Press release
Hydrogen Energy Storage Market Revenue to Hit $119.2 Billion by 2027
The global hydrogen energy storage market is dominated by a few globally established players such as Siemens Energy (Germany), Linde plc (Ireland), ENGIE (France), Air Liquide (France), and Air Products Inc. (Pennsylvania). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.
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This research report categorizes the hydrogen energy storage market by state, technologies, application, end-user, region.
On the basis of by state:
Gas
Liquid
Solid
On the basis of by technologies:
Compression
Liquification
Material based
On the basis of by application:
Stationary power
Transportation
On the basis of by end use:
Industrial
Commercial
Electric utilities
On the basis of region:
North America
South America
Europe
Asia Pacific
Middle East & Africa
Hydrogen energy storage at present is more expensive than fossil fuel. Liquid hydrogen as an energy transporter has a higher density than gaseous hydrogen and involves liquefaction, which requires a complex mechanical plant with added cost. Hydrogen storage also provides an alternative to physical storage, wherein hydrogen is stored in solids on surfaces. Most of these hydrogen storage systems are either in the initial or developmental phase. The cost and time for charging and discharging hydrogen in these systems are high along with the process costs. Hydrogen acts as a promising fuel for the future unless the storage costs are diminished, in which case it would act as a restraint.
According to the International Energy Agency (IEA) in 2030, up to 4 Mt of potential hydrogen, which is expected to be used for heating purposes, would come from renewable energy resources and, in turn, help reduce carbon dioxide emissions. Hydrogen holds a large amount of energy, which makes it rather efficient for space heating purposes. The following table shows the renewable capacity addition by various resources from 2019 to 2021. Power-to-gas technology also offers a wide range of opportunities for green hydrogen for fuel cell vehicles and space heating purposes.
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Europe is expected to dominate the global hydrogen energy storage market
The Europe region is estimated to be the largest market for the hydrogen energy storage market, followed by Asia Pacific. The European region is projected to be the fastest-growing market during the forecast period. The growth of the Europe market is expected to be driven by increasing number of fuel cell projects and following government initiatives for its implementation in residential and commercial sectors.
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