The global hydrogen energy storage market is projected to reach USD 18.2 billion by 2024 from an estimated USD 13.7 billion in 2019, at a CAGR of 5.8% during the forecast period.
The leading players in the hydrogen energy storage are Hydrogenics, ITM Power, Hexagon Composites, Worthington Industries, Linde, Nel Hydrogen, Plug Power, Chart Industries, Air Liquide, Air Products and Chemicals and Hydrogenious.
There is an increase in demand for hydrogen in the chemical industry and demand for hydrogen in stationary and portable power. Hydrogen energy storage technology has opportunities such as the growing commercialization of power-to-gas technologies and the demand for hydrogen as fuel in vehicles.
Gas state of hydrogen energy storage dominates the global market
The gas segment of hydrogen energy storage market is expected to be the largest market, by state, during the forecast period. Multiple methods are available to store hydrogen as a compressed gas such as pressure tanks, underground storage, and line packing. Storing hydrogen gas via compression is an easiest and cost-effective method as compared to liquefaction of hydrogen, which is the reason for its high demand in the hydrogen energy storage market globally.
Compression segment hydrogen energy storage dominates the global market
The compression, by storage technology, is estimated to be the fastest-growing during the forecast period. This growth is attributed as compressed hydrogen gas storage is the simplest solution because only compressor and a pressure vessel equipment is required to store it and hence its demand is increasing in the hydrogen energy storage market globally.
North America to lead the global hydrogen energy storage market in terms of growth rate.
The hydrogen energy storage market in North America is projected to grow at the fastest rate during the forecast period. The major reason for the growth in this region is attributed to the rise in fuel cell applications, tight regulations with regard to emission control, and the use of cleaner fuels. Furthermore, the growing demand for hydrogen-powered fuel cells is also likely to drive the market in this region.
Besides North America, Europe was one of the largest markets for hydrogen energy storage. The demand for hydrogen energy storage in Europe is mainly driven by an increase in fuel cell-based electric vehicles and hydrogen storage infrastructure.
Increase in Demand for Hydrogen in Chemical Industry
Demand for Hydrogen in Stationary and Portable Power Applications
High Capital Cost of Hydrogen Energy Storage
Growing Commercialization of Power-To-Gas Technologies
Demand for Hydrogen as A Vehicle Fuel
Increasing Investments in Battery Storage Technologies