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The Hydrogen Energy Storage Market Size was valued at USD 11.11 billion in 2023 and is expected to reach USD 1933.28 billion by 2032 and grow at a CAGR of 77.4 % over the forecast period 2024-2032.
Hydrogen Energy storage is a critical technology that enables the advancement of hydrogen and fuel cell technologies in various applications, including stationary power, portable power, and transportation. No other fuel can match the energy per mass of hydrogen. However, its low ambient temperature density leads to a low energy per unit volume. Therefore, the development of advanced storage methods with the potential for higher energy density is necessary.
Electrolysis is a process that can convert electricity into hydrogen, which can then be stored and later re-electrified. Despite its lower efficiency, hydrogen energy storage has the potential to revolutionize the way we store and use energy. With its high storage capacity, it could provide a reliable and sustainable source of energy for a variety of applications.
The storage of hydrogen can be accomplished through two primary methods: as a gas or as a liquid. However, the storage of hydrogen as a gas requires high-pressure tanks with a pressure range of 350-700 bar (5,000-10,000 psi). On the other hand, if hydrogen is to be stored as a liquid, it must be kept at cryogenic temperatures. This is because the boiling point of hydrogen at one-atmosphere pressure is a frigid -252.8°C. These techniques offer unique advantages, such as increased storage capacity and improved safety. These alternative storage methods offer promising solutions for achieving higher energy density and overcoming the limitations of traditional storage methods.
Drivers
Surge in demand for hydrogen energy storage from various end-user industries
Increasing adoption of fuel-cell vehicles
Shifting consumer preference towards low-emission fuels
Increasing adoption of renewable energy sources
The hydrogen energy storage market is experiencing a surge in demand from various end-user industries, which is the primary driving factor behind its growth. This trend is indicative of a growing interest in sustainable energy solutions that can help reduce carbon emissions and promote a cleaner environment. As more and more industries recognize the benefits of hydrogen energy storage, the market is expected to continue its upward growth. This technology offers a reliable and efficient way to store energy, making it an attractive option for a wide range of applications.
Restrain
High capital cost associated with the hydrogen energy storage
Presence of other alternatives
Opportunities
Increasing investment in the R&D activities related to the storage system
Development of full-scale storage projects
Challenges
Rising investment in battery storage technology over hydrogen energy storage
Stringent regulation imposed by the government associated with the production of hydrogen
The hydrogen energy storage market faces a significant challenge due to the strict regulations imposed by the government on the production of hydrogen through electrolysis. These regulations make it difficult for companies to produce and store hydrogen efficiently and cost-effectively.
The pandemic has caused disruptions in the supply chain, reduced demand, and forced companies to adapt to new ways of doing business. The covid-19 pandemic affected the hydrogen energy storage market in several ways. Firstly, the supply chain has been disrupted due to the closure of factories and transportation restrictions. This has led to delays in the delivery of components and equipment, which has affected the production of hydrogen energy storage systems.
Secondly, the pandemic has reduced demand for hydrogen energy storage systems. Many industries have been affected by the pandemic, and as a result, they have reduced their energy consumption. This has led to a decrease in the demand for hydrogen energy storage systems. Finally, the pandemic has forced companies to adapt to new ways of doing business. Many companies have had to shift to remote work, which has affected their ability to collaborate and innovate. This has slowed down the development of new hydrogen energy storage technologies.
The Russian invasion of Ukraine affected various industries including the hydrogen energy storage market. This market has been experiencing steady growth in recent years, with the increasing demand for clean energy solutions. The hydrogen energy storage market is crucial for the development of renewable energy sources, as it provides a means of storing excess energy generated by wind and solar power. This stored energy can then be used during periods of low energy production, ensuring a consistent and reliable energy supply. However, the conflict between Russia and Ukraine has disrupted the supply of critical materials used in the production of hydrogen storage technologies, such as platinum and palladium.
