Hydrogen Energy Storage Market Trends

  • Report ID: 3811
  • Published Date: Oct 10, 2024
  • Report Format: PDF, PPT

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

Hydrogen Energy Storage Market: Key Insights

Electricity-Consumption Graph

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Base Year

2024

Forecast Year

2025-2037

CAGR

7.4%

Base Year Market Size (2024)

USD 13.91 billion

Forecast Year Market Size (2037)

USD 35.47 billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Get more information on this report: Request Free Sample PDF

Browse Key Market Insights with Data Illustration:


Author Credits:  Dhruv Bhatia


  • Report ID: 3811
  • Published Date: Oct 10, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of hydrogen energy storage is assessed at USD 14.74 billion.

The hydrogen energy storage market size was over USD 13.91 billion in 2024 and is projected to reach USD 35.47 billion by the end of 2037, witnessing around 7.4% CAGR during the forecast period i.e., between 2025-2037. The rising demand for hydrogen from various end-use industries and the growing use of stored hydrogen for stationary and backup power applications will boost the market growth.

Europe industry is predicted to be the largest with a share of about 30% by 2037, impelled by increasing emphasis placed on developing a greener economy and the rising investment in clean energy together with augmenting fuel cells technology collaboration programs in the region.

The major players in the market include Nel ASA, Air Liquide SA, Praxair Inc., VRV S.P.A, Linde AG, Hank Technologies Inc., Murphy Energy S.A., Luxfer Holdings PLC, Hexagon Composites ASA, Worthington Industries, Inc.
Inquiry Before Buying Request Free Sample
logo
  GET A FREE SAMPLE

FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.

 Request Free Sample Copy

Have questions before ordering this report?

Inquiry Before Buying
Inquiry Before Buying Request Free Sample