Material-Based Hydrogen Energy Storage Market Size

Material-Based Hydrogen Energy Storage Market size was registered a valuation of USD 325.5 million in 2024 and is projected to reach USD 1.5 billion in 2037 expanding at a CAGR of 12.8% during the forecast period, i.e., 2025-2037. In 2025, the industry size of material-based hydrogen energy storage is evaluated at USD 367.2 million. The market’s growth is attributed to rising demands for scalable energy storage solutions in various sectors. The global shift towards prioritizing clean energy sources boosts the demand for hydrogen as a preferred energy carrier, fueling the market’s growth. Additionally, advancements in materials science have led to the discovery of new and improved properties for hydrogen storage.

A major driver for the material-based hydrogen energy storage market is the change in global trends towards green hydrogen production and storage. Globally, numerous countries have announced commitment towards achieving net-zero emissions. More than 140 countries, including the world's largest polluters - China, the United States, India, and the European Union - have set a net-zero objective, which accounts for around 88% of worldwide emissions. The commercial production of hydrogen has increased over the years. The International Renewable Energy Agency (IRENA) estimated global hydrogen production at 75 MtH2/yr as pure hydrogen and 45 MtH2/yr as part of mixed gases in 2022, and the production was equivalent to 3% of global final energy demand. Additionally, IRENA estimated that hydrogen could contribute up to 10% of mitigation and 12% of final energy demand.

By the next decade, the use of hydrogen as an energy storage is poised to surge in transport applications, industrial manufacturing, and residential power systems. Hydrogen fuel cell vehicles are poised to benefit from advanced storage materials by enabling efficient storage and recycling, boosting demands for hydrogen energy storage. The key market players in the material-based hydrogen energy storage market are projected to benefit from new revenue opportunities in steel manufacturing and ammonia production industries to reduce reliance on non-renewable resources and curtail carbon emissions. As material-based storage solutions continue to become essential parts of the hydrogen-based energy ecosystem, the sector is positioned to continue its profitable growth curve by the forecast period.