Selbyville, Delaware, May 22, 2023 (GLOBE NEWSWIRE) —
Compressed Hydrogen Energy Storage Market is expected to cross a valuation of USD 28 billion by 2032, according to the recent research report by Global Market Insights Inc.
The increasing investments in hydrogen-based infrastructure is a key factor driving industry growth. Hydrogen storage technologies have become popular in various industry verticals such as manufacturing, transportation, power generation, aviation, and others. In fact, many developed economies are investing considerably in clean fuel transportation infrastructure, which will increase the demand for compressed hydrogen energy storage solutions. Back in March 2023, the U.S. DOE announced over USD 750 million for advancing clean hydrogen technologies in the country.
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Rising focus on transportation decarbonization to favor industry growth
Compressed hydrogen energy storage market from the transportation segment will grow by 9% from 2023 to 2032. Increasing focus on accelerating decarbonization across the transportation sector is working in favor of segment growth. Back in January 2023, the U.S. government announced the U.S. National Blueprint for Transportation Decarbonization. In fact, recently, the government also announced USD 4 billion funding through the Investing in America Agenda for clean heavy-duty vehicles and port upgrades.
Increase in fuel-cell EVs to drive market demand in Europe
Europe compressed hydrogen energy storage industry size will observe 8% growth during 2023 to 2032. Growing adoption of fuel-cell electric vehicles owing to tightening emission regulations is contributing to regional industry expansion. The EU’s 2030 Climate Target Plan proposes to cut greenhouse gas emissions to at least 55% below 1990 levels by 2030. Moreover, Italy has also launched a national hydrogen strategy for the decarbonization of the economy to meet the region’s climate targets.
Compressed Hydrogen Energy Storage Industry Players
Nel ASA, Linde plc, ITM Power PLC, GKN Hydrogen, HYDROGEN IN MOTION, McPhy Energy S.A., Cockerill Jingli Hydrogen, ENGIE, and FuelCell Energy, Inc., among others.
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Compressed Hydrogen Energy Storage Industry News:
- In January 2022, Air Liquide, a leading compressed hydrogen energy storage solutions provider, joined hands with Energy Observer to emphasize hydrogen as a large-scale carbon-free solution. This deal intends to inform people about the potential and flipsides of hydrogen and bring experts under one roof to accelerate the energy transition.
- In March 2023, Air Liquide announced the establishment of an industrial-scale ammonia cracking pilot facility in Belgium. The plant will be used for the conversion of ammonia into hydrogen for transporting it easily over long distances. This strategy will help the company optimize its carbon footprint.
- In January 2023, Linde plc, a multinational chemical company, announced that it has bought a stake in nexAir, LLC, one of the largest packaged gas distributors in the U.S. This acquisition aligns well with Linde’s existing packaged gas business and will help expand its footprint across the south-eastern United States.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Compressed hydrogen energy storage industry 3600 synopsis, 2019 – 2032
2.1.1 Business trends
2.1.2 Application trends
2.1.3 Regional trends
Chapter 3 Compressed Hydrogen Energy Storage Industry Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 Shifting policy framework across the compressed hydrogen industry
3.3.1.2 Growing investments toward compressed hydrogen-based infrastructure
3.3.1.3 Increasing clean energy demand
3.3.2 Industry pitfalls & challenges
3.3.2.1 High capital cost
3.4 Growth potential analysis
3.5 Porter’s Analysis
3.6 PESTEL Analysis
3.7 COVID- 19 impact on the industry outlook
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.