Hydrogen Energy Storage Industry Overview
The global Hydrogen Energy Storage Market, valued at USD 15.97 billion in 2023, is projected to grow at a CAGR of 4.5% from 2024 to 2030. This expansion is primarily driven by rapid industrialization in developing nations and the increasing adoption of alternative energy sources. The U.S. market is anticipated to experience substantial growth due to ongoing R&D and the development of large-scale storage projects. Initiatives like the Hydrogen Fueling Infrastructure Research and Station Technology (H2FIRST), managed by the Fuel Cell Technologies Office, are focused on current and future technologies at national labs.
A key government objective is the development and construction of cost-effective and energy-efficient hydrogen stations across the U.S., which is expected to significantly boost market growth. Furthermore, the increasing use of hydrogen across various sectors, including oil refining, stationary fuel cell power generation, fuel cell vehicles, and storage as a cryogenic liquid, compressed gas, or hydride compound, is predicted to fuel market expansion.
Detailed Segmentation:
- Technology Insights
The compression storage technology segment accounted for the largest revenue share of over 40.0% in 2023. This can be attributed to the wide applications of compressed hydrogen in various sectors. Compressed hydrogen is utilized in on-site stationary power generation, hydrogen filling stations, and road transportation fuel cell vehicles. Furthermore, the compression technique is utilized to store hydrogen in cylinders for industrial applications in manufacturing and chemical industries.
- Physical State Insights
The solid segment held the largest revenue share of around 50.0% in 2023. Storage of hydrogen in solid form, i.e., stored in another material, is one of the emerging areas in the market. Methods for storing hydrogen in solid form include techniques involving absorption or adsorption mechanisms of hydrogen by a material.
- Application Insights
The industrial application segment held the largest revenue share of over 40.0% in 2023. The use of hydrogen energy storage for residential applications is limited around the world. Countries such as Japan, Germany, France, and Belgium are strengthening their legislative frameworks, which are likely to catalyze the utilization of fuel cells in the residential applications for micro combined heat and power. For instance, Japan’s ENE-FARM program has fueled the adoption of fuel cell-based systems for use as fuel cell micro-cogeneration in residential sector.
- Regional Insights
Asia Pacific region held the largest revenue share of over 37.48% in 2023. Asia Pacific market consists of major countries such as China, Japan, South Korea, India, Australia, and other Southeast Asian countries. Major countries such as Russia, Spain, Germany, Italy, UK, and smaller Eastern and Central European countries make up the European hydrogen energy storage industry. Enormous demand for hydrogen generation from a variety of end users, including industrial and commercial institutions, is to blame.
Gather more insights about the market drivers, restraints, and growth of the Hydrogen Energy Storage Market
Key Companies & Market Share Insights
Enhanced level of forward integration, strong research and development, security of renewable energy power supply, and cost of storage are among the significant factors driving the competitiveness of the hydrogen energy storage industry. In September 2023, India is expected to launch 100 MW of green hydrogen storage pilot project for round-the-clock power supply. The proposed project is set for an investment of USD 250 billion and shall offer significant economic development opportunities.
Key Hydrogen Energy Storage Companies:
- Air Liquide
- Air Products Inc.
- Cummins Inc.
- Engie
- ITM Power
- Iwatani Corporation
- Linde plc
- Nedstack Fuel Cell Technology BV
- Nel ASA
- Steelhead Composites Inc.
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