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Hydrogen Energy Storage Market is Anticipated To Reach USD 30.53 billion, Grow at a CAGR of 8.50%from 2023 to 2030

Dec 20, 2023 9:48 PM ET

Hydrogen Energy Storage Market is Anticipated To Reach USD 30.53 billion, Grow at a CAGR of 8.50%from 2023 to 2030

Market Scope

As per an Extensive Research Report by Market Research Future (MRFR), Hydrogen Energy Storage Market Information By Product Type, Operating Platforms, and Region – Forecast till 2030 The hydrogen energy storage industry size shall go from USD 17.25 Billion touched in 2022 to USD 30.53 billion by 2030, at 8.50% rate from 2022 to 2030.

Hydrogen energy storage is a chemical energy storage technology that is utilized to store electricity as hydrogen. By electrolyzing water, hydrogen is created, and the gas is then stored in medium- or large-sized containers based on the needs. In a fuel cell or combustion engine, the gas can be transformed into energy. Three forms of hydrogen energy are typically stored: liquid, solid, and gaseous. While hydrogen can only be stored in liquid form at cryogenic temperatures, it needs high-pressure tanks to be stored in gas form. In fuel cell technologies, hydrogen storage is widely employed for both stationary power and transportation applications.

While the growth of the hydrogen energy storage market was hindered by personnel travel restrictions, project delays, and shipment cancellations, the post-pandemic market will gradually improve with the modification of energy investment tax schemes and financial support from local and state governments.

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Market Competitive Landscape:

  • VRV S.P.A
  • Hbank Technologies Inc.
  • Inoxcva
  • Mcphy Energy S.A.
  • Luxfer Holdings PLC
  • Worthington Industries Inc.
  • Praxair Inc
  • Linde AG
  • Air Liquide

Market USP Covered:

Market Drivers:

Electricity is frequently stored using hydrogen energy storage. When there is a lack of electricity, this type of storage can be useful. The transportation industries use a lot of hydrogen energy. With the aid of hydrogen energy storage, fuel can be obtained for all vehicles. When there is an energy shortage, hydrogen energy storage will be useful.

The robust global growth of hydrogen energy storage can be attributed, in part, to the rapidly increasing demand for hydrogen in industrial applications, including fuel cells, oil refineries, and metal refining. Furthermore, the market for hydrogen energy storage is expanding at a profitable rate due to the growing government initiatives in different countries to build energy-saving hydrogen stations. The market is also being further stimulated by ongoing research and development efforts to investigate more industrial and commercial applications for hydrogen energy storage.

The governments of all regions and nations are concentrating on the construction of grid power plants as a result of global warming. In stationary power, hydrogen energy is widely used. This is because there is an increasing need for green and clean energy. There are no harmful or greenhouse gases released during the release of hydrogen energy. As a result, during the anticipated period, this is encouraging the growth of the global hydrogen energy storage market.

Furthermore, the increasing positive government initiatives supporting the market development for hydrogen energy storage are opening up profitable prospects for the global market’s expansion. Governmental organizations and major industry participants are heavily funding R&D initiatives in order to advance the market.  

Market Restraints:

The global market for hydrogen energy storage is not expanding as quickly as it could due to government regulations that are very strict when it comes to producing hydrogen through electrolysis. Producing and using hydrogen is prohibited in some areas. Workers in factories may suffer health problems as a result of the production process.

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Market Segmentation

The technologies discussed in the study are liquid hydrogen, metal hydrides, carbon absorption, and underground salt caverns.

Top market end-users are power generation, transportation, chemicals, metalworking, and others.

Regional Insights

In 2021, the North American market was valued at USD 6.9 billion, and it is expected to grow at a remarkable rate over the course of the study. Due to factors including tight government regulations, growing demand for green energy, and rising hydrogen demand across multiple industries, the market for hydrogen energy storage is growing in North America.

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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