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

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.