CHICAGO, Sept. 29, 2023 /PRNewswire/ -- Hydrogen Energy Storage Market is expected to reach USD 196.8 billion by 2028 from USD 11.4 billion in 2023 at a CAGR of 76.8% during the 2023–2028 period according to a new report by MarketsandMarkets™. Increasing global efforts to reduce greenhouse gas emissions and combat climate change play a pivotal role. Governments and organizations are incentivizing the transition to cleaner energy sources, making hydrogen an attractive option due to its potential for zero-emission energy storage and transportation. Additionally, the integration of hydrogen energy storage with renewable energy sources such as wind and solar power addresses the intermittency challenge, making it a reliable and sustainable solution for grid stabilization. However, the market faces certain restraints as well. One major challenge is the high production cost of green hydrogen, primarily derived from renewable sources, which limits its widespread adoption. Infrastructure development, including hydrogen production, storage, and distribution, also presents hurdles, as it requires substantial investment and time.
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Hydrogen Energy Storage Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $11.4 Billion |
Estimated Value by 2028 | $196.8 Billion |
Growth Rate | Poised to Grow at a CAGR of 76.8% |
Largest Market | Europe |
Market Size Available for | 2016-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | by Storage Form, Technology, Application, End-User, and Region. |
Geographies Covered | Asia Pacific, North America, Europe, South America, and Middle East & Africa. |
Key Market Challenge | Increasing investments in battery storage technologies |
Key Market Opportunities | Development of hydrogen infrastructure across various countries |
Key Market Drivers | Renewable energy integration with electricity grid |
The compression, by technology, is expected to grow at the highest CAGR during the forecast period.
Based on technology, the Hydrogen Energy Storage Market has been split into compression, liquefaction, and material. Compression are expected to grow at the highest CAGR during the forecasted period. Compression process involves pressurizing gaseous hydrogen, reducing its volume for storage and transportation. High-pressure compression, typically at 350 to 700 bar, allows for compact and practical storage solutions. Compression technology ensures that hydrogen can be stored in a safe and space-efficient manner, making it suitable for various applications, including fueling stations for hydrogen vehicles and industrial storage facilities. Innovations in compression technology are continually improving efficiency and safety, further enhancing the viability of hydrogen energy storage as a clean and versatile energy solution.
The Industrial segment, by end user, is expected to be the largest segment during the forecast period.
This report segments the Hydrogen Energy Storage Market based on end user into three segments: Industrial, Commercial, Electric Utilities. The industrial segment is expected to be the largest segment during the forecast period Hydrogen energy storage offers a compelling solution by providing a means to store excess energy generated during periods of low demand and releasing it when needed most. For the chemical industry, hydrogen is not only an energy source but also a crucial feedstock for various processes. In waste management, hydrogen can be harnessed from organic waste to generate clean energy, contributing to sustainable practices.
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Europe is expected to be the largest region in the Hydrogen Energy Storage Industry.
Europe is expected to be the largest Hydrogen Energy Storage Market during the forecast period. Europe region comprises of Germany, the UK, France, Italy, and the Netherlands. The Hydrogen Energy Storage Market is experiencing significant growth in Europe due to a confluence of factors driving the region's commitment to a sustainable and low-carbon energy future. The stringent environmental regulations and ambitious climate goals have prompted European countries to seek cleaner energy solutions. Hydrogen, particularly green hydrogen produced from renewable sources, aligns with these objectives as a clean and versatile energy carrier. Furthermore, the European Union's comprehensive hydrogen strategy, along with substantial financial investments, is fostering research, development, and infrastructure for hydrogen technologies. The growing emphasis on decarbonizing industries such as transportation, manufacturing, and energy generation has also fueled the demand for hydrogen energy storage solutions.
Key Market Players:
Some of the major players in the Hydrogen Energy Storage Companies are Linde plc (Ireland), Plug Power Inc. (US), ENGIE (France), Iwatani Corporation (Japan), and FuelCell Energy, Inc. (US). The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, partnerships, and expansions.
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Recent Developments
- In April 2023, Linde plc signed an MOU with Snam to develop clean hydrogen projects and related infrastructure in Europe. Linde and Snam will work in the areas of production, distribution, compression, and storage.
- In November 2021, Iwatani Corporation of America, a wholly owned subsidiary of Iwatani Corporation, and ITM Power, the energy storage and clean fuel company, partnered to deploy multi-megawatt electrolyzer-based hydrogen energy systems in North America.
- In October 2021, Plug Power Inc. acquired Applied Cryo Technologies, Inc. (ACT). The acquisition of ACT adds significant capabilities, expertise, and technologies to Plug Power Inc. that will help the company expand the green hydrogen ecosystem.
- In August 2021, Linde plc inked a long-term agreement with Infineon Technologies for the on-site production and storage of high-purity green hydrogen.
- In January 2021, ENGIE and Total signed a cooperation agreement to build to develop, build, and operate the Masshylia project, France's largest renewable hydrogen production site at Châteauneuf-les-Martigues in the South region. A cutting-edge management approach will be put into practice to oversee the production and storage of hydrogen.
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