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Hydrogen Energy Storage Market (Product Type - Liquid, Solid, and Gas; Application - Stationary Power, and Transportation; End-user Industries - Industrial, and Commercial): Global Industry Analysis, Trends, Size, Share and Forecasts to 2028

  • Published : June, 2022

  • Rep Id : EIM0015

  • Category : Energy, Mining and Infrastructure

  • Status : Published

A recent report published by Infinium Global Research on the hydrogen energy storage market provides in-depth analysis of segments and sub-segments in the global as well as regional hydrogen energy storage market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional hydrogen energy storage market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global hydrogen energy storage market. According to the report, the global hydrogen energy storage market is projected to grow at a CAGR of 7% over the forecast period of 2022-2028.

 

Market Insight

The global hydrogen energy storage market was valued at USD 15.2 Billion in 2022 and is expected to reach USD 22.6 Billion in 2028, with a CAGR of 7% during the forecast period. Hydrogen is produced through the electrolysis of water and the gas is stored in medium or large-sized containers according to the requirements. Hydrogen energy storage is chemical energy storage, wherein electrical power is converted into hydrogen. Hydrogen energy storage systems are gaining momentum across the world. The technology is promising, as hydrogen fuel storage can lead to efficient energy consumption. Increasing consumer interest in next-gen electric vehicles is propelling the utilization of hydrogen energy storage. Hydrogen storage is widely used in fuel cell technologies for stationary power and transport applications. Supportive governmental policies to reduce carbon emissions will fuel the growth of the hydrogen energy storage market during the forecast period.

 

The increasing demand for hydrogen energy storage by the industrial sector will drive the growth of the market during the forecast period. Hydrogen is utilized in several industries such as metal refining, fertilizer, chemical, and glass. Hydrogen energy storage is utilized in various industries to reduce their carbon footprints because of customer preferences and environmental legislation. Traditional fossil-fuel melting systems have reached peak capability, thus increasing NOx, CO2, and SOx emissions in the environment. Hence to reduce the emission of hazardous gasses the usage of hydrogen is the most practical and feasible solution that will propel the growth of the market during the forecast period. Furthermore, the commercialization of power-to-gas technologies will create a growth opportunity within the forecast period. However, Hydrogen energy storage is very expensive than traditional fossil fuel. The energy transporter Liquid hydrogen has a higher density than hydrogen in gaseous form this requires a complex mechanical plant. Because of the high cost of implementation, the growth of the market is restrained during the forecast period.

 

The outbreak of COVID-19 brought a negative impact on the hydrogen energy storage market share because of the imposition of lockdown. The hydrogen energy storage market was negatively affected by COVID-19 as the majority of the players have pre-financed ongoing projects. Furthermore, the delays from vendors and suppliers had caused constant delays in manufacturing, and important players in the market have found alternative suppliers that meet their needs. Installation and maintenance operations have been more severely affected due to a labor shortage and shutdowns of facilities. Due to a shortage of medium voltage gear suppliers, decreased productivities of contractors/subcontractors have restrained the growth of the market during the covid-19 pandemic.

 

Based on the region, the worldwide hydrogen energy storage market is segmented into the Asia Pacific, North America, Europe, and also the Middle East & Africa. Among the regions, North America holds the largest share of the worldwide hydrogen energy storage market. This trend is expected to continue during the forecast period, owing to the rise in investments in electric vehicles, growth in investments in research of hydrogen storage, and an increase in consumer interest in renewable end-products. However, The Asia Pacific region is anticipated to dominate the expansion of the market during the forecast period. Furthermore, the Rapid adoption of electric vehicles, especially heavy vehicles, in several countries in the region such as China, India, Japan, and South Korea will enhance the growth of the market during the forecast period.

 

Segment Covered

The report on global hydrogen energy storage market covers segments such as product type, application, and end-user industries. On the basis of product type, the sub-markets include liquid, solid, and gas. On the basis of application, the sub-markets include stationary power, and transportation. On the basis of end-user industries, the sub-markets include industrial, and commercial.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Siemens Energy, Linde plc, ENGIE, Air Liquide, Air Products Inc., Nel ASA, Chart Industries, FuelCell Energy Inc., Hydrogenious LOHC Technologies, and Pragma Industries.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of hydrogen energy storage market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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