San Francisco, March 02, 2022 (GLOBE NEWSWIRE) — The global hydrogen energy storage market size is expected to reach USD 19.84 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.4% from 2021 to 2028. The supportive developments and policy support from the countries around the world will boost the market growth in the coming years. The growing scope of application of fuel cell technologies, such as transportation, portable power, and stationary power, are likely to augment the product demand over the forecast period.
Key Insights & Findings from the report:
- The compression storage technology segment accounted for a dominant share of more than 40% in 2020.
- The solid segment held the maximum revenue share in 2020. The storage of hydrogen in solid form, i.e., stored in another material, is one of the emerging areas in the market.
- The market is competitive with key participants involved in R&D and constant innovations. The COVID-19 pandemic has had an adverse impact on the overall market growth.
- This was owing to the factors, such as reducing operational cost by end-users and disruption in spare parts availability due to logistics issues & delays in manufacturing.
- However, supporting factors in the form of policies, plans, and regulations from various governments have boosted the market growth
Read 90-page market research report, “Hydrogen Energy Storage Market Size, Share & Trends Analysis Report By Technology (Compression, Liquefaction), By Physical State (Solid, Gas), By Application (Industrial, Residential), By Region, And Segment Forecasts, 2021 – 2028”, published by Grand View Research.
Hydrogen Energy Storage Market Growth & Trends
A surplus amount of unused renewable energy is being used in the production of green hydrogen through renewable-powered electrolysis. Market players across several countries practice forward integration as they sell the hydrogen produced from on-site renewable sources, to large industrial consumers. The market is majorly driven by the growing adoption of hydrogen energy storage in the utility, commercial, and residential sectors. Huge industrial demands for hydrogen in metal treatment, petroleum refining, and food processing are expected to boost industry growth.
Potential opportunity for the market lies in increasing the commercialization of power-to-gas technology. In this technology, hydrogen can be converted back to electricity and used for powering the electric grid during peak hours. Industry participants are entering into partnerships with the research organizations to construct full-scale hydrogen energy storage projects. For instance, Xcel Energy partnered with National Renewable Energy Laboratory (NREL) to construct a 110 kW capacity project that would utilize surplus wind energy to produce hydrogen through electrolysis and store it for later use.
Hydrogen Energy Storage Market Segmentation
Grand View Research has segmented the global hydrogen energy storage market based on technology, physical state, application, and region:
Hydrogen Energy Storage Technology Outlook (Revenue, USD Million, 2017 – 2028)
Hydrogen Energy Storage Physical State Outlook (Revenue, USD Million, 2017 – 2028)
Hydrogen Energy Storage Application Outlook (Revenue, USD Million, 2017 – 2028)
Hydrogen Energy Storage Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- Saudi Arabia
- South Africa
List of Key Players of Hydrogen Energy Storage Market
- Air Liquide
- Air Products, Inc.
- Cummins, Inc.
- ITM Power
- Iwatani Corp.
- Linde plc
- Nedstack Fuel Cell Technology BV
- Nel ASA
- Steelhead Composites, Inc.
Check out more related studies published by Grand View Research:
- Green Hydrogen Market – The global green hydrogen market size is expected to reach USD 2.28 billion by 2027 registering a CAGR of 14.24% over the forecast period, according to a new report by Grand View Research, Inc. Growing government investments and subsidies benefitting clean fuel usage along with hydrogen economy being touted as an eco-friendly alternative to fossil fuel economy are likely to strengthen the market growth over the forecast period.
- Energy Storage Systems Market – The global energy storage systems market demand is expected to reach 402.0 GW by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.6% from 2021 to 2028. Growing demand for efficient and competitive energy resources, increasing development for variable energy sources, and rising battery demand are factors anticipated to fuel the demand for energy storage systems.
- Thermal Energy Storage Market – The global thermal energy storage market size is expected to reach USD 10.1 billion by 2027, expanding at a CAGR of 12.6% from 2020 to 2027, according to a new report by Grand View Research, Inc. Rising demand for cost competitive and efficient energy sources is likely to boost the market growth over the forecast period.
Browse through Grand View Research’s Renewable Energy Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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