Press release
Hydrogen Energy Storage Market Share (CAGR of 6.5%) | Europe Dominate by United Kingdom, Netherlands, Germany
Hydrogen energy storage involves using hydrogen as an energy carrier to store and release energy for various applications. It is a versatile and promising technology that can play a crucial role in the transition to a more sustainable and renewable energy landscape.
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The Asia-pacific region dominated the hydrogen energy storage market with around 47% revenue share in 2019.
Asia-Pacific accounted for highest revenue share, owing to the impact of productivity improvements. The emerging economies in Asia-Pacific are adopting various foreign equipment; thus, improving the production efficiency.
Major Companies
Air Liquide (France), Air Products and Chemicals, FuelCell Energy, Hexagon Composites, Hydrogenics, ITM Power, Linde, Nel Hydrogen, Plug Power, and Worthington Industries.
Hydrogen can be produced through electrolysis, a process where water is split into hydrogen and oxygen using electricity. If the electricity comes from renewable sources (green hydrogen), the overall process is considered environmentally friendly.
Hydrogen can store excess energy generated from intermittent renewable sources (such as wind and solar) during periods of low demand and release it when demand is high.
Proliferating demand for sustainable energy resource is expected to drive the hydrogen energy storage market growth.
Hydrogen energy storage as a replacement of conventional fossil fuel energy is expected to foster the market growth.
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Hydrogen storage can provide grid stability by balancing supply and demand, responding quickly to fluctuations and helping to avoid grid imbalances.
Hydrogen can be used as a fuel for fuel cell vehicles, providing a clean alternative to traditional combustion engines.
Hydrogen is a crucial feedstock for various industries, including the production of chemicals, refining, and metallurgy.
As governments across the globe are focusing more on decarbonization, the market is expected to witness steady growth during the forecast period.
High capital cost of liquid hydrogen and solid hydrogen energy storage is a big challenge for small and medium scale applications.
Liquid hydrogen storage involves high insulation cost to prevent vaporization.
The storage cost of solid hydrogen is high compared to other types of fuel. Nonetheless, large number of new incentive schemes, coupled with robust investment from industry players will provide further opportunities in the market.
The solid hydrogen storage segment is projected to grow at the highest CAGR of approximately 9.2%, in terms of revenue, during the forecast period.
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By application, the transportation segment held more than 50% market share with a CAGR of 6.1%, in terms of revenue, during the forecast period.
Hydrogen energy storage is the process to store the excess amount of energy through electrolysis. In this process, the hydrogen is separated from chemical solution.
The hydrogen energy can be stored in liquid, solid, and gaseous form. The solid hydrogen energy is stored by absorption through a solid-state material. Hydrogen energy storage is widely used in fuel cell technologies for stationary power and transport applications.
COVID-19 scenario analysis
The hydrogen energy storage market has significant impact of COVID-19 pandemic, owing to travel restrictions and global lockdown norms.
Shifting trend toward decarbonization and sustainable energy resources will further increase the market demand in post-COVID timeframe.
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The growing demand for electric vehicles, large number of industry players are investing in new startups in emerging economies, which will further create new market opportunities during the forecast period.
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