The Advantages and Challenges of Hydrogen Energy Storage Market Technology - Air Liquide, Air Products and Chemicals, FuelCell Energy, Hexagon Composites, Hydrogenics, Nel Hydrogen, Plug Power

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.

Hydrogen energy storage is a method of storing energy in the form of hydrogen gas for later use. It serves as a valuable component of the energy transition by enabling the storage and utilization of surplus electricity from renewable energy sources, such as wind and solar, for periods when electricity demand is high or when renewable energy generation is low.

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Hydrogen energy storage is a versatile technology with the potential to contribute significantly to a sustainable energy future by enabling the efficient use of renewable energy and reducing greenhouse gas emissions, particularly in sectors that are difficult to electrify directly. Ongoing research and development efforts are focused on improving the efficiency and cost-effectiveness of hydrogen production, storage, and utilization technologies.

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.

Key aspects of hydrogen energy storage:

Production of Hydrogen: Hydrogen gas (H2) can be produced through various methods, including:

Electrolysis: Water (H2O) is split into hydrogen and oxygen using electricity. If the electricity used in this process is generated from renewable sources, such as wind or solar, the hydrogen produced is considered "green hydrogen."

Steam Methane Reforming (SMR): Hydrogen can be extracted from natural gas using a reforming process, which can also be combined with carbon capture and storage (CCS) to reduce emissions. This process is referred to as "blue hydrogen."

Biomass Gasification: Biomass feedstock, such as agricultural residues or organic waste, can be converted into hydrogen gas through gasification.

Storage Methods: Hydrogen can be stored in various forms, including:

Compressed Hydrogen: Hydrogen gas is compressed and stored at high pressure in tanks or underground caverns.

Liquid Hydrogen: Hydrogen gas is cryogenically cooled and stored as a liquid at extremely low temperatures.

Hydrogen Chemical Compounds: Hydrogen can be stored in chemical compounds, such as ammonia (NH3) or metal hydrides, which release hydrogen when needed.

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.

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Energy Conversion: Hydrogen can be converted back into electricity and heat when needed using various technologies, including:

Fuel Cells: Fuel cells electrochemically convert hydrogen and oxygen into electricity, with water as the only byproduct. Fuel cells are used in various applications, including vehicles, backup power systems, and stationary power generation.

Hydrogen Combustion: Hydrogen gas can be burned in combustion engines or gas turbines to generate electricity and heat.

Grid Balancing: Hydrogen energy storage can help balance the electrical grid by storing excess electricity during periods of low demand and renewable energy surplus. It can then release stored energy during peak demand or when renewable energy generation is low.

Renewable Integration: Hydrogen storage plays a crucial role in integrating variable renewable energy sources like wind and solar into the energy grid. It helps address the intermittent nature of these energy sources by providing a means of energy storage.

Energy Transport: Hydrogen can also be used as an energy carrier for long-distance transport of energy. It can be transported via pipelines, trucks, or ships to areas with high energy demand.

Industrial and Mobility Applications: Hydrogen can be used as a clean fuel for a wide range of applications, including fuel cell vehicles (FCVs), industrial processes, and heating.

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

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

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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