Global Hydrogen Energy Storage Market Report - Market Analysis, Size, Share, Growth, Outlook - Industry Trends and Forecast to 2028

Global Hydrogen Energy Storage Market Report - Market Analysis, Size, Share, Growth, Outlook - Industry Trends and Forecast to 2028

Drivers:

• Deployment and investments in green hydrogen have accelerated rapidly in response to government commitments to decarbonisation.
• Continued decline in renewable energy costs.
• Higher storage capacity when compared to pumped hydro or batteries.
• Rapid scale-up of value chains for electrolysis and carbon management.
• Increasing demand to adopt low-carbon alternative fuels.
• Declining cost of hydrogen.
• Rise in Fuel Cell Electric Vehicles (FCEVs).
• Partnerships and collaborative solutions are scaling up production and distribution capacities.
• The cost of refuelling stations and fuel stacks have been cut in half in Korea and Japan.
• Increasing adoption of hydrogen in the end user applications due to its benefits.

Hydrogen Energy Storage and Applications

Hydrogen Energy Storage:

Hydrogen is an important ally for renewable energies in the energy transition challenge. It addresses the issue of intermittent electricity production (day/night alternation for solar power, irregular winds for wind power) by storing the electricity generated in the form of hydrogen.

Hydrogen energy allows for the long-term storage of energy – unlike batteries. This storage is a key factor in the quest for a cleaner future as 1 kg of hydrogen has three times more energy than 1 kg of gasoline.

Hydrogen provides us with a way of storing electricity in gas, liquid, or solid form, simply by compressing or cooling it.

• Solid state storage
• Liquid hydrogen
• Compressed gas

Hydrogen can be stored in a number of ways, employing both physical and chemical methods. Gaseous hydrogen underground storage includes pressurized vessels in salt caverns, depleted gas fields, and rock caverns; liquid hydrogen is stored at high pressure in cryogenic vessels.

Applications:  Hydrogen can be produced using low-cost, intermittently available electricity, stored in bulk, and then used in power generation. The stored hydrogen is used by converting back into electricity by powering a turbine or fuel cell, and thus facilitate the integration of renewable energies into existing energy networks.

In the transportation sector, hydrogen can be used to power fuel cell electric vehicles (FCEVs) directly or to produce or upgrade fuels made from renewable or fossil sources.

Advantages:

• Flexibility to the power grid.
• Hydrogen energy can be stored for a long time and can be redistributed when needed.
• Hydrogen enables the deployment of renewables by converting and storing more than 500 TWh of otherwise curtailed electricity.
• Hydrogen energy storage allows international energy distribution, linking renewable-abundant regions with those requiring energy imports.

Restraints:

• The price of the FCEVs - high prices, due to low production volumes.
• Slow growth of hydrogen refuelling stations.
• Global semi-conductor shortage impacted the Light-Duty sector negatively.

Recent Trends & Developments:

• In early 2021, Air Liquide inaugurated the world’s largest Proton Exchange Membrane (PEM) electrolyzer to produce low- carbon hydrogen in Bécancour, Canada. Powered by 99% renewable energy, this enables the group to supply its North American industrial customers and mobility markets with decarbonized, high-purity hydrogen and help reduce their carbon footprint.
• In the 3rd quarter of 2021, Faurecia has partnered with Air Liquide to foster liquid hydrogen storage for heavy duty vehicles.
• On August 18, 2021, Linde Plc signed a long-term agreement with Infineon Technologies to build, own and operate a two-megawatt electrolyzer plant at Infineon's Villach site in Austria for the on-site production and storage of high-purity green hydrogen.
• On November 9th, Plug Power has announced the acquisition of Frames Group, a Netherlands company that offers solutions for green hydrogen generation, hydrogen storage, hydrogen fuelling stations and mobility among others to expand its operations in Europe.

Opportunities:

• Decarbonizing transportation sector (FCEVs)– Europe (France, Netherlands, Italy, Germany, The United Kingdom), Asia-Pacific (Japan, China, South Korea) and the United States.
• Decarbonizing heating for buildings by using cogeneration to produce combined heat and power (fuel cells and hydrogen turbines). / Domestic heating.
• Scaling up the hydrogen distribution network for FCEVs.
• Using hydrogen in power generation has a value proposition in power-intensive industries, such as data centers, utilities, and microgrid.

Regional Analysis:

China:

• The transition to renewable hydrogen in China has already started, with the vast majority of announced projects using renewable energy as their source. They account for one million tons of hydrogen, or 11 GW of electrolysis capacity.

• China has refocused its industry and financing on hydrogen research and aims to have a million hydrogen-powered electric vehicles on the roads by 2030.
• China is emerging as a potential hydrogen giant following its announcement of over 50 hydrogen projects.
• Among the announced projects, 4 Infrastructure projects include distribution, transmission, conversion, and storage of hydrogen.
• In March 2020, Beijing Jingneng Power Co., Ltd. announced a USD 3.3 billion project to develop a 5GW complex that will combine renewable energy generation with hydrogen production and storage.
• The majority of China’s clean hydrogen production projects are for transport end use – Fuel Cell Electric Vehicles (FCEV) mainly in buses and light trucks.

Blackridge Research's Global Hydrogen Energy Storage Market report provides insights into the current global and regional Global market demand scenario and its outlook.

This study offers a detailed analysis of various factors instrumental in affecting the Global Hydrogen Energy Storage market's growth. The study also comprehensively analyses the market based on technology (Geological Storage, Materials-based storage, Liquid Hydrogen, and Compressed gas) and the geography (North America, Europe, Asia-Pacific, and the Rest of the world).

This report also includes the latest market trends, drivers and restraints, present and future opportunities, new projects, the global impact of Covid-19 on the Global Hydrogen Energy Storage market, and significant developments.

Further, the report will also provide Global Hydrogen Energy Storage market size, demand forecast, and key competitors in the market.