Global Hydrogen Energy Storage Market Size study & Forecast, by Product Type (Liquid, Solid, Gas), by Application (Stationary Power, Transportation), by End User (Industrial, Commercial) and Regional Analysis, 2023-2030

Global Hydrogen Energy Storage Market Size study & Forecast, by Product Type (Liquid, Solid, Gas), by Application (Stationary Power, Transportation), by End User (Industrial, Commercial) and Regional Analysis, 2023-2030

Global Hydrogen Energy Storage Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030. Hydrogen energy storage refers to the process of storing excess energy in the form of hydrogen for later use. It is a method of storing renewable energy generated from sources such as solar and wind power, as well as surplus electricity from the grid. Hydrogen can be produced through the process of electrolysis, where water is split into hydrogen and oxygen using an electrical current. The hydrogen gas produced can then be stored in tanks or other storage systems. The key factors driving the market growth is the rising demand for hydrogen in the industrial sector, growing demand for hydrogen in stationary and mobile power applications, rising development of hydrogen infrastructure across various countries, rising application as an alternative to fossil fuel, rise in demand for a sustainable power source is anticipated to create the lucrative demand for the market over the forecast period.

Moreover, rising hydrogen production plays a crucial role in supporting the growth of the Hydrogen Energy Storage market. As hydrogen production increases, there is greater availability of this clean and versatile energy carrier. Hydrogen can be produced through various methods, including steam methane reforming, electrolysis, and biomass gasification. With increased production, there is a larger supply of hydrogen that can be used for energy storage purposes. According to Statista, in 2018, worldwide hydrogen production was 60 million metric tons, and it is anticipated to reach 300 million metric tons by 2030. As a result, rising hydrogen production is anticipated to support market growth. Additionally, cohesive government initiatives to support the development of a hydrogen economy and rising demand for hydrogen as vehicle fuel is anticipated to create the lucrative opportunities for the market. However, the technical challenges related to the production of energy from hydrogen stifle market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Hydrogen Energy Storage Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the rising usage of hydrogen in oil refineries and chemicals industry, ongoing oil sand processing, gas to liquids, and coal gasification projects, and growing demand for sustainable power sources in the region. Whereas, the Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as the rising investments in the hydrogen economy, growing focus on the transition to renewable energy, increase in the use of hydrogen fuel cell vehicles, and supportive government initiatives in the region.

Major market player included in this report are:
Cummins Inc.
Nel Hydrogen
Hexagon Composites ASA
Plug Power Inc
ITM Power plc
Worthington Industries, Inc
LINDE PLC
FuelCell Energy Inc
Air Products and Chemicals Inc
HPS Home Power Solutions GmbH

Recent Developments in the Market:
In Jan. 2020, the Los Angeles Department of Water and Power is an original founding member of the Green Hydrogen Coalition, an institute dedicated to advancing green energy production laws and practises to expedite the establishment of a carbon-free energy future.

Global Hydrogen Energy Storage Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered – Product Type, Application, End User, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Product Type:
Liquid
Solid
Gas
By Application:
Stationary Power
Transportation
By End User:
Industrial
Commercial
By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
Cummins Inc.
Nel Hydrogen
Hexagon Composites ASA
Plug Power Inc
ITM Power plc
Worthington Industries, Inc
LINDE PLC
FuelCell Energy Inc
Air Products and Chemicals Inc
HPS Home Power Solutions GmbH

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