Impact of Recession:
The recession affected the energy sector significantly. The hydrogen energy storage market, in particular, has been affected by the economic downturn. This market is crucial for the development of renewable energy sources, as it provides a means of storing excess energy generated by wind and solar power. However, the recession has led to a decrease in investment in the hydrogen energy storage market. This has resulted in a slowdown in the development of new technologies and a decrease in the number of projects being undertaken. As a result, the growth of the market has been stunted, and the potential benefits of hydrogen energy storage have not been fully realized.
By Technology
Compression
Liquefaction
Material based
By Physical State
Solid
Liquid
Gas
By End-user
Residential
Commercial
Industrial
By Application
Stationary Power
Transportation
In 2021, the Asia Pacific region dominated the hydrogen energy storage industry with a revenue share of about 36.21%. The hydrogen energy storage industry is experiencing an unexpected surge in demand from various end-users, including industrial and commercial institutions. This demand is driven by the need for hydrogen generation, which is a crucial component in many industries. The increasing importance of hydrogen energy storage in the Asia Pacific region is also contributed to the shifting consumer focus toward renewable energy sources.
North America holds a significant market share in the hydrogen energy industry and is expected to show significant growth during the forecast period. This growth is attributed to the large presence of major players in both the United States and Canada. Furthermore, the presence of regulatory bodies, such as the Energy Storage Association, which actively promotes the application of hydrogen energy drives the hydrogen energy storage market.
Europe is also predicted to show notable growth during the forecast period due to the large-scale hydrogen energy storage projects that are currently under construction for example Orsted, a Danish corporation.
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REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
South Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The major players are Taiyo Nippon Sanso Corporation, Iwatani Corporation, Cummins Inc., Nel ASA, Steelhead Composites Inc., Air Products Inc., Linde plc, Air Liquide, ITM Power, Nedstack Fuel Cell Technology BV, Engie, GKN Sinter Metals Engineering GmbH, PlugPower Inc., Hygear. and Other Players
| Report Attributes | Details |
| Market Size in 2023 | US$ 11.11 Bn |
| Market Size by 2032 | US$ 1933.28 Bn |
| CAGR | CAGR of 77.4% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Technology (Compression, Liquefaction, Material based) • By Physical State (Solid, Liquid, Gas) • By End-user (Residential, Commercial, Industrial) • By Application (Stationary Power, Transportation) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Taiyo Nippon Sanso Corporation, Iwatani Corporation, Cummins Inc., Nel ASA, Steelhead Composites Inc., Air Products Inc., Linde plc, Air Liquide, ITM Power, Nedstack Fuel Cell Technology BV, Engie, GKN Sinter Metals Engineering GmbH, PlugPower Inc., Hygear. |
| Key Drivers | • Surge in demand for hydrogen energy storage from various end-user industries • Increasing adoption of fuel-cell vehicles |
| Market Opportunities | • Increasing investment in the R&D activities related to the storage system • Development of full-scale storage projects |
The expected market size of the Hydrogen Energy Storage Market is USD 1089.7 billion in 2031.
The expected CAGR of the global Hydrogen Energy Storage Market during the forecast period is 77.4%.
The major key players are Taiyo Nippon Sanso Corporation, Iwatani Corporation, Cummins Inc., Nel ASA, Steelhead Composites Inc., Air Products Inc., Linde plc, Air Liquide, ITM Power, Nedstack Fuel Cell Technology BV, Engie, GKN Sinter Metals Engineering GmbH, PlugPower Inc., Hygear.
Asia-Pacific contributes major to the Hydrogen Energy Storage Market.
