Industrial Hydrogen Energy Storage Market Size

Industrial Hydrogen Energy Storage Market size is estimated at USD 12.5 billion in 2024 and is set to cross USD 31.5 billion by the end of 2037, witnessing more than 8% CAGR during the forecast period i.e., between 2025-2037. In 2025, the industry size of industrial hydrogen energy storage is evaluated at USD 13.5 billion. Rising demand for clean energy is the major growth factor of this sector. Hydrogen is the key solution for environmental decarbonization through storing renewable energies. The energy storage system can be efficiently used in the transportation, chemical, and steel manufacturing industries. Additionally, green hydrogen promotes the adoption of renewable energy sources for production, making it an attractive option for countries to foster a carbon-free climate.

Ongoing innovations in electrolyzers and fuel cell technologies have made industrial hydrogen energy storage cost-effective and efficient. More hydrogen refueling stations and pipelines are being developed to fulfill the demand, supporting the market growth. In May 2024, Nikola Corporation announced the opening of a HYLA high-pressure modular refueling station and facility in Southern California. Such corporate initiatives are achieving milestones in producing zero-carbon emission transportation. In addition, inspiring other key players to invest in such innovations.