Hydrogen Energy Storage Market Outlook Report - 2027

Hydrogen energy storage refers to the process of capturing and storing energy in the form of hydrogen gas for later use. It is a promising technology that addresses the challenges associated with intermittent renewable energy sources, such as solar and wind power. Since renewable energy production fluctuates with weather conditions and demand, storing excess energy during periods of high production and using it during low-production times becomes crucial for a stable and reliable energy supply.

The global hydrogen energy storage market size was valued at $15.4 billion in 2019, and is projected to reach $25.4 billion by 2027, growing at a CAGR of 6.5% from 2020 to 2027.

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Hydrogen Compression: In this method, excess electricity from renewable sources is used to power electrolyzers that split water (H2O) into hydrogen (H2) and oxygen (O2). The produced hydrogen gas is then compressed and stored in high-pressure tanks. When needed, the hydrogen is released from the tanks, and through a process called fuel cell technology, it can be converted back into electricity to power homes, businesses, or vehicles.

Hydrogen Liquefaction: Another approach is to convert the hydrogen gas into a liquid state through liquefaction. The liquefaction process involves cooling hydrogen to extremely low temperatures, around -253°C (-423.67°F), which increases its density, making it easier to store and transport. When demand arises, the liquid hydrogen can be vaporized and used in fuel cells or other applications to generate electricity.

Some of the key players profiled in the hydrogen energy storage industry report include Air Liquide (France), Air Products and Chemicals, FuelCell Energy, Hexagon Composites, Hydrogenics, ITM Power, Linde, Nel Hydrogen, Plug Power, and Worthington Industries.

The Asia-pacific region dominated the hydrogen energy storage market with around 47% revenue share in 2019.

Asia-Pacific accounted for highest revenue share, owing to the impact of productivity improvements. The emerging economies in Asia-Pacific are adopting various foreign equipment; thus, improving the production efficiency.

Proliferating demand for sustainable energy resource is expected to drive the hydrogen energy storage market growth.

Hydrogen energy storage as a replacement of conventional fossil fuel energy is expected to foster the market growth.

As governments across the globe are focusing more on decarbonization, the market is expected to witness steady growth during the forecast period.

High capital cost of liquid hydrogen and solid hydrogen energy storage is a big challenge for small and medium scale applications.

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Liquid hydrogen storage involves high insulation cost to prevent vaporization.

The storage cost of solid hydrogen is high compared to other types of fuel. Nonetheless, large number of new incentive schemes, coupled with robust investment from industry players will provide further opportunities in the market.

The solid hydrogen storage segment is projected to grow at the highest CAGR of approximately 9.2%, in terms of revenue, during the forecast period.

By application, the transportation segment held more than 50% market share with a CAGR of 6.1%, in terms of revenue, during the forecast period.

Hydrogen energy storage is the process to store the excess amount of energy through electrolysis. In this process, the hydrogen is separated from chemical solution.

The hydrogen energy can be stored in liquid, solid, and gaseous form. The solid hydrogen energy is stored by absorption through a solid-state material. Hydrogen energy storage is widely used in fuel cell technologies for stationary power and transport applications.

COVID-19 scenario analysis

The hydrogen energy storage market has significant impact of COVID-19 pandemic, owing to travel restrictions and global lockdown norms.

Shifting trend toward decarbonization and sustainable energy resources will further increase the market demand in post-COVID timeframe.

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The growing demand for electric vehicles, large number of industry players are investing in new startups in emerging economies, which will further create new market opportunities during the forecast period.

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