Press release
Comprehensive Hydrogen Energy Storage Market Forecast 2025-2034: Growth Trends and Strategic Shifts
Hydrogen Energy Storage
Hydrogen Energy Storage Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times there has been a consistent enlargement of the hydrogen energy storage market. The figure is projected to rise from a market capitalization of $16.36 billion in 2024 and increase to $16.98 billion in 2025, growing at a compound annual growth rate (CAGR) of 3.8%. The development in the past era can be linked to the rise in renewable energy integration, improved balancing of grids, an escalation in the decentralization of the energy sector, an increased number of industrial applications, and a surge in the demand for transportation fuel.
Hydrogen Energy Storage Market Size Forecast: What's the Projected Valuation by 2029?
The market size for hydrogen energy storage is pegged to experience significant expansion in the coming years. It is predicted to increase to a value of $21.12 billion by 2029, with a compound annual growth rate (CAGR) of 5.6%. This anticipated growth within the forecast period can be credited to the expanding hydrogen economy, augmentation in demand for renewable hydrogen, heightened energy security, and an increase in grid decarbonization. Key trends projected to typify this forecast period involve hydrogen electrolyzers, enlargement of hydrogen infrastructure, advancements in hydrogen storage technologies, and the use of hydrogen as a grid balancer.
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What Are the Drivers Transforming the Hydrogen Energy Storage Market?
The expansion of the aerospace industry is poised to drive the growth of the hydrogen energy storage market in the future. The aerospace industry, which involves vehicular flight within and beyond the Earth's atmosphere, includes a wide range of activities from research and development to the design, manufacture, operation and maintenance of both aircraft and spacecraft. Hydrogen energy storage in this sector serves as an environmental-friendly, efficient energy resource for propulsion and power generation that could decrease emissions and prolong flight durations for aircraft and spacecraft. For example, Airbus SE, a Netherlands-based aerospace corporation, announced in January 2023 that it had delivered 661 commercial aircraft to 84 customers in 2022, marking an 8% increase from the 611 units sold in 2021. As such, the expanding aerospace industry is fueling the growth of the hydrogen energy storage market.
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What Are the Key Trends Driving Hydrogen Energy Storage Market Growth?
Prominent businesses in the hydrogen energy storage market are innovating with advanced technologies such as bar hydrogen tanks to enhance the efficiency and safety of hydrogen storage and transportation, enabling better use of hydrogen as a clean energy source. Bar hydrogen tanks are high-pressure containment units designed to store hydrogen gas safely at pressures usually ranging between 350 to 700 bar (or roughly 5,000 to 10,000 psi). For instance, Voith Group- a technology firm based in Germany, formed its hydrogen storage subsidiary, Voith HySTech GmbH, and launched the Plug & Drive H2 Storage System in April 2024. The creation of Voith HySTech GmbH represents a heightened focus on hydrogen as a feasible alternative fuel source, particularly in industries where electrification might not be adequate. The Plug & Drive H2 Storage System is a plug-and-play system explicitly designed for heavy-duty vehicles, featuring 700-bar hydrogen tanks.
Which Segments in the Hydrogen Energy Storage Market Offer the Most Profit Potential?
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 Firms Dominate the Hydrogen Energy Storage Market by Market Share and Revenue in 2025?
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)
Which Regions Offer the Highest Growth Potential 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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