Hydrogen Energy Storage Market Size, Share, Growth Analysis, By Technology(Compression, Liquefaction, and Material Based), By Application(Residential, Commercial, and Industrial), By Physical State(Solid, Liquid, and Gas), By Region - Industry Forecast 2024-2031


Report ID: SQMIG10E2022 | Region: Global | Published Date: February, 2024
Pages: 178 |Tables: 90 |Figures: 76

Hydrogen Energy Storage Market Insights

Global Hydrogen Energy Storage Market size was valued at USD 14.69 Billion in 2021 and is poised to grow from USD 15.34 Billion in 2022 to USD 21.66 Billion by 2030, at a CAGR of 4.4% during the forecast period (2023-2030).

The rising industrialization of developing nations, as well as the growing popularity of alternative energy sources, are driving market growth. The United States market is expected to increase significantly during the forecast period because of continuous research and development and the building of complete storage facilities in the nation as a whole. The Hydrogen driving Infra Study and Stations Technology (H2FIRST) effort is being led by the fuel-cell Technologies Office and is based on current and emerging technologies at major labs.

The government's primary objectives include the development and installation of cost-effective and hydrogen energy-saving stations around the country. Such factors are projected to fuel market growth in the United States. Increased hydrogen uses across a wide range of sectors are expected to drive market growth. Hydrogen, in instance, can be utilized for industrial uses in oil refineries, to produce electricity in portable fuel cells, as gasoline in fuel cell cars, and stored as a frozen liquid, compressed air, or loosely bound hydride chemical complex.

According to the Internationally Renewable Energies Agency (IRENA), renewable hydrogen should cost less than USD 2.5 per kg to be competitive with fossil-fuel-produced hydrogen. A variety of factors influence the cost, including manufacturing location, market segment, green power taxes, prospective electrolyzed expenditures, and others. Because hydrogen production is inexpensive, more energy storage facilities will be installed. The participants in the industry are heavily forward integrated. Demand for storage hydrogen in a range of end-use applications, such as fuel cell autos, grid offerings, and telecommunications, is compelling market participants to connect their facilities with end-use sectors.

Market Snapshot - 2024-2031

Global Market Size

USD 14.69 Billion

Largest Segment

Compression

Fastest Growth

Compression

Growth Rate

4.4% CAGR

Global Hydrogen Energy Storage Market 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)

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Hydrogen Energy Storage Market Segmental Analysis

The global hydrogen energy storage market is segmented based on technology, physical state, application, and region. In terms of categorization by technology, the market is segmented into compression, liquefaction, and material based. Further categorization of physical state the market is segmented into solid, liquid, and gas. With respect to categorization by application, the market is segmented into residential, commercial, and industrial. Regionwise, the global hydrogen energy storage market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Global Hydrogen Energy Storage Market Analysis by Technology

The compression-based storage technology category accounted for the highest revenue share of more than 40.0%. This is due to the numerous applications of hydrogen that is compressed in diverse industries. Compressed hydrogen is used in on-site fixed power plants, hydrogen stationery, and road transportation that uses fuel cells. Furthermore, the compression process is used for storing hydrogen in cylinders with industrial uses in the production and chemical industries.

Liquefaction technology is preferred by bulk industrial gasses providers like Linde, Air Liquide, & Air Product & Chemicals Inc. for delivering hydrogen in quantity to industry end customers such as oil and gas & chemical sectors. Commercial end users who require bulk gas in their processes rely on liquefaction technology. The material-based technology for storage category is expected to grow rapidly over the projected period. This technique encompasses hydride storage devices, liquid hydrogen carriers, & surface-mounted storage systems, all of which provide a high volumetric storage capacity in comparison to other storage methods.

Global Hydrogen Energy Storage Market Analysis by Application

The commercial application segment had the highest revenue share of more than 40.0%. Around the world, the usage of storage facilities for hydrogen energy for residential purposes is limited. Japan, Germany, France, & Belgium are tightening their regulatory frameworks, which is anticipated to accelerate the use of fuel cells in homes for micro combined power and heating. Japan's ENE-FARM program, for example, has accelerated the introduction of fuel cells-based systems to be utilized as fuel cells for micro-cogeneration for the residential market.

The commercial use segment comprises hydrogen refueling stations and commercial micro-CHP fuel cell installations. The European & Asian regions are driving continuous deployment expansion.

Global Hydrogen Energy Storage Market By Technology 2022 (%)

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Hydrogen Energy Storage Market Regional Insights

Asia Pacific had the highest revenue share of more than 35.0%. China, Japan, the Republic of Korea, Australia, India, and other East Asian countries comprise the Asia Pacific market. The European storage of hydrogen energy sector is made up of significant nations such as Spain, Russia, Germany, Italy, the UK, and smaller Eastern & Central European countries. To blame is the massive demand for hydrogen production from a wide range of end-users, including industry and business organizations.

