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Growth In The Aerospace Industry Boosts The Hydrogen Energy Storage Market Driver: A Major Catalyst in the Evolution of the Hydrogen Energy Storage Market in 2025
Growth In The Aerospace Industry Boosts The Hydrogen Energy
The expansion of the aerospace industry is predicted to stimulate the hydrogen energy storage market's advancement. With its broad remit encompassing research, development, production, operation and servicing of both aircraft and spacecraft, the aerospace industry focuses on vehicle flight within and beyond our planet's atmosphere. Hydrogen energy storage plays a crucial role in this sector, providing a clean, efficient source of energy for propulsion and power generation, contributing to decreased emissions and longer flight durations. For example, Airbus SE, an aerospace corporation based in the Netherlands, reported in January 2023 that it had delivered 661 commercial aircraft to 84 different customers in 2022, marking an 8% increase from the 611 units sold in the previous year. Consequently, the ever-expanding aerospace industry is fuelling the growth of the hydrogen energy storage market.
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What is the future CAGR of the hydrogen energy storage market, and how will it impact industry expansion?
The market size of hydrogen energy storage has seen significant growth in the last few years. The projections suggest that it will increase from $16.36 billion in 2024 to $17.19 billion in 2025, with a compound annual growth rate (CAGR) of 5.1%. The growth observed over the historic period has been due to factors like increased integration of renewable energy, improvements in grid balancing, the rise in decentralization in the energy sector, greater use in industrial applications, and an increase in fuel for transportation.
The market for hydrogen energy storage is projected to undergo substantial growth in the coming years, expanding to $21.73 billion by 2029 with a compound annual growth rate (CAGR) of 6.0%. The boost during the forecast period can be credited to the mounting hydrogen economy, the escalating demand for renewable hydrogen, an increase in energy security, and an incline in grid decarbonization. The primary trends during the prediction period encompass hydrogen electrolyzers, the growth of the hydrogen infrastructure, advancements in hydrogen storage technologies, and the use of hydrogen as a grid balancer.
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What are the most significant trends transforming the hydrogen energy storage market today?
Major firms in the hydrogen energy storage market are innovating advanced technologies such as bar hydrogen tanks to elevate the efficiency and safety of hydrogen storage and transport, thus promoting hydrogen's potential as a clean energy source. Bar hydrogen tanks are designed to securely store hydrogen gas under pressures usually within the range of 350 to 700 bar (approximately 5,000 to 10,000 psi). In the case of Voith Group, a German technology company, they launched their hydrogen storage subsidiary Voith HySTech GmbH and Plug & Drive H2 Storage System in April 2024. This move implies a rising focus on hydrogen as a feasible alternative fuel, particularly where electrification may prove inadequate. The Plug & Drive H2 Storage System, specifically designed for heavy-duty vehicles, comes as a ready-to-install system with integrated 700-bar hydrogen tanks.
Which key market segments comprise the hydrogen energy storage market and drive its revenue growth?
The hydrogen energy storage market covered in this report is segmented -
1) By Storage Technology: Compression, Liquefaction, Material Based
2) By State: Liquid, Gas, Solid
3) By End User: Commercial, Industrial, Utilities
Subsegments:
1) By Compression: High-Pressure Gas Storage, Composite Cylinders
2) By Liquefaction: Cryogenic Hydrogen Storage, Liquid Hydrogen Tanks
3) By Material Based: Metal Hydrides, Chemical Hydrogen Storage, Adsorption-Based Storage
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What regions are at the forefront of hydrogen energy storage market expansion?
North America was the largest region in the hydrogen energy storage market in 2024. The regions covered in the hydrogen energy storage market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Who are the leading players fueling growth in the hydrogen energy storage market?
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, FuelCell Energy Inc., H2go Power Ltd., HyTech Power LLC, Varea LLC, ElektrikGreen Inc., Redeem Solar Technologies GmbH, Neom Green Hydrogen Company (NGHC)
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What Is Covered In The Hydrogen Energy Storage Global Market Report?
•Market Size Forecast: Examine the hydrogen energy storage market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the hydrogen energy storage market for a structured understanding.
•Key Players Overview: Analyze major players in the hydrogen energy storage market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the hydrogen energy storage market.
•Segment Contributions: Evaluate how different segments drive overall growth in the hydrogen energy storage market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the hydrogen energy storage market.
•Industry Challenges: Identify potential risks and obstacles affecting the hydrogen energy storage market.
•Competitive Landscape: Review strategic developments in the hydrogen energy storage market, including expansions, agreements, and new product launches.
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