High capital cost associated with the hydrogen energy storage and presence of other alternatives are the restraining factors of Hydrogen Energy Storage Market globally.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Hydrogen Energy Storage Market Segmentation, By Technology
8.1 Compression
8.2 Liquefaction
8.3 Material based
9. Hydrogen Energy Storage Market Segmentation, By Physical State
9.1 Solid
9.2 Liquid
9.3 Gas
10. Hydrogen Energy Storage Market Segmentation, By End-user
10.1 Residential
10.2 Commercial
10.3 Industrial
11. Hydrogen Energy Storage Market Segmentation, By Application
11.1 Stationary Power
11.2 Transportation
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 North America Hydrogen Energy Storage Market by Country
12.2.2North America Hydrogen Energy Storage Market by Technology
12.2.3 North America Hydrogen Energy Storage Market by Physical State
12.2.4 North America Hydrogen Energy Storage Market by End-user
12.2.5 North America Hydrogen Energy Storage Market by Application
12.2.6 USA
12.2.6.1 USA Hydrogen Energy Storage Market by Technology
12.2.6.2 USA Hydrogen Energy Storage Market by Physical State
12.2.6.3 USA Hydrogen Energy Storage Market by End-user
12.2.6.4 USA Hydrogen Energy Storage Market by Application
12.2.7 Canada
12.2.7.1 Canada Hydrogen Energy Storage Market by Technology
12.2.7.2 Canada Hydrogen Energy Storage Market by Physical State
12.2.7.3 Canada Hydrogen Energy Storage Market by End-user
12.2.7.4 Canada Hydrogen Energy Storage Market by Application
12.2.8 Mexico
12.2.8.1 Mexico Hydrogen Energy Storage Market by Technology
12.2.8.2 Mexico Hydrogen Energy Storage Market by Physical State
12.2.8.3 Mexico Hydrogen Energy Storage Market by End-user
12.2.8.4 Mexico Hydrogen Energy Storage Market by Application
12.3 Europe
12.3.1 Europe Hydrogen Energy Storage Market by country
12.3.2 Europe Hydrogen Energy Storage Market by Technology
12.3.3 Europe Hydrogen Energy Storage Market by Physical State
12.3.4 Europe Hydrogen Energy Storage Market by End-user
12.3.5 Europe Hydrogen Energy Storage Market by Application
12.3.6 Germany
12.3.6.1 Germany Hydrogen Energy Storage Market by Technology
12.3.6.2 Germany Hydrogen Energy Storage Market by Physical State
12.3.6.3 Germany Hydrogen Energy Storage Market by End-user
12.3.6.4 Germany Hydrogen Energy Storage Market by Application
12.3.7 UK
12.3.7.1 UK Hydrogen Energy Storage Market by Technology
12.3.7.2 UK Hydrogen Energy Storage Market by Physical State
12.3.7.3 UK Hydrogen Energy Storage Market by End-user
12.3.7.4 UK Hydrogen Energy Storage Market by Application
12.3.8 France
12.3.8.1 France Hydrogen Energy Storage Market by Technology
12.3.8.2 France Hydrogen Energy Storage Market by Physical State
12.3.8.3 France Hydrogen Energy Storage Market by End-user
12.3.8.4 France Hydrogen Energy Storage Market by Application
12.3.9 Italy
12.3.9.1 Italy Hydrogen Energy Storage Market by Technology
12.3.9.2 Italy Hydrogen Energy Storage Market by Physical State
12.3.9.3 Italy Hydrogen Energy Storage Market by End-user
12.3.9.4 Italy Hydrogen Energy Storage Market by Application
12.3.10 Spain
12.3.10.1 Spain Hydrogen Energy Storage Market by Technology
12.3.10.2 Spain Hydrogen Energy Storage Market by Physical State
12.3.10.3 Spain Hydrogen Energy Storage Market by End-user
12.3.10.4 Spain Hydrogen Energy Storage Market by Application
12.3.11 The Netherlands
12.3.11.1 Netherlands Hydrogen Energy Storage Market by Technology
12.3.11.2 Netherlands Hydrogen Energy Storage Market by Physical State
12.3.11.3 Netherlands Hydrogen Energy Storage Market by End-user
12.3.11.4 Netherlands Hydrogen Energy Storage Market by Application
