The global hydrogen energy storage market accounted for a value of USD 11.1 billion in 2019 and is projected to register growth at a CAGR of 5.0% during forecast period.
COVID-19 has impacted the hydrogen energy storage market. The hydrogen energy storage market has witness a significant decline in growth rate due to outbreak of corona virus. The supply chain of raw materials got disrupted due to travel restriction and lockdown across many countries in the world. The market is estimated to recover post and all the halted projects will resume.
For more details, visit: Global Hydrogen Energy Storage Market By Technology (Liquefaction, Material Based and Compression), By State (Gas, Liquid and Solid), By End-Users (Utilities, Industrial and Commercial) By Region, Forecast & Opportunities to 2026
Te cost of renewable power generation is decreasing from wind and solar energy increases the hydrogen energy storage. The awareness among people for environment is increasing and the demand for clean fuel is increasing. This increases growth in hydrogen energy storage market during forecast period.
On the basis of state, the hydrogen energy storage market is segmented into liquid, gas and solid. The gas segment is estimated to hold largest market share during forecast period. The storing of hydrogen in gas state through compression is very easy and convenient method. This is considered to be more cost efficient than others. The demand for hydrogen energy storage is gaseous state is increasing around the world and this drives growth in gas segment during forecast period.
On the basis of state, the hydrogen energy storage market is segmented into liquefaction, material based and compression. The compression segment is estimated to be the fastest growing segment during forecast period. The compression segment is most preferred technology in hydrogen energy storage market. The hydrogen in compressed form is largely used in onboard mobile applications such road transportation and in vehicles etc. It is more convenient technology for storing hydrogen. The demand for compression technology is increasing in the world. This drives growth in compression segment during forecast period.
On the basis of state, the hydrogen energy storage market is segmented into utility, commercial and industrial. The utility segment is estimated to be the fastest growing segment during forecast period. The demand for hydrogen energy storing in utility end segment is increasing around the world. The demand for power generation through renewable energy sources is increasing which increases the need for hydrogen energy storage in the utility segment. This drives growth in utility segment during forecast period.
North America region is estimated to dominate the market during forecast period. The fuel cell application is increasing in the world. The awareness about environment is increasing and government is also implementing stringent norms to reduce emission. US is estimated to be the largest contributor of growth in hydrogen energy storage market in North America. The demand for cleaner fuels is widely increasing in this region and this drives growth in North America region during forecast period.
The key market players in hydrogen energy storage industry are Air Liquide, Chart Industries, Hexagon Composites, ITM Power, Net Hydrogen, Plug Power, Worthington Industries, Hydrogenics, Linde, Inoxcva, Air Products & Chemicals, Mcphy Energy, Fuelcell Energy, Pragma Industries, Hydrogen in Motion, Areva H2gen and H2go Power.
- What are the expected industry trends over the next three to five years?
- Which of the hydrogen energy storage technology is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?