Press release
Hydrogen Energy Storage Market Outlook, Business Strategies, Regional Analysis, Growth Factors and Forecast 2022-2027
Hydrogen Energy Storage Market
Hydrogen energy storage (HES) refers to a process involving the utilization of power electrolysis via the surplus energy generated by renewables during the low energy demand. It aids in increasing the reliability of supply, reducing carbon emissions, and the overall consumption of conventional petroleum fuels. Hydrogen energy storage provides ancillary grid services and power for material handling equipment (MHE), including forklifts and airport tugs. In line with this, it offers high storage capacity as compared to pumped storage hydropower (PSH) and compressed air energy storage (CAES). As a result, HES is extensively used to store hydrogen as compressed gas, cryogenic liquid, and loosely bonded hydride compound.
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Market Trends:
The inflating need for HES to utilize excess electric energy is among the key factors stimulating the hydrogen energy storage market. Moreover, the increasing applications of stationary power for providing efficient, clean, and reliable off-grid power to homes, businesses, utilities, etc., are also positively influencing the global market. Apart from this, the rising usage of hydrogen as a fuel, as it does not emit greenhouse gases and harmfully affects the environment, is acting as another significant growth-inducing factor. Furthermore, the widespread adoption of HES to increase resiliency and enhance the economics of energy supply systems comprising electric grid and gas pipelines is propelling the market growth. Besides this, the implementation of numerous stringent regulations by government bodies across several countries to encourage the use of sustainable energy sources is bolstering the global market. Additionally, various key market players are extensively investing in R&D activities to develop enhanced equipment for improving production efficiencies, which is anticipated to fuel the hydrogen energy storage market over the forecasted period.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
• Air Liquide
• Air Products Inc.
• Caterpillar Inc.
• Chart Industries Inc.
• Cummins Inc.
• H2go Power
• Hexagon Composites ASA
• ITM Power
• Linde plc
• McPhy Energy S.A.
• Plug Power Inc.
• Pragma Industries
Hydrogen Energy Storage Market Segmentation:
Our report has categorized the market based on region, product type, technology, application and end user.
Breakup by Product Type:
• Liquid
• Solid
• Gas
Breakup by Technology:
• Compression
• Liquefaction
• Material Based
Breakup by Application:
• Stationary Power
• Transportation
Breakup by End User:
• Industrial
• Commercial
Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
We are updating our reports, If you want latest primary and secondary data (2023-2028) with Cost Module, Business Strategy, Competitive landscape, etc. Click request free sample report, the report will be delivered to you in PDF format via email within 24 to 48 hours after the payment confirmation.
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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