Hydrogen Energy Storage Market Share

European Market Forecast

The Europe hydrogen energy storage market is projected to be the largest with a share of about 30% by the end of 2037. The increasing emphasis placed on developing a greener economy and the rising investment in clean energy together with augmenting fuel cells technology collaboration programs is predicted to expand the need for hydrogen energy storage in the region. For instance, as a successor to the Fuel Cell and Hydrogen Joint Undertaking, Clean Hydrogen Partnership was inaugurated in November 2021, to support groundbreaking work in hydrogen technologies in Europe. 

North American Market Statistics

The North America hydrogen energy storage market is estimated to be the second largest, registering a share of about 28% by 2037. The increasing investment to reduce the cost of hydrogen with its growing utilization in industrial settings such as petroleum refineries, the metal industry, steelmaking, and the fertilizer sector. These factors are propelling the production of hydrogen in countries such as the United States and there is a surge in its distribution which is anticipated to boost the market growth in the region. The U.S. Department of Energy is aiming to eliminate the cost of clean hydrogen by 80% by 3031, and for this, in June 2021, it launched the Energy Earthshots Initiative with the Hydrogen Shot.