Global Hydrogen Energy Storage Market – Industry Trends and Forecast to 2030

Global Hydrogen Energy Storage Market, By Technology (Physical Based, Material Based, Liquid Hydrogen, Metal Hydrides, Carbon Absorption, Underground Salt Caverns), Physical State (Solid, Liquid, Gas), Application (Stationary Power, Transportation, Portable Power, Power Generation, Chemicals, Metal Workings, Utility, Others), End Use (Commercial, Industrial, Residential), Storage Type (Stationary Storage, Physical Storage, Chemical Storage) - Industry Trends and Forecast to 2023 to 2030.

Hydrogen Energy Storage Market Analysis and Size

The essential factors contributing to the growth of the hydrogen energy storage market in the forecast period of 2023 to 2020 include the rising sustainable energy services growing is prevailing the need for hydrogen energy storage. Therefore, people are preferring hydrogen storage in place of fossil fuel. The rising use in commercial, industrial, and residential sectors for various applications is significantly contributing to the market’s growth.

Data Bridge Market Research analyses that the hydrogen energy storage market which was USD 17.50 billion in 2022, is expected to reach USD 70.89 billion by 2030, growing at a CAGR of 19.11% during the forecast period of 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Hydrogen Energy Storage Market Scope and Segmentation

Market Definition

Hydrogen energy storage is the system that stores large quantities of hydrogen. The storage is done in solution-mined salt domes, excavated rock caverns, and others. Hydrogen storage has major use in transportation, metalworking, general industrial, chemicals, stationary, and others for the storage of hydrogen. The increasing installation of renewable energy globally leads to rising GHG emissions which will further increase the demand for hydrogen storage energy systems. Furthermore, hydrogen storage systems are used in utility and oil refining. 

Global Hydrogen Energy Storage Market Dynamics

Drivers

• Increased demand for hydrogen in the industrial sector

Hydrogen is used in several industrial applications such as glass, fertilizer, metal refining, and others, the increasing use of hydrogen propels the demand for hydrogen energy storage systems. The use of alternative fuels such as hydrogen is majorly opted for by various industries. For reducing harmful emissions, a combination of electrical furnace boosting with a hybrid melting system is in practice. Therefore, the increasing use of hydrogen in various industrial sectors is driving the market’s growth.

• Growing commercialization of power-to-gas technologies

The commercialization of power-to-gas technologies is growing significantly, it adds flexibility to energy systems and further allows the integration of volatile renewables efficiently. Hydrogen is majorly used for fuel cell-based transport and for heating space in the commercial sector and its storage hydrogen storage systems are widely used. Hydrogen has a large amount of energy, due to which it is widely used for space heating purposes. The growing commercialization of power-to-gas technologies is driving the market’s growth.

Opportunities

• Increasing focus on research and development

Countries are majorly focusing on research and development for the technological developments in hydrogen storage and fuel cell technologies. Owing to the research and development hydrogen is used for onboard light-duty vehicles, for handling material equipment, and for portable power applications which increases the demand for hydrogen energy storage. In, addition the increasing efficiency of hydrogen storage systems is further contributing to the market’s growth.

• Increasing government initiatives

The government in various countries is investing in hydrogen energy storage projects. Along with this governments are working on various advancements in fuel cells and hydrogen technologies.  The government is providing new funding opportunities for increasing the use of hydrogen energy storage technologies globally. The rising concern of the government for increasing emissions is further promoting hydrogen as a fuel that requires hydrogen storage. Therefore, the increasing government initiatives are fuelling the market’s growth.

 Restraints/Challenges

• Increasing investments in battery storage technologies

As technological advancements are increasing and the demand for electric vehicles is rising, the prices of battery storage are decreasing significantly and battery storage is less expensive than hydrogen storage. Owing to this major players in several countries are focusing on investing in the manufacturing of lithium-ion batteries. Along with this, the growing investments in wind and solar energy are a major factor hindering the market’s growth.

• High cost of hydrogen energy storage

Hydrogen is stored in 3 ways; in high-pressure tanks in the form of compressed gas, in dewars in the form of liquid at –253°C, and in the form of chemicals. Owing to a number of storage methods the cost of hydrogen energy storage is high. In addition, hydrogen storage has less energy per unit volume in comparison of fossil fuels, which further increases its cost. Some other factors such as production, and the cost of transportation are the major challenges hindering the market’s growth.

This hydrogen energy storage  market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the hydrogen energy storage market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• In January 2022, Linde plc signed an agreement with Yara to construct and deliver a 24 MW green hydrogen plant. This would increase the production of hydrogen which further increases the demand for hydrogen storage.
• In December 2021, Chart Industries collaborated with Howden to deliver advance hydrogen solution and incorporated gas compression system of Howden into offerings of chart hydrogen. This collaboration would attract a number of audience fuelling the hydrogen storage market’s growth.

Global Hydrogen Energy Storage Market Scope

The hydrogen energy storage market is segmented on the basis of technology, physical state, application, end use and storage type. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Technology

• Physical Based
• Compression
• Liquefaction
• Material Based
• Liquid Hydrogen
• Metal Hydrides
• Carbon Absorption
• Underground Salt Caverns

Physical State

• Solid
• Liquid
• Gas

Application

• Stationary Power
• Transportation
• Portable Power
• Power Generation
• Chemicals
• Metal Working
• Utility
• Oil Refining
• General Industry
• New Energy Automobile
• Aerospace
• Others

End Use

• Commercial
• Industrial
• Residential

Storage type

• Stationary Storage
• Physical Storage
• Chemical Storage
• Others
• Cylinder
• Merchant/Bulk
• Onsite
• On-Board

Global Hydrogen Energy Storage Market Regional Analysis/Insights

The hydrogen energy storage market is analysed and market size insights and trends are provided by technology, physical state, application, end use and storage type as referenced above.

The countries covered in the hydrogen energy storage market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the hydrogen storage market due to increasing demand for H2fuel cells for the use in fuelling stations and rise in the demand for refined hydrogen in the North America region is significantly contributing for the market’s growth.

Asia-Pacific is expected to grow during the forecast period of 2023 to 2030 due to the impact of productivity improvements. The emerging countries in Asia-Pacific region are adopting various foreign equipment in the hydrogen storage which improves the production efficiency. Along with the rising use in stationary power, transportation and portable power are significantly increasing the market’s growth.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Hydrogen Energy Storage Market Share Analysis

The hydrogen energy storage market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to hydrogen energy storage market.

Some of the major players operating in the hydrogen energy storage market are:

• Siemens Energy (Germany)
• Linde plc (Ireland)
• ENGIE SA. (France)
• Air Liquide (France)
• Air Products and Chemicals, Inc. (U.S.)
• Nel ASA (Norway)
• Chart Industries (U.S.)
• GENH2 (U.S.)
• Hexagon Purus (Norway)
• FuelCell Energy, Inc. (U.S.)
• ITM Power PLC (U.K.)
• McPhy Energy S.A. (France)
• Hydrogenious LOHC Technologies (Germany)
• HyGear (Netherlands)
• Cockerill Jingli Hydrogen. (China)
• PRAGMA INDUSTRIES (France)
• Plug Power Inc. (U.S.)
• INOX India Limited (India)
• Home Power Solutions (Germany)
• Hydrogen In Motion Inc. (Canada)