end user, the market is segmented into:
Based on application, the market is divided into:
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.
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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.
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:
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 | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment
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Breakup by Technology |
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Breakup by Physical State |
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Breakup by End use |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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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 (2018-2023)
8.3 Global Hydrogen Energy Storage Market Forecast (2024-2032)
8.4 Global Hydrogen Energy Storage Market by Technology
8.4.1 Compression
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Liquefaction
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Material Based
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Hydrogen Energy Storage Market by Physical State
8.5.1 Solid
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Liquid
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Gas
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global Hydrogen Energy Storage Market by End use
8.6.1 Residential
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Commercial
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Industrial
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.7 Global Hydrogen Energy Storage Market by Application
8.7.1 Stationary Power
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Transportation
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Others
8.8 Global Hydrogen Energy Storage Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Hydrogen Energy Storage Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Hydrogen Energy Storage Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Hydrogen Energy Storage Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Hydrogen Energy Storage Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Hydrogen Energy Storage Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
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), 2018-2023
3. Global Hydrogen Energy Storage Market Forecast: Breakup by Technology (USD Million), 2024-2032
4. Global Hydrogen Energy Storage Historical Market: Breakup by Physical State (USD Million), 2018-2023
5. Global Hydrogen Energy Storage Market Forecast: Breakup by Physical State (USD Million), 2024-2032
6. Global Hydrogen Energy Storage Historical Market: Breakup by End-user (USD Million), 2018-2023
7. Global Hydrogen Energy Storage Market Forecast: Breakup by End-user (USD Million), 2024-2032
8. Global Hydrogen Energy Storage Historical Market: Breakup by Application (USD Million), 2018-2023
9. Global Hydrogen Energy Storage Market Forecast: Breakup by Application (USD Million), 2024-2032
10. Global Hydrogen Energy Storage Historical Market: Breakup by Region (USD Million), 2018-2023
11. Global Hydrogen Energy Storage Market Forecast: Breakup by Region (USD Million), 2024-2032
12. North America Hydrogen Energy Storage Historical Market: Breakup by Country (USD Million), 2018-2023
13. North America Hydrogen Energy Storage Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Europe Hydrogen Energy Storage Historical Market: Breakup by Country (USD Million), 2018-2023
15. Europe Hydrogen Energy Storage Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Asia Pacific Hydrogen Energy Storage Historical Market: Breakup by Country (USD Million), 2018-2023
17. Asia Pacific Hydrogen Energy Storage Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Latin America Hydrogen Energy Storage Historical Market: Breakup by Country (USD Million), 2018-2023
19. Latin America Hydrogen Energy Storage Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Middle East and Africa Hydrogen Energy Storage Historical Market: Breakup by Country (USD Million), 2018-2023
21. Middle East and Africa Hydrogen Energy Storage Market Forecast: Breakup by Country (USD Million), 2024-2032
22. Global Hydrogen Energy Storage Market Structure
In 2023, the global hydrogen energy storage market attained a value of nearly USD 17.95 billion.
The market is assessed to grow at a CAGR of 5.60% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach almost USD 29.28 billion by 2032.
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.
The global hydrogen energy storage market attained a value of nearly USD 17.95 billion in 2023, 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 2024-2032, growing at a CAGR of 5.60%. The market is estimated to reach about USD 29.28 billion by 2032.
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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