Hydrogen Energy Storage Market Opportunities, Top Leaders, Emerging Technologies, Upcoming Trends and Regional Forecast 2023
The global hydrogen energy storage market is estimated to expand at 8.50% CAGR during the forecast period. Hydrogen energy storage is a process through which the electricity so converted into hydrogen, can be stored and eventually can be re-electrified. Hydrogen energy storage (HES) helps to increase the efficiency of sustainable energy supply systems in the electric grid, gas pipeline systems, and transportation fuels. The hydrogen can be stored in pressurized vessels at 100 to 300 bar. On the other hand, hydrogen can also be stored through technologies such as solid metal hydrides with a very high density. Hydrogen energy storage also facilitates re-electrification in fuel cells with efficiencies up to 50% or burned in combined cycle gas power plants.
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Industry Highlights:
The global hydrogen energy storage market is set to witness significant growth due to factors such as reduction in carbon emissions, increasing reliability of power supply, reduction in consumption of conventional petroleum fuels, and hydrogen has higher storage capacity compared to batteries. Moreover, growing investments in research and development of fuel cell technology present opportunity for industry expansion. For instance, in 2017, Kia motors, South American company, announced the launch of H2 based hybrid automobile fuel cell system driving clean feet implementation, thus driving the demand for hydrogen energy storage market.
Key Players:
The key players of global Hydrogen Energy Storage market are VRV S.P.A, Hbank Technologies Inc., Inoxcva, Mcphy Energy S.A, Luxfer Holdings PLC, Worthington Industries Inc., Praxair Inc, Linde AG., and Air Liquide, among others.
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Industry Segmentation:
The Hydrogen Energy Storage market has been segmented based on end-user into power generation, transportation, chemicals, and metal working, among others.
Among these end-users, power generation segment is the largest segment in the hydrogen energy storage market as increasing renewable energy generation present an opportunity for hydrogen energy storage market. Hydrogen produced by renewable electrolysis offers a promising solution for electric power as well as transportation sector.
Regional Outlook:
Region wise, Asia-Pacific held the largest market share of the global hydrogen energy storage Market in 2018. Rising demand for hydrogen storage in the Asia-Pacific region is mainly driven by strong demand for ammonia and methanol from countries such as China, India, and Australia. Also, stringent regulations in China on oil refineries for producing cleaner fuels is expected to further boost the hydrogen energy storage market. Moreover, the government in South Korea and Japan have announced subsidies for manufacturing hydrogen powered fuel cell vehicles and has also extended financial support in developing hydrogen infrastructure further driving the hydrogen energy storage market.
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