12.3.12 Rest of Europe
12.3.12.1 Rest of Europe Hydrogen Energy Storage Market by Technology
12.3.12.2 Rest of Europe Hydrogen Energy Storage Market by Physical State
12.3.12.3 Rest of Europe Hydrogen Energy Storage Market by End-user
12.3.12.4 Rest of Europe Hydrogen Energy Storage Market by Application
12.4 Asia-Pacific
12.4.1 Asia Pacific Hydrogen Energy Storage Market by country
12.4.2 Asia Pacific Hydrogen Energy Storage Market by Technology
12.4.3 Asia Pacific Hydrogen Energy Storage Market by Physical State
12.4.4Asia Pacific Hydrogen Energy Storage Market by End-user
12.4.5Asia Pacific Hydrogen Energy Storage Market by Application
12.4.6 Japan
12.4.6.1 Japan Hydrogen Energy Storage Market by Technology
12.4.6.2 Japan Hydrogen Energy Storage Market by Physical State
12.4.6.3 Japan Hydrogen Energy Storage Market by End-user
12.4.6.4 Japan Hydrogen Energy Storage Market by Application
12.4.7 South Korea
12.4.7.1 South Korea Hydrogen Energy Storage Market by Technology
12.4.7.2 South Korea Hydrogen Energy Storage Market by Physical State
12.4.7.3 South Korea Hydrogen Energy Storage Market by End-user
12.4.7.4 South Korea Hydrogen Energy Storage Market by Application
12.4.8 China
12.4.8.1 China Hydrogen Energy Storage Market by Technology
12.4.8.2 China Hydrogen Energy Storage Market by Physical State
12.4.8.3 China Hydrogen Energy Storage Market by End-user
12.4.8.4 China Hydrogen Energy Storage Market by Application
12.4.9 India
12.4.9.1 India Hydrogen Energy Storage Market by Technology
12.4.9.2 India Hydrogen Energy Storage Market by Physical State
12.4.9.3 India Hydrogen Energy Storage Market by End-user
12.4.9.4 India Hydrogen Energy Storage Market by Application
12.4.11 Australia
12.4.10.1 Australia Hydrogen Energy Storage Market by Technology
12.4.10.2 Australia Hydrogen Energy Storage Market by Physical State
12.4.10.3 Australia Hydrogen Energy Storage Market by End-user
12.4.10.4 Australia Hydrogen Energy Storage Market by Application
12.4.11 Rest of Asia-Pacific
12.4.11.1 APAC Hydrogen Energy Storage Market by Technology
12.4.11.2 APAC Hydrogen Energy Storage Market by Physical State
12.4.11.3 APAC Hydrogen Energy Storage Market by End-user
12.4.11.4 APAC Hydrogen Energy Storage Market by Application
12.5 The Middle East & Africa
12.5.1 The Middle East & Africa Hydrogen Energy Storage Market by country
12.5.2 The Middle East & Africa Hydrogen Energy Storage Market by Technology
12.5.3 The Middle East & Africa Hydrogen Energy Storage Market by Physical State
12.5.4The Middle East & Africa Hydrogen Energy Storage Market by End-user
12.5.5 The Middle East & Africa Hydrogen Energy Storage Market by Application
12.5.6 Israel
12.5.6.1 Israel Hydrogen Energy Storage Market by Technology
12.5.6.2 Israel Hydrogen Energy Storage Market by Physical State
12.5.6.3 Israel Hydrogen Energy Storage Market by End-user
12.5.6.4 Israel Hydrogen Energy Storage Market by Application
12.5.7 UAE
12.5.7.1 UAE Hydrogen Energy Storage Market by Technology
12.5.7.2 UAE Hydrogen Energy Storage Market by Physical State
12.5.7.3 UAE Hydrogen Energy Storage Market by End-user
12.5.7.4 UAE Hydrogen Energy Storage Market by Application
12.5.8South Africa
12.5.8.1 South Africa Hydrogen Energy Storage Market by Technology
12.5.8.2 South Africa Hydrogen Energy Storage Market by Physical State
12.5.8.3 South Africa Hydrogen Energy Storage Market by End-user
12.5.8.4 South Africa Hydrogen Energy Storage Market by Application
12.5.9 Rest of Middle East & Africa
12.5.9.1 Rest of Middle East & Asia Hydrogen Energy Storage Market by Technology
