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Hydrogen Energy Storage Market Size to Expand at 54.0% CAGR Through 2027

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Hydrogen Energy Storage Market Size to Expand at 54.0% CAGR Through 2027

February 28
04:28 2023
Hydrogen Energy Storage Market Size to Expand at 54.0% CAGR Through 2027
The global hydrogen energy storage market is dominated by a few globally established players such as Siemens Energy (Germany), Linde plc (Ireland), ENGIE (France), Air Liquide (France), and Air Products Inc. (Pennsylvania).
The global hydrogen energy storage market is projected to reach USD 119.2 Billion by 2027 from an estimated market size of USD 13.8 Billion in 2022, at a CAGR of 54.0% during the forecast period.

The global hydrogen energy storage market is projected to reach USD 119.2 Billion by 2027 from an estimated market size of USD 13.8 Billion in 2022, at a CAGR of 54.0% during the forecast period. Rising demand of stationary and mobile power application is a driving factor for the market growth. Moreover, increasing demand of hydrogen in industrial sector.

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Hydrogen energy storage is a storage technique wherein electrical energy is converted into hydrogen through the electrolysis process, which can be further reprocessed as fuel in combustion engines or a fuel cell. Hydrogen can be stored in 3 ways—in high-pressure tanks as compressed gas, in dewars as liquid at – 253 degree C, and in chemical form by either reacting or absorbing with chemicals or metal compounds. Thus, the hydrogen stored in various forms can later be recovered when the supplies are low. Moreover, hydrogen can be stored for a longer duration of time, unlike the energy stored in batteries, which diminishes with the passage of time. The hydrogen energy storage market comprises revenues of companies that either store hydrogen or offer equipment to store. The operating expenditure and servicing revenue are not included in the scope of the study. For the estimation of hydrogen energy storage market size, the y-o-y annual capacity addition of liquid, gas, and solid-state hydrogen across the regions were estimated, and revenues of companies that manufacture and supply the hydrogen energy storage technology across various global regions are assessed in the study.

The Industrial segment is expected to be the most significant hydrogen energy storage market, by end use.

The hydrogen energy storage market, by end use, is segmented into industrial, commercial and electric utilities. The industrial segment accounted for the largest share of 45.1% of the hydrogen energy storage market in 2021. The rising applications of hydrogen in chemicals industry to foster demand for hydrogen storage systems is expected to drive the industrial segment during the forecast period.

The hydrogen energy storage market, by gas, is segmented into gas, liquid and solid. Solid is estimated to have the largest market share and is expected to grow at the highest rate during the forecast period. The higher growth rate of this segment is because of its cost efficient storing hydrogen in gas form. Companies like Siemens Energy (Germany), Linde plc (Ireland), ENGIE (France), Air Liquide (France), and Air Products Inc. (Pennsylvania), Nel ASA (Norway), ITM Power (United Kingdom) are manufacturing hydrogen energy storage in gas state for mass production

Industrial segment is the fastest growing segment by end-user segment in the forecast period. European Countries like Germany are more focused on fuel cell based electric vehicles and hydrogen storage infrastructure are driving the hydrogen energy storage market in this segment.

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Europe is expected to dominate the global hydrogen energy storage market

The Europe region is estimated to be the largest market for the hydrogen energy storage market, followed by Asia Pacific. The European region is projected to be the fastest-growing market during the forecast period. The growth of the Europe market is expected to be driven by increasing number of fuel cell projects and following government initiatives for its implementation in residential and commercial sectors.

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