Hydrogen Energy Storage Market to Reach $25.4 Bn, Globally, by 2027 at 6.5% CAGR: Allied Market Research
Growing application as an alternative to fossil fuel and rise in demand for sustainable power source drive the growth of the global hydrogen energy storage market
PORTLAND, Ore., April 13, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Hydrogen Energy Storage Market by Product Type (Liquid, Solid, and Gas), Application (Stationary Power and Transportation), and End User (Industrial and Commercial): Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global hydrogen energy storage industry was projected at $15.4 billion in 2019, and is anticipated to hit $25.4 billion by 2027, registering a CAGR of 6.5% from 2020 to 2027.
Drivers, restraints, and opportunities-
Growing application as an alternative to fossil fuel and rise in demand for sustainable power source drive the growth of the global hydrogen energy storage market. On the other hand, high capital cost is expected to curb the growth to some extent. However, robust investment and government support are expected to create lucrative opportunities for the key players in the industry.
Download Sample PDF (445 Pages PDF with Insights): https://www.alliedmarketresearch.com/request-sample/10943
Covid-19 scenario-
- Annulment of shipments, project postponements, and travel bans across the world slowed down the hydrogen energy storage market growth during the first phase of the lockdown.
- However, amendment of energy investment tax structures and robust financial provision from the local and state governments are expected to ameliorate the growth of the market.
The gas segment to retain its dominance by 2027-
Based on product type, the gas segment accounted for nearly three-fourths of the global hydrogen energy storage market share in 2019, and is expected to dominate by the end of 2027. Huge demand from the transportation sector and low storage cost of compressed hydrogen propels the segment growth. The solid segment, on the other hand, would register the fastest CAGR of 9.20% throughout the forecast period. This is attributed to the increasing demand from the automotive and transport sectors.
Get detailed COVID-19 impact analysis on the Hydrogen Energy Storage Market: https://www.alliedmarketresearch.com/request-for-customization/10943?reqfor=covid
The transportation segment to lead the trail-
Based on application, the transportation segment contributed to more than two-thirds of the global hydrogen energy storage market revenue in 2019, and is projected to rule the roost by 2027. Increase in demand for sustainable fuel power with reduced emission fuels the segment growth. The stationary segment would grow at the fastest CAGR of 7.30% during the forecast period. This is due to growing emphasis on de-carbonization and sustainable power solutions.
Asia-Pacific to dominate in terms of revenue, North America to portray a significant CAGR-
Based on region, Asia-Pacific held the major share in 2019, generating nearly half of the global hydrogen energy storage market, owing to the impact of productivity improvements in the province. The emerging economies in Asia-Pacific are adopting various foreign equipment; thus, improving the production efficiency. Simultaneously, the market across LAMEA would generate the fastest CAGR of 8.60% from 2020 to 2027, due to rise in number of trade fairs and exhibitions that are promoting new technologies in the region.
Schedule a FREE Consultation Call with Our Analysts/Industry Experts to Find Solution for Your Business @ https://www.alliedmarketresearch.com/connect-to-analyst/10943
Key players in the industry-
- Air Products and Chemicals
- FuelCell Energy
- Hydrogenics,Hexagon Composites
- ITM Power
- Linde
- Nel Hydrogen
- Air Liquide (France)
- Plug Power
- Worthington Industries
Interested in Procure Data? Visit Here: https://www.alliedmarketresearch.com/hydrogen-energy-storage-market/purchase-options
Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at: https://www.alliedmarketresearch.com/library-access
Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.
Avenue Library Subscription | Request for 14 days free trial of before buying:
https://www.alliedmarketresearch.com/avenue/trial/starter
Similar Reports We Have:
Thermal Energy Storage Market is anticipated to reach $8,862 million, growing at a CAGR of 10.9% from 2017 to 2023.
Geothermal power market is projected to reach $6.8 billion by 2026, growing at a CAGR of 5.0% from 2019 to 2026
Green power market is anticipated to generate $103.5 billion by 2027, growing at a CAGR of 12.3% from 2020 to 2027.
Smart energy market is projected to reach $253.1 billion by 2027, growing at a CAGR of 9.6% from 2020 to 2027.
Lead–acid battery market is projected to reach $59.7 billion by 2026, growing at a CAGR of 5.24% from 2019 to 2026.
Oil storage market is estimated to reach at $4,307 million by 2023, registering a CAGR of 4.4% from 2017 to 2023.
Pre-Book Now with 10% Discount:
Battery Energy Storage Market: Global Opportunity Analysis and Industry Forecast 2020-2027
Natural Gas Storage Market: Global Opportunity Analysis and Industry Forecast, 2020-2027
Battery Racks Market: Global Opportunity Analysis and Industry Forecast, 2021-2028
Power Pedestal Market: Global Opportunity Analysis and Industry Forecast, 2020–2027
Stationary Fuel Cell Market: Global Opportunity Analysis and Industry Forecast 2020-2027
Fuel Cell Technology Market: Global Opportunity Analysis and Industry Forecast, 2021-2028
About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact us:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free (USA/Canada): 1-800-792-5285, 1-503-446-1141
International: +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
[email protected]
Web: https://www.alliedmarketresearch.com
Follow us on | Facebook | Twitter | LinkedIn
SOURCE Allied Market Research
Share this article