Selbyville, Delaware, May 23, 2023 (GLOBE NEWSWIRE) —
Hydrogen Energy Storage Market is expected to cross a valuation of USD 17.6 billion by 2032 according to the recent research report by Global Market Insights Inc..
With the fuel cell vehicle deployment, governments are increasingly investing in hydrogen-based infrastructure. Globally, vehicle manufacturers and hydrogen producers are heavily spending on the deployment of fuel cell vehicles. This has led to steady development in hydrogen infrastructure networks. Over the coming years, the industry growth will increase with the rising automotive developments.
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Rising investments in liquid hydrogen storage systems
Hydrogen energy storage market share from the liquid segment was more than 14% in 2022. Liquid hydrogen is one of the cleanest energy sources currently available as it only emits water vapor when burned. The public and corporate sectors have both increased their investments to support the use of liquid hydrogen as a form of energy storage. The rising investments are expected to create new opportunities for the development of liquid-state hydrogen storage.
Partnerships will generate new opportunities for market players
Hydrogen energy storage industry size from the material-based segment was over 1.5% in 2022. Businesses and organizations are partnering and collaborating with other firms to create and market hydrogen storage systems based on materials. Companies are collaborating between energy providers and academic institutions to create fresh materials for FCEVs. Such collaborations are expected to bring in new opportunities in the market over the coming years.
Growing carbon emission regulations in the transportation sector
hydrogen energy storage market from the transportation segment will record 10% CAGR from 2023 to 2032. In the transportation industry, hydrogen is widely employed to drastically cut carbon emissions. The growing number of regulations for carbon emissions and reduction of carbon footprint is expected to influence market growth. The development of hydrogen fuel cells will be aided by rising distillate fuel demand.
Rising investments by the government organizations in Europe
The Europe hydrogen energy storage industry will observe 8% growth during 2023 to 2032. Due to rising governmental and private sector investments along with funding, a number of European nations exhibit significant potential for the adoption of fuel-cell vehicles. Government programs like “The FCEV Fleet Support Scheme” and funding for individual participants will promote the expansion of the sector in the UK. Additionally, the growing demand for hydrogen energy storage in the region is expected to increase over the coming years.
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Presence of leading players in hydrogen energy storage market
Air Products and Chemicals, Inc., McPhy Energy S.A., ENGIE, SSE, FuelCell Energy, Inc., GKN Hydrogen, Gravitricity Ltd, Air Liquide, Nel ASA, HYDROGEN IN MOTION, Linde plc, ITM Power PLC, and Cockerill Jingli Hydrogen are some of the leading businesses in the hydrogen energy storage sector. Companies are working on the development of initiatives like collaborations, partnerships, and new product launches.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Hydrogen energy storage industry 3600 synopsis, 2019 – 2032
2.1.1 Business trends
2.1.2 State trends
2.1.3 Method trends
2.1.4 Application trends
2.1.5 Regional trends
Chapter 3 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 hydrogen industry
3.3.1.2 Growing investments toward 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.