Asia Pacific Hydrogen Energy Storage Market Size - By State (Liquid, Gas, Solid), By Method (Compression, Liquefaction, Material-Based), By Application (Industrial, Transportation, Stationary) & Forecast, 2023 - 2032

Asia Pacific Hydrogen Energy Storage Market Size - By State (Liquid, Gas, Solid), By Method (Compression, Liquefaction, Material-Based), By Application (Industrial, Transportation, Stationary) & Forecast, 2023 - 2032

Asia Pacific Hydrogen Energy Storage Market size is poised to expand at 8.2% CAGR from 2023-2032 driven by the growing number of green hydrogen production projects in the region.

Hydrogen energy storage plays a pivotal role in optimizing the intermittent nature of renewable energy sources deployed in green hydrogen production. Substantial investments, government incentives, and international collaborations are underscoring the commitment towards fostering a green hydrogen economy across the region. For instance, in September 2023, Adani Global Pte Ltd, Singapore, formed a joint venture for the marketing of green ammonia, green hydrogen, and their derivatives in Japan, Taiwan, and Hawaii. Furthermore, the influx of regional initiatives aimed at transitioning to cleaner and more sustainable energy systems will contribute to the rising demand for hydrogen energy storage solutions across the region.

The Asia Pacific hydrogen energy storage industry is segmented into state, method, application, and country.

Based on state, the market share from the solid segment is estimated to gain significant traction from 2023-2032. Solid-state hydrogen storage technologies offer enhanced safety, efficiency, and energy density for addressing key challenges in hydrogen storage and retrieval. Moreover, the ongoing R&D activities coupled with government initiatives and private investments are boosting the adoption of solid-state hydrogen storage solutions across APAC. The increasing emphasis on green hydrogen production and energy storage is also contributing to the segment growth.

As per application, the Asia Pacific hydrogen energy storage industry size from the transportation segment is anticipated to generate substantial revenue through 2032 with several countries in the region actively pursuing hydrogen as a clean fuel for transportation. Additionally, there has been rising demand for FCEVs and hydrogen-powered transport infrastructure, including buses and trucks. Multiple government initiatives, incentives, and investments in hydrogen refueling infrastructure will further stimulate the segment expansion.

In terms of country, India hydrogen energy storage market is projected to exhibit robust growth through 2032 due to the increasing focus on sustainable energy solutions in the country. With the Indian government committed to renewable energy whilst placing efforts to reduce carbon emissions, the adoption of hydrogen energy storage systems is escalating. The ambitious targets for green hydrogen production and the higher integration of renewable sources into the energy mix may also advance the number of hydrogen energy storage projects in the country, further augmenting the regional industry outlook. For instance, in September 2023, India announced plans to establish a pilot project to generate 100 MW of uninterrupted electricity using green hydrogen as storage.