Hydrogen Energy Storage Market Segmentation:
End use Segment Analysis
The utilities segment is anticipated to constitute the most significant growth by 2035, with 42.8% hydrogen energy storage market share, due to hydrogen use in applications such as grid-scale storage, peak shaving, and sector coupling, as they leverage hydrogen for seasonal energy storage, a necessity for assemblies wanting to push aggressive renewable penetration. IRENA identifies similar pilot and demonstration programs, including hydrogen gas turbines and fuel cells for the regeneration of electricity. Such projects increase a utility's flexibility, with possible tax incentives.
Storage Application Segment Analysis
The stationary power segment is predicted to gain the largest hydrogen energy storage market share of 38.8% during the projected period by 2035, due to increasing interest in storage applications related to the resilience of the grid, integrating renewable energy technologies, and, recently, long-duration energy storage. The function of hydrogen can serve in balancing renewable resources like wind and solar that present intermittent resource challenges. The use of hydrogen as a medium for storing excess electricity and retrieving it back from there during peak demand times, all part of the decarbonization chain, is a very important component in the overall decarbonization plan. As of January 2020, about 550 megawatts (MW) of stationary fuel cells had been deployed in the US, supplying clean, dependable, distributed power to consumers nationwide, according to FCHEA's tracking and surveys.
Storage Form Segment Analysis
The compressed gas segment is anticipated to constitute the most significant growth by 2035, with 35.2% hydrogen energy storage market share, due to its maturity within the technology, low cost, and applicability in both short- and long-duration applications. The current high-stress, high-pressure tanks for compressed hydrogen are rising and are used both in stationary systems and in vehicles with fuel cells. The U.S. Department of Energy (DOE) has funded advancements in Type IV carbon composite tanks that reduce system weight and improve durability. Compressed hydrogen is the most common form of hydrogen fuel storage because it is very easy and does not require extensive infrastructure, according to the Hydrogen and Fuel Cell Technologies Office (HFTO).
Our in-depth analysis of the market includes the following segments:
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