Hydrogen Energy Storage Market Trends

Growth Drivers

• Growing Suitability of Hydrogen as a Fuel for Transport – With global economies moving toward a decarbonized future, there is surging research and development to invent power solutions such as natural gas, fuel cells, hybrids, and other solutions. The targets for the deployment of FCEVs in transport worldwide rose by 13% in 2021. With the growing viability and adoption of hydrogen fuel cell vehicles, and technology there is an improvement in hydrogen storage capabilities worldwide, resulting in the industry expansion. 
• Emergence of Hydrogen Economy – The rising exploration of the hydrogen-dependent economy globally that has high potential is attracting investment to find new solutions for large-scale hydrogen storage, transportation, and export. With hydrogen being acquired from different resources, materials, techniques, and technologies such as fossil fuels and renewable energy sources, there is a rise in the development of the hydrogen energy storage market.

Challenges

• High Cost of Storage – The cost of hydrogen energy storage is much more than that of fossil fuel. Storage of hydrogen as a gas generally needs a high-pressure tank and that of liquid requires cryogenic temperatures, this different requirement adds to the overall cost of storage, hampering the market growth.
• Growing Investments in Alternative Energy Storage Systems
• Strict Policies and Regulations