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.
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.
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.
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.
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 the 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.
Please Choose One of them.