Press release
Growth In The Aerospace Industry Boosts The Hydrogen Energy Storage Market: A Key Driver Powering Hydrogen Energy Storage Market Growth In 2025
Hydrogen Energy Storage
What Is the Current Hydrogen Energy Storage Market Size and Its Estimated Growth Rate?
There has been a considerable expansion in the hydrogen energy storage market in the past few years. The market, which will escalate from a worth of $16.36 billion in 2024 to a valuation of $17.19 billion in 2025, is expected to have a compound annual growth rate (CAGR) of 5.1%. The augmentation observed in the historical period is due to contributors like the surge in the integration of renewable energies, enhancement in grid balancing, the rise in decentralization of the energy sector, an increase in industrial usage, and growth in transportation fuel.
In the coming years, the market size of the hydrogen energy storage sector is predicted to experience significant expansion. The market is expected to reach a value of $21.73 billion by 2029, with a compound annual growth rate (CAGR) of 6.0%. The anticipated growth within this forecast period is attributed to factors such as a burgeoning hydrogen economy, escalating demand for renewable hydrogen, enhanced energy security, and an increase in grid decarbonization. The key trends expected during this forecast period encompass advancements in hydrogen electrolyzers, expansion of hydrogen infrastructure, development in hydrogen storage technologies, and the increasing role of hydrogen as a grid balancer.
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How Are Emerging Segments Shaping the Hydrogen Energy Storage Market Landscape?
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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Which Growth Factors Are Influencing Hydrogen Energy Storage Market Expansion?
The swelling trajectory of the aerospace industry is anticipated to stimulate the advancement of the hydrogen energy storage market. This industry involves all facets related to vehicle flight within and beyond the Earth's atmosphere, including research, development, design, manufacture, operation, and maintenance of both aircraft and spacecraft. Within this realm, hydrogen energy storage acts as a clean, effective energy resource for propulsion and power generation, thereby curbing emissions and lengthening flight durations for both aircraft and spaceships. Specifically, in January 2023, Airbus SE, a Dutch aerospace corporation, reported that it had delivered 661 commercial aircraft to 84 clients in 2022. This marks an 8% increase from the 611 units sold in 2021. Consequently, the progressive aerospace industry is stimulating the expansion of the hydrogen energy storage market.
Who Are the Dominant Players Across Different Hydrogen Energy Storage Market Segments?
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)
What Are the Latest Developing Trends in the Hydrogen Energy Storage Market?
Key players in the hydrogen energy storage market are innovating advanced techniques, such as bar hydrogen tanks, to enhance efficiency and safety in the storage and transportation of hydrogen, thereby maximizing its use as a green energy source. Bar hydrogen tanks serve as high-pressure storage containers, constructed to securely store hydrogen gas between 350 to 700 bar pressures (roughly 5,000 to 10,000 psi). For example, in April 2024, Voith Group, a tech firm based in Germany, introduced its hydrogen storage subsidiary, Voith HySTech GmbH, and the Plug & Drive H2 Storage System. The birth of Voith HySTech GmbH underlines the increased focus on hydrogen as a feasible substitute fuel, especially in industries where electrification might not be enough. The Plug & Drive H2 Storage System is a pre-fitted system specifically crafted for heavy-duty vehicles, boasting integrated 700-bar hydrogen tanks.
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Which Geographic Regions Are Expected to Dominate the Hydrogen Energy Storage Market in the Coming Years?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Hydrogen Energy Storage Market?
2. What is the CAGR expected in the Hydrogen Energy Storage Market?
3. What Are the Key Innovations Transforming the Hydrogen Energy Storage Industry?
4. Which Region Is Leading the Hydrogen Energy Storage Market?
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