12.5.9.2 Rest of Middle East & Asia Hydrogen Energy Storage Market by Physical State
12.5.9.3 Rest of Middle East & Asia Hydrogen Energy Storage Market by End-user
12.5.9.4 Rest of Middle East & Asia Hydrogen Energy Storage Market by Application
12.6 Latin America
12.6.1 Latin America Hydrogen Energy Storage Market by Country
12.6.2 Latin America Hydrogen Energy Storage Market by Technology
12.6.3 Latin America Hydrogen Energy Storage Market by Physical State
12.6.4 Latin America Hydrogen Energy Storage Market by End-user
12.6.5 Latin America Hydrogen Energy Storage Market by Application
12.6.6 Brazil
12.6.6.1 Brazil Hydrogen Energy Storage Market by Technology
12.6.6.2 Brazil Africa Hydrogen Energy Storage Market by Physical State
12.6.6.3 Brazil Hydrogen Energy Storage Market by End-user
12.6.6.4 Brazil Hydrogen Energy Storage Market by Application
12.6.7 Argentina
12.6.7.1 Argentina Hydrogen Energy Storage Market by Technology
12.6.7.2 Argentina Hydrogen Energy Storage Market by Physical State
12.6.7.3 Argentina Hydrogen Energy Storage Market by End-user
12.6.7.4 Argentina Hydrogen Energy Storage Market by Application
12.6.8 Rest of Latin America
12.6.8.1 Rest of Latin America Hydrogen Energy Storage Market by Technology
12.6.8.2 Rest of Latin America Hydrogen Energy Storage Market by Physical State
12.6.8.3 Rest of Latin America Hydrogen Energy Storage Market by End-user
12.6.8.4 Rest of Latin America Hydrogen Energy Storage Market by Application
13 Company Profile
13.1 Taiyo Nippon Sanso Corporation
13.1.1 Market Overview
13.1.2 Financials
13.1.3 Product/Services/Offerings
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 Iwatani Corporation
13.2.1 Market Overview
13.2.2 Financials
13.2.3 Product/Services/Offerings
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 Cummins Inc.
13.3.1 Market Overview
13.3.2 Financials
13.3.3 Product/Services/Offerings
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 Nel ASA
13.4.1 Market Overview
13.4.2 Financials
13.4.3 Product/Services/Offerings
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 Steelhead Composites Inc.
13.5.1 Market Overview
13.5.2 Financials
13.5.3 Product/Services/Offerings
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 Air Products Inc.
13.6.1 Market Overview
13.6.2 Financials
13.6.3 Product/Services/Offerings
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 Linde plc
13.7.1 Market Overview
13.7.2 Financials
13.7.3 Product/Services/Offerings
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 Air Liquide
13.8.1 Market Overview
13.8.2 Financials
13.8.3 Product/Services/Offerings
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 ITM Power
13.9.1 Market Overview
13.9.2 Financials
13.9.3 Product/Services/Offerings
13.9.4 SWOT Analysis
13.9.5 The SNS View
13.10 Nedstack Fuel Cell Technology BV
13.10.1 Market Overview
13.10.2 Financials
13.10.3 Product/Services/Offerings
13.10.4 SWOT Analysis
13.10.5 The SNS View
13.11 Engie
13.11.1 Market Overview
13.11.2 Financials
13.11.3 Product/Services/Offerings
13.11.4 SWOT Analysis
13.11.5 The SNS View
13.12 GKN Sinter Metals Engineering GmbH
13.12.1 Market Overview
13.12.2 Financials
13.12.3 Product/Services/Offerings
13.12.4 SWOT Analysis
13.12.5 The SNS View
13.13 PlugPower Inc.
13.13.1 Market Overview
13.13.2 Financials
13.13.3 Product/Services/Offerings
13.13.4 SWOT Analysis
13.13.5 The SNS View
13.14 Hygear
13.14.1 Market Overview
13.14.2 Financials
13.14.3 Product/Services/Offerings
13.14.4 SWOT Analysis
13.14.5 The SNS View
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
15. USE Cases and Best Practices
16. Conclusion
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