Material-based Hydrogen Energy Storage Market Segmentation:
Application Segment Analysis
Industrial segment is anticipated to capture material-based hydrogen energy storage market share of over 65.2% by 2035. The segment is poised to increase its profit share by the end of the forecast period owing to the increasing adoption of hydrogen in various industrial sectors such as chemical production, refineries, steel manufacturing, etc. Owing to stringent environmental regulations and a global push for decarbonization, industries are leveraging hydrogen to reduce reliance on non-renewable fuels. This has necessitated effective hydrogen energy storage solutions boosting the applications in the industrial segment. For instance, in December 2023, GKN Hydrogen and Mitsubishi Corporation signed a memorandum of understanding (MoU) to bring GKN hydrogen’s metal hydride hydrogen storage to Japan.
The stationary segment is projected to increase its revenue share in the material-based hydrogen energy storage sector by the end of 2035. The segment’s growth curve is attributed to the rising deployment of solar and wind power that require reliable energy storage solutions. The increase in demand boosts the application of material-based hydrogen energy storage solutions owing to their ability to convert excess renewable energy to hydrogen and store it for future use. These applications are ideal as backup power solutions and as requirements to stabilize renewable energy grids to ensure long-duration energy storage increases, the segment will continue to witness growth. For instance, in September 2024, hydrogen-storage solution company H2MOF reported a breakthrough in storing solid-state hydrogen at ambient temperatures and low pressure, and the tech is projected to undergo industrial testing soon.
Our in-depth analysis of the material-based hydrogen energy storage market includes the following segments:
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