Press release
Future of the Hydrogen Energy Storage Market: Trends, Innovations, and Key Forecasts Through 2034
Hydrogen Energy Storage Market Size
Hydrogen Energy Storage Market Size Growth Forecast: What to Expect by 2025?
There has been robust growth in the hydrogen energy storage market in the past few years. The market, which stood at $16.36 billion in 2024, is predicted to expand to $17.19 billion by 2025, exhibiting a compound annual growth rate (CAGR) of 5.1%. The historical growth rate points towards key factors such as elevated integration of renewable energy, heightened balance in the grid, decentralization in the energy sector, ramped-up industrial applications, and an upswing in fuel for transportation.
How Will the Hydrogen Energy Storage Market Size Evolve and Grow by 2029?
In the coming years, the hydrogen energy storage market is poised for substantial growth, with an approximate worth of $21.73 billion by 2029. This represents a compound annual growth rate (CAGR) of 6.0%. Such growth during the forecast period is primarily driven by factors such as the growing hydrogen economy, rising demand for renewable hydrogen, enhanced energy security, and increased grid decarbonization. Key trends projected for this period encompass hydrogen electrolyzers, expansion of hydrogen infrastructure, advancements in hydrogen storage technologies, and the role of hydrogen as a grid balancer.
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What Drivers Are Propelling the Growth of Hydrogen Energy Storage Market Forward?
The expansion of the aerospace industry is anticipated to fuel the hydrogen energy storage market's growth. As a sector focused on vehicular flight within and beyond Earth's atmosphere, the aerospace industry involves research, development, design, manufacturing, operation, and maintenance of aircraft and spacecraft. Hydrogen energy storage in this sector functions as a clean, efficient energy source for propulsion and power generation, leading to reduced emissions and longer flight durations. For instance, Airbus SE, a Netherlands-based aerospace company, reported that in January 2023, they delivered 661 commercial aircraft to 84 customers in 2022. This was an 8% increase from the 611 units sold in 2021. As such, the growth of the aerospace industry is boosting the expansion of the hydrogen energy storage market.
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Which Emerging Trends Are Transforming the Hydrogen Energy Storage Market in 2025?
Leading firms in the hydrogen energy storage market are venturing into innovative technologies like bar hydrogen tanks to enhance the efficacy and safety of hydrogen storage and transportation. This innovation will allow more efficient use of hydrogen as a clean source of energy. Typically, bar hydrogen tanks, which are high-pressure storage vessels, safely house hydrogen gas at pressures ranging from 350 to 700 bar (equivalent to approximately 5,000 to 10,000 psi). For example, in April 2024, Voith Group, a technology company from Germany, launched Voith HySTech GmbH, its hydrogen storage subsidiary, and the Plug & Drive H2 Storage System. The creation of Voith HySTech GmbH shows an increased focus on hydrogen as a feasible alternate fuel, especially in areas where electrification may not meet all needs. The Plug & Drive H2 Storage System is a ready-to-fit system that is especially designed for heavy-duty vehicles, and comes with integrated 700-bar hydrogen tanks.
What Are the Key Segments in the Hydrogen Energy Storage Market?
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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Who Are the Key Players Shaping the Hydrogen Energy Storage Market's 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, FuelCell Energy Inc., H2go Power Ltd., HyTech Power LLC, Varea LLC, ElektrikGreen Inc., Redeem Solar Technologies GmbH, Neom Green Hydrogen Company (NGHC)
What Geographic Markets Are Powering Growth in the Hydrogen Energy Storage Market?
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.
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