New York, Jan. 05, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Hydrogen Energy Storage Market Size, Share & Trends Analysis Report By Technology, By Physical State, By Application, By Region And Segment Forecasts, 2021 – 2028” – https://www.reportlinker.com/p06195314/?utm_source=GNW
Hydrogen Energy Storage Market Growth & Trends
The global hydrogen energy storage market size is expected to reach USD 19.84 billion by 2028. 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.
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 Report Highlights
• 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 the full report: https://www.reportlinker.com/p06195314/?utm_source=GNW
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