Press release
Hydrogen Energy Storage Market Worth USD 25.4 billion by 2027
Hydrogen energy storage holds promise as a key component of future energy systems, particularly in conjunction with renewable energy sources, to enable a more reliable, resilient, and sustainable energy transition. Ongoing research and development efforts aim to improve the efficiency, cost-effectiveness, and scalability of hydrogen storage technologies.
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Hydrogen energy storage can be used for a wide range of applications, including grid-scale energy storage, backup power for remote or off-grid locations, transportation (fuel cell vehicles), and industrial processes requiring high-temperature heat or chemical reactions.
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.
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.
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.
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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.
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.
Energy Flexibility: Hydrogen storage enables the decoupling of energy production and consumption, allowing for greater flexibility in managing energy supply and demand.
Scalability: Hydrogen storage systems can be scaled up to meet large-scale energy storage needs, making them suitable for grid-level applications.
Long-Term Storage: Hydrogen can be stored for long periods without significant degradation, unlike some other energy storage technologies.
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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.
Browse Complete Report: https://www.alliedmarketresearch.com/hydrogen-energy-storage-market-A10578
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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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