The industry in North America is expected to grow rapidly because of too stringent pollution control regulations, the use of more environmentally friendly fuels, and a growth in fuel cell applications. Because of increased hydrogen demand in manufacturing facilities and refineries for oil across the nation, the United States has the biggest share of the market in the sector.

Global Hydrogen Energy Storage Market By Geography, 2022-2030
  • Largest
  • Fastest

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Hydrogen Energy Storage Market Dynamics

Global Hydrogen Energy Storage Market Drivers

Growing Renewable Energy Integration

  • The increasing integration of renewable energy sources, such as solar and wind, into the grid creates intermittent power generation. Hydrogen energy storage provides a solution for storing excess renewable energy during periods of high production and releasing it when demand is high, thus supporting grid stability and renewable energy integration.

Rising Demand for Clean Energy Solutions

  • The global shift towards cleaner and sustainable energy sources drives the demand for hydrogen energy storage. Hydrogen is considered a clean and versatile energy carrier that can be produced from renewable sources. The storage of hydrogen allows for the efficient utilization of clean energy and reduces dependence on fossil fuels.

Global Hydrogen Energy Storage Market Restraints

High Cost of Hydrogen Storage Systems

  • The cost of hydrogen storage systems, including infrastructure, equipment, and maintenance, can be a significant barrier to market growth. The high initial investment required for implementing hydrogen energy storage limits its widespread adoption, particularly in comparison to other energy storage technologies.

Limited Hydrogen Infrastructure

  • The availability and accessibility of hydrogen infrastructure, including hydrogen production and distribution networks, are limited in many regions. The lack of a well-developed hydrogen infrastructure hampers the scalability and deployment of hydrogen energy storage systems, impeding market growth.

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Hydrogen Energy Storage Market Competitive Landscape

The competitive landscape in the hydrogen energy storage market is dynamic and evolving as the industry continues to grow. Key players in the market range from established energy companies to innovative startups, each contributing to the development and deployment of hydrogen energy storage solutions.

Top Player’s Company Profiles in Global Hydrogen Energy Storage Market

  • Air Liquide SA
  • Linde plc
  • Air Products and Chemicals, Inc.
  • Siemens Energy AG
  • ITM Power plc
  • Nel ASA
  • McPhy Energy S.A.
  • Plug Power Inc.
  • Hydrogenics Corporation (Cummins Inc.)
  • Ballard Power Systems Inc.
  • ENGIE
  • Toshiba Energy Systems & Solutions Corporation
  • Chart Industries, Inc.
  • Hexagon Composites ASA
  • Power-to-Gas Energy (Electrochaea GmbH)
  • Green Hydrogen Systems A/S
  • H2 Energy Renaissance
  • Hydrogenious LOHC Technologies GmbH
  • Hazer Group Limited
  • Loop Energy Inc.

Global Hydrogen Energy Storage Market Recent Developments

  • In April 2023: Plug Power, a leading provider of hydrogen fuel cell systems, announced the acquisition of Giner ELX, a developer of proton exchange membrane electrolyzer technology. The acquisition enhances Plug Power's electrolyzer capabilities and supports its goal of expanding into the hydrogen production and energy storage market.
  • In March 2023: Nel ASA secured a contract for the delivery of two large-scale alkaline electrolyzers from TronderEnergi, a Norwegian energy company. The electrolyzers will be used for the production of green hydrogen and contribute to TronderEnergi's efforts in renewable energy and hydrogen storage.

Hydrogen Energy Storage Key Market Trends

  • Increasing Focus on Decarbonization: There is a global push to reduce carbon emissions and transition to a low-carbon economy. Hydrogen energy storage is gaining momentum as a key solution for decarbonizing the energy sector. The trend towards decarbonization, driven by climate change concerns and renewable energy targets, creates significant opportunities for the growth of the hydrogen energy storage market.
  • Growing Integration of Renewable Energy: The increasing penetration of renewable energy sources, such as solar and wind, in the electricity grid requires effective energy storage solutions to address intermittency issues. Hydrogen energy storage provides long-duration and large-scale storage capabilities, enabling the integration of renewable energy into the grid more efficiently.
  • Expansion of Hydrogen Infrastructure: Governments and energy companies are investing in the development of hydrogen infrastructure, including hydrogen production, storage facilities, and distribution networks. The expansion of hydrogen infrastructure is crucial for the widespread adoption of hydrogen energy storage systems and is expected to drive market growth.
  • Advancements in Electrolysis Technology: Electrolysis plays a vital role in hydrogen production for energy storage. The development of advanced electrolysis technologies, such as proton exchange membrane (PEM) electrolysis and solid oxide electrolysis cells (SOEC), is enhancing the efficiency and scalability of hydrogen production. These advancements contribute to the growth of the hydrogen energy storage market.
  • Increasing Demand for Hydrogen in Industrial Applications: Hydrogen is a versatile energy carrier with various industrial applications, including transportation, power generation, and chemical production. The growing demand for hydrogen in these sectors drives the need for efficient storage solutions. Hydrogen energy storage systems enable the on-demand supply of hydrogen, supporting industrial applications and driving market growth.

