Rising Demand for Hydrogen in Stationary and Mobile Power Applications
The global hydrogen energy storage market Size is projected to reach USD 119.2 Billion by 2030 from an estimated market size of USD 13.8 Billion in 2022, at a CAGR of 54.0% during the forecast period. The market has a promising growth potential due to several factors, including the role of hydrogen energy storages playing in carbon emission reduction and Increase in fuel cell based electric vehicles and hydrogen storage infrastructure are driving the hydrogen energy storage market.
Gas: The fastest growing segment of hydrogen energy storage market, by state
Hydrogen as a gas is colorless, highly flammable, and the lightest of all other elements. It is used in the production of synthetic ammonia and methanol, in petroleum refining, in the hydrogenation of organic materials, and in rocket fuels. Hydrogen has the highest energy per mass of any fuel. However, its low ambient temperature density results in a low energy per unit volume, therefore requiring the development of advanced storage methods, which have a potential for higher energy density.
Compression: The fastest growing segment of hydrogen energy storage market, by technology
Compression segment of hydrogen energy storage market will be the fastest growing segment during forecast period. Compression segment majorly caters end users like industrial sectors. Compression is easy and cost-efficient hydrogen storage via compression technology is likely to generate its demand in the hydrogen energy storage market.
Transportation: The fastest growing segment of hydrogen energy storage market, by application
Transportation segment of hydrogen energy storage market will be the fastest growing segment during forecast period. Fuel cell vehicle applications include the use of fuel cells in forklift trucks and other goods handling vehicles, such as airport baggage trucks, light duty vehicles (LDVs), such as cars and vans, buses and trucks, trains and trams, ferries, and smaller boats. Focusing on decarbonizing transportation sector will drive market growth.
Europe: The fastest-growing region in the hydrogen energy storage market
The Europe region is projected to be the fastest-growing market during the forecast period. The growth of the Europe hydrogen energy storage market is expected to be driven by Increase in fuel cell based electric vehicles and hydrogen storage infrastructure.
Breakdown of Primaries:
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
- By Company Type: Tier I – 65%, Tier II – 24%, and Tier III – 11%
- By Designation: C-Level Executives – 30%, Director Level – 25%, and Others – 45%
- By Region: North America – 32%, Europe – 24%, and Asia Pacific – 44
The hydrogen energy storages market is dominated by a few globally established players such as Siemens Energy (Germany), Linde plc (Ireland), ENGIE (France), Air Liquide (France), and Air Products Inc. (Pennsylvania).
Research Coverage:
The report segments the hydrogen energy storage market and forecasts its size, based on region (Asia Pacific, Europe, North America, South America, and Middle East & Africa), State (Gas, Liquid, Solid), Technologies (Compression, Liquification, Material based), Application (Stationary power, Transportation), End Use (Industrial, Commercial, Electric utilities).
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the hydrogen energy storage market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
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