Press release
Hydrogen Energy Storage Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | Air Liquide, Plug Power Inc., Worthington Industries, Cummins Inc., Linde plc, Chart Industries Inc
Hydrogen Energy Storage Market Size
The Business Research Company offers in-depth market insights through Hydrogen Energy Storage Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The hydrogen energy storage market size has grown strongly in recent years. It will grow from $15.72 billion in 2023 to $16.64 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to increase in renewable energy integration, increase in grid balancing, rise in energy sector decentralization, increase in industrial applications, rise in transportation fuel.
The hydrogen energy storage market size is expected to see strong growth in the next few years. It will grow to $20.98 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to increasing hydrogen economy, rising hydrogen economy, rising demand for renewable hydrogen, increasing energy security, rising grid decarbonization. Major trends in the forecast period include hydrogen electrolyzers, hydrogen infrastructure expansion, hydrogen storage technologies, hydrogen storage technologies, hydrogen as a grid balancer.
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Market Segmentation:
The main types of storage technologies in hydrogen energy storage are compression, liquefaction, and material based. Efficient compression technology of hydrogen is required to achieve usable levels of energy density. The hydrogen energy is stored in three states solid, liquid, and gas. Hydrogen energy storage is used by the industrial, commercial, and utility sectors.
Major Driver - Growth In The Aerospace Industry Boosts The Hydrogen Energy Storage Market
The growing aerospace industry is expected to propel the growth of the hydrogen energy storage market going forward. The aerospace industry is a sector that deals with vehicular flight within and beyond Earth's atmosphere and encompasses research, development, design, manufacturing, operation, and maintenance of both aircraft and spacecraft. In the aerospace sector, hydrogen energy storage serves as a clean, efficient energy source for propulsion and power generation, leading to emission reduction and extended flight durations for aircraft and spacecraft. For instance, in January 2023, according to Airbus SE, a Netherlands-based aerospace corporation, the company delivered 661 commercial aircraft to 84 customers in 2022, representing an increase of 8% from the 611 units sold in 2021. Therefore, the growing aerospace industry is driving the growth of the hydrogen energy storage market.
Competitive Landscape:
Major companies operating in the hydrogen energy storage market include Air Liquide, Plug Power Inc., Worthington Industries, Cummins Inc., Linde plc, Chart Industries Inc., Hexagon Composites Nel, Hydrogenious LOHC Technologies GmbH, INOXCVA, Air Products and Chemicals Inc, H Bank Technologies Inc., McPhy Energy SAS, Luxfer Holdings PLC, Pragma Industries, GRZ Technologies SA, ITM Power plc., SunFire GmbH, Svante Technologies, Ricardo plc, Johnson Matthey, Ionomr Innovations Inc., Siemens AG, Chart Industries Inc., FuelCell Energy Inc., Plug Power Inc., H2go Power Ltd., HyTech Power LLC, Varea LLC, ElektrikGreen Inc., Virginia Retirement System, Redeem Solar Technologies GmbH, Neom Green Hydrogen Company (NGHC)
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Top Trend - Hydrogen Energy Storage Market Sees Technological Advancements For Improved Efficiency
Companies in the hydrogen energy storage market are developing new technologies for hydrogen energy storage to meet customer demand and add comfort. The new technologies are designed to reduce weight, manufacturing cost, and, component requirements for hydrogen energy storage. Such technological advancements improve the efficiency of hydrogen fuel cells. For instance, in July 2021, Hyzon Motors Inc., a US-based hydrogen mobility company, developed new onboard hydrogen storage system technology which reduces commercial vehicle weight and production costs. The lightweight composite components are combined with the system's metal frame in the latest patent-pending onboard hydrogen storage system innovation.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Hydrogen Energy Storage Market Characteristics
3. Hydrogen Energy Storage Market Trends And Strategies
4. Hydrogen Energy Storage Market - Macro Economic Scenario
5. Hydrogen Energy Storage Market Size And Growth
…..
27. Hydrogen Energy Storage Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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