Hydrogen Energy Storage Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our hydrogen energy storage market analysis, the rising industrialization of developing nations, as well as the growing popularity of alternative energy sources, are boosting market growth. The United States market is expected to increase significantly during the forecast period because of continuous research and development and the building of complete storage facilities in the nation as a whole. The Hydrogen driving Infra Study and Stations Technology (H2FIRST) effort is being led by the fuel-cell Technologies Office and is based on current and emerging technologies at major labs. The increasing integration of renewable energy sources, such as solar and wind, into the grid creates intermittent power generation. Hydrogen energy storage provides a solution for storing excess renewable energy during periods of high production and releasing it when demand is high, thus supporting grid stability and renewable energy integration.

Report Metric Details
Market size value in 2023 USD 14.69 Billion
Market size value in 2031 USD 21.66 Billion
Growth Rate 4.4%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Technology
    • Compression, Liquefaction, and Material Based
  • Application
    • Residential, Commercial, and Industrial
  • Physical State
    • Solid, Liquid, and Gas
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Air Liquide SA
  • Linde plc
  • Air Products and Chemicals, Inc.
  • Siemens Energy AG
  • ITM Power plc
  • Nel ASA
  • McPhy Energy S.A.
  • Plug Power Inc.
  • Hydrogenics Corporation (Cummins Inc.)
  • Ballard Power Systems Inc.
  • ENGIE
  • Toshiba Energy Systems & Solutions Corporation
  • Chart Industries, Inc.
  • Hexagon Composites ASA
  • Power-to-Gas Energy (Electrochaea GmbH)
  • Green Hydrogen Systems A/S
  • H2 Energy Renaissance
  • Hydrogenious LOHC Technologies GmbH
  • Hazer Group Limited
  • Loop Energy Inc.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Hydrogen Energy Storage Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Hydrogen Energy Storage Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Hydrogen Energy Storage Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Hydrogen Energy Storage Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Hydrogen Energy Storage Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Hydrogen Energy Storage Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Hydrogen Energy Storage Market size was valued at USD 14.69 Billion in 2021 and is poised to grow from USD 15.34 Billion in 2022 to USD 21.66 Billion by 2030, at a CAGR of 4.4% during the forecast period (2023-2030).

The competitive landscape in the hydrogen energy storage market is dynamic and evolving as the industry continues to grow. Key players in the market range from established energy companies to innovative startups, each contributing to the development and deployment of hydrogen energy storage solutions. 'Air Liquide SA', 'Linde plc', 'Air Products and Chemicals, Inc.', 'Siemens Energy AG', 'ITM Power plc', 'Nel ASA', 'McPhy Energy S.A.', 'Plug Power Inc.', 'Hydrogenics Corporation (Cummins Inc.)', 'Ballard Power Systems Inc.', 'ENGIE', 'Toshiba Energy Systems & Solutions Corporation', 'Chart Industries, Inc.', 'Hexagon Composites ASA', 'Power-to-Gas Energy (Electrochaea GmbH)', 'Green Hydrogen Systems A/S', 'H2 Energy Renaissance', 'Hydrogenious LOHC Technologies GmbH', 'Hazer Group Limited', 'Loop Energy Inc.'

The increasing integration of renewable energy sources, such as solar and wind, into the grid creates intermittent power generation. Hydrogen energy storage provides a solution for storing excess renewable energy during periods of high production and releasing it when demand is high, thus supporting grid stability and renewable energy integration.

Increasing Focus on Decarbonization: There is a push to reduce carbon emissions and transition to a low-carbon economy. Hydrogen energy storage is gaining momentum as a key solution for decarbonizing the energy sector. The trend towards decarbonization, driven by climate change concerns and renewable energy targets, creates significant opportunities for the growth of the hydrogen energy storage market.

Asia Pacific had the highest revenue share of more than 35.0%. China, Japan, the Republic of Korea, Australia, India, and other East Asian countries comprise the Asia Pacific market. The European storage of hydrogen energy sector is made up of significant nations such as Spain, Russia, Germany, Italy, the UK, and smaller Eastern & Central European countries. To blame is the massive demand for hydrogen production from a wide range of end-users, including industry and business organizations.

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